SECURITIES AND EXCHANGE COMMISSION

FORM 13F-HR Initial quarterly Form 13F holdings report filed by institutional managers

Filing Date: 2021-08-10 | Period of Report: 2021-06-30 SEC Accession No. 0001185185-21-001086

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FILER U S GLOBAL INVESTORS INC Mailing Address Business Address 7900 CALLAGHAN ROAD 7900 CALLAGHAN RD CIK:754811| IRS No.: 741598370 | State of Incorp.:TX | Fiscal Year End: 0630 SAN ANTONIO TX 78229 SAN ANTONIO TX 78229 Type: 13F-HR | Act: 34 | File No.: 028-02220 | Film No.: 211159119 2103081234 SIC: 6282 Investment advice

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FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 06-30-2021 Check here if Amendment: ☐ Amendment Number: This Amendment (Check only one.): ☐ is a restatement. ☐ adds new holdings entries.

Institutional Investment Manager Filing this Report: Name: U S GLOBAL INVESTORS INC Address: 7900 CALLAGHAN ROAD SAN ANTONIO, TX 78229 Form 13F File Number: 028-02220

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager: Name: Lisa Callicotte Title: CFO Phone: (210) 308-1294

Signature, Place, and Date of Signing: /s/ Lisa Callicotte San Antonio, TEXAS 08-10-2021 [Signature] [City, State] [Date]

Report Type (Check only one.): ☒ 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) ☐ 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) ☐ 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

Form 13F Summary Page Report Summary: Number of Other Included Managers: 0 Form 13F Information table Entry Total: 170 Form 13F Information table Value Total: 2985368 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.]

NONE

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document OMB APPROVAL UNITED STATES SECURITIES AND EXCHANGE COMMISSION OMB Number: 3235-0006 Washington, D.C. 20549 Expires: July 31, 2015 Estimated average burden FORM 13F hours per response: 23.8

FORM 13F INFORMATION TABLE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE ALEXCO RESOURCE CORP COM 01535P106 813 325,000 SH SOLE 0 325,000 0 ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 143 630 SH SOLE 0 630 0 AMAZON COM INC COM 023135106 2,374 690 SH SOLE 0 690 0 AMERICAN EXPRESS CO COM 025816109 1,717 10,394 SH SOLE 0 10,394 0 ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206 929 50,000 SH SOLE 0 50,000 0 APPLE INC COM 037833100 2,342 17,100 SH SOLE 0 17,100 0 ARCHER DANIELS MIDLAND CO COM 039483102 758 12,500 SH SOLE 0 12,500 0 ATLANTICA SUSTAINABLE INFR P SHS G0751N103 558 15,000 SH SOLE 0 15,000 0 BARRICK GOLD CORP COM 067901108 199 9,600 SH SOLE 0 9,600 0 BARRICK GOLD CORP COM 067901108 2,068 100,000 SH SOLE 0 100,000 0 BARRICK GOLD CORP COM 067901108 353 1,000 SH Call SOLE 0 1,000 0 BARRICK GOLD CORP COM 067901108 529 1,500 SH Call SOLE 0 1,500 0 BARRICK GOLD CORP COM 067901108 793 2,250 SH Call SOLE 0 2,250 0 BHP GROUP LTD SPONSORED ADS 088606108 364 5,000 SH SOLE 0 5,000 0 BLACK STONE MINERALS L P COM UNIT 09225M101 376 35,000 SH SOLE 0 35,000 0 BLACKSTONE GROUP INC COM 09260D107 2,234 23,000 SH SOLE 0 23,000 0 CALEDONIA MNG CORP PLC SHS NEW G1757E113 303 25,000 SH SOLE 0 25,000 0 CANADIAN SOLAR INC COM 136635109 1,569 35,000 SH SOLE 0 35,000 0 CAPRI HOLDINGS LIMITED SHS G1890L107 1,029 18,000 SH SOLE 0 18,000 0 CBOE GLOBAL MKTS INC COM 12503M108 71 600 SH SOLE 0 600 0 CF INDS HLDGS INC COM 125269100 515 10,000 SH SOLE 0 10,000 0 CONOCOPHILLIPS COM 20825C104 609 10,000 SH SOLE 0 10,000 0 COSTCO WHSL CORP NEW COM 22160K105 2,407 6,084 SH SOLE 0 6,084 0 DAQO NEW ENERGY CORP SPNSRD ADS NEW 23703Q203 333 5,125 SH SOLE 0 5,125 0 DECKERS OUTDOOR CORP COM 243537107 565 1,472 SH SOLE 0 1,472 0 DIREXION SHS ETF TR DAILY FTSE CHINA 25460E521 29 2,200 SH SOLE 0 2,200 0 DIREXION SHS ETF TR DAILY GOLD MINER 25460G880 98 5,133 SH SOLE 0 5,133 0 DIREXION SHS ETF TR DAILY GOLD MINER 25460G880 194 10,109 SH SOLE 0 10,109 0 DIREXION SHS ETF TR DAILY GOLD MINER 25460G880 264 13,758 SH SOLE 0 13,758 0 DIREXION SHS ETF TR DLY JR GOLD 2X 25460G807 72 6,979 SH SOLE 0 6,979 0 DIREXION SHS ETF TR DLY JR GOLD 2X 25460G807 145 13,985 SH SOLE 0 13,985 0 DIREXION SHS ETF TR DLY JR GOLD 2X 25460G807 198 19,036 SH SOLE 0 19,036 0 DRDGOLD LIMITED SPON ADR REPSTG 26152H301 1,087 100,000 SH SOLE 0 100,000 0 ELDORADO GOLD CORP NEW COM 284902509 1,244 125,000 SH SOLE 0 125,000 0 EQUINOR ASA SPONSORED ADR 29446M102 636 30,000 SH SOLE 0 30,000 0 FERRARI N V COM N3167Y103 500 2,429 SH SOLE 0 2,429 0 FIRST TR EXCHANGE-TRADED FD GBL WND ENRG ETF 33736G106 271 12,600 SH SOLE 0 12,600 0 FIRST TR EXCHANGE-TRADED FD NAT GAS ETF 33733E807 26 1,600 SH SOLE 0 1,600 0 FORTUNA SILVER MINES INC COM 349915108 1,110 200,000 SH SOLE 0 200,000 0 FRANCO NEV CORP COM 351858105 435 3,000 SH SOLE 0 3,000 0 GLOBAL X FDS LITHIUM BTRY ETF 37954Y855 341 4,700 SH SOLE 0 4,700 0 GLOBAL X FDS MSCI ETF 37954Y319 139 5,000 SH SOLE 0 5,000 0 GOLD FIELDS LTD SPONSORED ADR 38059T106 2,225 250,000 SH SOLE 0 250,000 0 GOLDEN STAR RES LTD CDA COM 38119T807 566 200,000 SH SOLE 0 200,000 0 GOLDMAN SACHS GROUP INC COM 38141G104 114 300 SH SOLE 0 300 0

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document HALLIBURTON CO COM 406216101 462 20,000 SH SOLE 0 20,000 0 HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 1,865 500,000 SH SOLE 0 500,000 0 HECLA MNG CO COM 422704106 1,116 150,000 SH SOLE 0 150,000 0 HOME DEPOT INC COM 437076102 1,395 4,373 SH SOLE 0 4,373 0 HYCROFT MINING HOLDING CORP COM CL A 44862P109 42 50,000 SH Call SOLE 0 50,000 0 IAMGOLD CORP COM 450913108 1,475 500,000 SH SOLE 0 500,000 0 INTERCONTINENTAL EXCHANGE IN COM 45866F104 150 1,260 SH SOLE 0 1,260 0 INVESCO EXCH TRADED FD TR II SOLAR ETF 46138G706 197 2,200 SH SOLE 0 2,200 0 INVESCO QQQ TR UNIT SER 1 46090E103 35 100 SH SOLE 0 100 0 ISHARES INC MSCI TAIWAN ETF 46434G772 128 2,000 SH SOLE 0 2,000 0 ISHARES TR U.S. REAL ES ETF 464287739 102 1,000 SH SOLE 0 1,000 0 IVANHOE CAPITAL ACQUISTIN CO COM CL A G4R87P114 92 9,091 SH SOLE 0 9,091 0 IVANHOE CAPITAL ACQUISTIN CO COM CL A G4R87P114 185 18,182 SH SOLE 0 18,182 0 KIMBELL RTY PARTNERS LP UNIT 49435R102 353 27,500 SH SOLE 0 27,500 0 KIRKLAND LAKE GOLD LTD COM 49741E100 1,927 50,000 SH SOLE 0 50,000 0 KKR & CO INC COM 48251W104 1,066 18,000 SH SOLE 0 18,000 0 KRANESHARES TR GLOBAL CARBON 500767678 30 800 SH SOLE 0 800 0 LAUDER ESTEE COS INC CL A 518439104 2,039 6,411 SH SOLE 0 6,411 0 LINDE PLC SHS G5494J103 578 2,000 SH SOLE 0 2,000 0 LOUISIANA PAC CORP COM 546347105 603 10,000 SH SOLE 0 10,000 0 INC COM 550021109 570 1,563 SH SOLE 0 1,563 0 MARKETAXESS HLDGS INC COM 57060D108 93 200 SH SOLE 0 200 0 MAVERIX METALS INC COM NEW 57776F405 270 50,000 SH SOLE 0 50,000 0 METALLA RTY & STREAMING LTD COM NEW 59124U605 428 50,000 SH SOLE 0 50,000 0 MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 502 54,200 SH SOLE 0 54,200 0 MOODYS CORP COM 615369105 109 300 SH SOLE 0 300 0 MOSAIC CO NEW COM 61945C103 638 20,000 SH SOLE 0 20,000 0 MSCI INC COM 55354G100 338 634 SH SOLE 0 634 0 NEWMONT CORP COM 651639106 228 180 SH Call SOLE 0 180 0 NEWMONT CORP COM 651639106 348 275 SH Call SOLE 0 275 0 NEWMONT CORP COM 651639106 1,708 1,350 SH Call SOLE 0 1,350 0 NEWMONT CORP COM 651639106 184 2,900 SH SOLE 0 2,900 0 NEWMONT CORP COM 651639106 3,169 50,000 SH SOLE 0 50,000 0 NIU TECHNOLOGIES ADS 65481N100 245 7,500 SH SOLE 0 7,500 0 PAN AMERN SILVER CORP COM 697900108 1,429 50,000 SH SOLE 0 50,000 0 PARAMOUNT GOLD NEV CORP COM 69924M109 165 170,000 SH SOLE 0 170,000 0 PELOTON INTERACTIVE INC CL A COM 70614W100 1,162 9,370 SH SOLE 0 9,370 0 PHILLIPS 66 COM 718546104 558 6,500 SH SOLE 0 6,500 0 PIEDMONT LITHIUM INC COM ADDED 72016P105 977 12,500 SH SOLE 0 12,500 0 PINDUODUO INC SPONSORED ADS 722304102 683 5,378 SH SOLE 0 5,378 0 POSCO SPONSORED ADR 693483109 384 5,000 SH SOLE 0 5,000 0 POTLATCHDELTIC CORPORATION COM 737630103 532 10,000 SH SOLE 0 10,000 0 PRETIUM RES INC COM 74139C102 382 40,000 SH SOLE 0 40,000 0 PRETIUM RES INC COM 74139C102 574 60,000 SH SOLE 0 60,000 0 RAYONIER INC COM 754907103 539 15,000 SH SOLE 0 15,000 0 RESOLUTE FST PRODS INC COM 76117W109 854 70,000 SH SOLE 0 70,000 0 ROYAL GOLD INC COM 780287108 377 3,300 SH SOLE 0 3,300 0 ROYAL GOLD INC COM 780287108 571 5,000 SH SOLE 0 5,000 0 S&P GLOBAL INC COM 78409V104 406 989 SH SOLE 0 989 0 SABINE RTY TR UNIT BEN INT 785688102 202 5,000 SH SOLE 0 5,000 0 LTD COM NEW 80013R206 395 50,000 SH SOLE 0 50,000 0 SANDSTORM GOLD LTD COM NEW 80013R206 5,129 650,000 SH SOLE 0 650,000 0 SCHLUMBERGER LTD COM STK 806857108 384 12,000 SH SOLE 0 12,000 0 SEABRIDGE GOLD INC COM 811916105 527 30,000 SH SOLE 0 30,000 0

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document SILVERCORP METALS INC COM 82835P103 285 52,000 SH SOLE 0 52,000 0 SILVERCORP METALS INC COM 82835P103 1,647 300,000 SH SOLE 0 300,000 0 SPDR S&P 500 ETF TR TR UNIT 78462F103 43 100 SH SOLE 0 100 0 SSR MNG INC COM 784730103 3,720 238,610 SH SOLE 0 238,610 0 TEMPUR SEALY INTL INC COM 88023U101 1,058 27,000 SH SOLE 0 27,000 0 TESLA INC COM 88160R101 3,470 5,105 SH SOLE 0 5,105 0 TOLL BROTHERS INC COM 889478103 1,021 17,655 SH SOLE 0 17,655 0 TOTALENERGIES SE SPONSORED ADS 89151E109 453 10,000 SH SOLE 0 10,000 0 UBS GROUP AG SHS H42097107 1,975 128,755 SH SOLE 0 128,755 0 UNITED STS GASOLINE FD LP UNITS 91201T102 32 900 SH SOLE 0 900 0 UNITED STS OIL FD LP UNITS 91232N207 75 1,500 SH SOLE 0 1,500 0 VALERO ENERGY CORP COM 91913Y100 586 7,500 SH SOLE 0 7,500 0 VANECK VECTORS ETF TR SHORT MUNI ETF 92189F528 1,536 85,000 SH SOLE 0 85,000 0 VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 823 13,400 SH SOLE 0 13,400 0 VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105 377 20,000 SH SOLE 0 20,000 0 VIPSHOP HOLDINGS LIMITED SPONSORED ADS A 92763W103 361 18,000 SH SOLE 0 18,000 0 VISA INC COM CL A 92826C839 364 1,555 SH SOLE 0 1,555 0 CORP COM 962879102 397 9,000 SH SOLE 0 9,000 0 WHEATON PRECIOUS METALS CORP COM 962879102 5,509 125,000 SH SOLE 0 125,000 0 WILLIAMS SONOMA INC COM 969904101 871 5,458 SH SOLE 0 5,458 0 YANDEX N V SHS CLASS A N97284108 131 1,850 SH SOLE 0 1,850 0 AIR TRANSPORT SE COM 00922R105 75,026 3,229,711 SH SOLE 0 3,229,711 0 ALASKA AIR GROUP COM 011659109 108,105 1,792,483 SH SOLE 0 1,792,483 0 ALLEGIANT TRAVEL CO COM 01748X102 106,800 550,518 SH SOLE 0 550,518 0 AMERICAN AIRLS GROUP INC COM 02376R102 345,744 16,301,005 SH SOLE 0 16,301,005 0 ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206 2,909 156,581 SH SOLE 0 156,581 0 AZUL S A SPONSR ADR PFD 05501U106 18,489 700,352 SH SOLE 0 700,352 0 BOEING CO COM 097023105 75,285 314,264 SH SOLE 0 314,264 0 BOOKING HOLDINGS INC COM 09857L108 75,402 34,460 SH SOLE 0 34,460 0 COPA HOLDINGS SA CL A P31076105 19,701 261,534 SH SOLE 0 261,534 0 DELTA AIR LINES INC DEL COM NEW 247361702 363,123 8,393,973 SH SOLE 0 8,393,973 0 ELDORADO GOLD CORP NEW COM 284902509 2,944 295,851 SH SOLE 0 295,851 0 EMBRAER S.A. SPONSORED ADS 29082A107 21,735 1,435,633 SH SOLE 0 1,435,633 0 EXPEDIA GROUP INC COM NEW 30212P303 74,717 456,396 SH SOLE 0 456,396 0 FRANCO NEV CORP COM 351858105 10,934 75,373 SH SOLE 0 75,373 0 GENERAL DYNAMICS CORP COM 369550108 76,908 408,518 SH SOLE 0 408,518 0 GOL LINHAS AEREAS INTELIGENT SPON ADR PFD NEW 38045R206 18,203 1,974,248 SH SOLE 0 1,974,248 0 GOLD FIELDS LTD SPONSORED ADR 38059T106 1,861 209,119 SH SOLE 0 209,119 0 HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 2,690 721,275 SH SOLE 0 721,275 0 HAWAIIAN HOLDINGS INC COM 419879101 102,315 4,198,398 SH SOLE 0 4,198,398 0 IAMGOLD CORP COM 450913108 2,726 924,143 SH SOLE 0 924,143 0 JETBLUE AWYS CORP COM 477143101 103,627 6,175,618 SH SOLE 0 6,175,618 0 MAKEMYTRIP LIMITED MAURITIUS SHS V5633W109 21,315 709,312 SH SOLE 0 709,312 0 METALLA RTY & STREAMING LTD COM NEW 59124U605 3,817 445,923 SH SOLE 0 445,923 0 OSISKO GOLD ROYALTIES LTD COM 68827L101 4,266 311,420 SH SOLE 0 311,420 0 ROYAL GOLD INC COM 780287108 10,724 93,984 SH SOLE 0 93,984 0 RYANAIR HOLDINGS PLC SPONSORED ADS 783513203 18,950 175,122 SH SOLE 0 175,122 0 SANDSTORM GOLD LTD COM NEW 80013R206 4,062 514,814 SH SOLE 0 514,814 0 SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 2,980 178,120 SH SOLE 0 178,120 0 SKYWEST INC COM 830879102 103,499 2,403,038 SH SOLE 0 2,403,038 0 SOUTHWEST AIRLS CO COM 844741108 355,924 6,704,170 SH SOLE 0 6,704,170 0 SPIRIT AIRLS INC COM 848577102 101,656 3,339,544 SH SOLE 0 3,339,544 0 SUN CTRY AIRLS HLDGS INC COM 866683105 107,783 2,912,278 SH SOLE 0 2,912,278 0 TEXTRON INC COM 883203101 77,351 1,124,772 SH SOLE 0 1,124,772 0

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document TRIPADVISOR INC COM 896945201 76,430 1,896,538 SH SOLE 0 1,896,538 0 UNITED AIRLS HLDGS INC COM 910047109 357,858 6,843,719 SH SOLE 0 6,843,719 0 WHEATON PRECIOUS METALS CORP COM 962879102 10,650 241,665 SH SOLE 0 241,665 0 BURCON NUTRASCIENCE CORP COM 120831102 2,094 750,000 SH SOLE 0 750,000 0 INC COM 152006102 4,315 568,409 SH SOLE 0 568,409 0 CORVUS GOLD INC COM 221013105 80 29,000 SH SOLE 0 29,000 0 EMX ROYALTY CORP COM 26873J107 2,953 1,000,000 SH SOLE 0 1,000,000 0 EQUINOX GOLD CORP COM 29446Y502 1,025 147,525 SH SOLE 0 147,525 0 EXCELLON RES INC COM 30069C801 219 100,000 SH SOLE 0 100,000 0 INTEGRA RESOURCE CORP COM 45826T301 408 140,000 SH SOLE 0 140,000 0 MAVERIX METALS INC COM NEW 57776F405 4,205 778,000 SH SOLE 0 778,000 0 METALLA RTY & STREAMING LTD COM NEW 59124U605 1,078 125,000 SH SOLE 0 125,000 0 METALLA RTY & STREAMING LTD COM NEW 59124U605 2,587 300,000 SH SOLE 0 300,000 0 METALLA RTY & STREAMING LTD COM NEW 59124U605 431 50,000 SH SOLE 0 50,000 0 NUTRIEN LTD COM 67077M108 606 10,000 SH SOLE 0 10,000 0 PLATINUM GROUP METALS LTD COM 72765Q882 1,094 300,000 SH SOLE 0 300,000 0 CO LTD COM 952845105 485 6,750 SH SOLE 0 6,750 0

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