The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
Report for the Calendar Year or Quarter Ended: 06-30-2022
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 , TX78229
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 , TX 08-15-2022
[Signature] [City, State] [Date]
Report Type (Check only one.):
X 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: 163
Form 13F Information Table Value Total: 2,090,086
(thousands)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name

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.]
No. Form 13F File Number Name
SEC FORM 13F-HR

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
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
ABERDEEN STD PALLADIUM ETF T PHYSCL PALLADM 003262102 36 200 SH SOLE NONE 0 200 0
ABERDEEN STD PLATINUM ETF TR PHYSCL PLATM SHS 003260106 96 1,155 SH SOLE NONE 0 1,155 0
AGNICO EAGLE MINES LTD COM 008474108 1,602 35,000 SH SOLE NONE 0 35,000 0
ALCOA CORP COM 013872106 228 5,000 SH SOLE NONE 0 5,000 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 72 630 SH SOLE NONE 0 630 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 98 80 SH Call SOLE NONE 0 80 0
AMERICAN EXPRESS CO COM 025816109 1,456 10,500 SH SOLE NONE 0 10,500 0
BARRICK GOLD CORP COM 067901108 12 71 SH Call SOLE NONE 0 71 0
BARRICK GOLD CORP COM 067901108 98 2,887 SH Call SOLE NONE 0 2,887 0
BARRICK GOLD CORP COM 067901108 4 24 SH Call SOLE NONE 0 24 0
BARRICK GOLD CORP COM 067901108 6 35 SH Call SOLE NONE 0 35 0
BARRICK GOLD CORP COM 067901108 37 1,102 SH Call SOLE NONE 0 1,102 0
BARRICK GOLD CORP COM 067901108 54 1,575 SH Call SOLE NONE 0 1,575 0
BLACK STONE MINERALS L P COM UNIT 09225M101 958 70,000 SH SOLE NONE 0 70,000 0
BLOOM ENERGY CORP COM CL A 093712107 495 30,000 SH SOLE NONE 0 30,000 0
BP PLC-ADR SPONSORED ADS 055622104 26 200 SH Call SOLE NONE 0 200 0
CALEDONIA MNG CORP PLC SHS NEW G1757E113 274 25,000 SH SOLE NONE 0 25,000 0
CANADIAN SOLAR INC COM 136635109 311 10,000 SH SOLE NONE 0 10,000 0
CF INDS HLDGS INC COM 125269100 429 5,000 SH SOLE NONE 0 5,000 0
CHENIERE ENERGY INC COM NEW 16411R208 998 7,500 SH SOLE NONE 0 7,500 0
CONOCOPHILLIPS COM 20825C104 898 10,000 SH SOLE NONE 0 10,000 0
COTY INC-CL A COM CL A 222070203 969 121,000 SH SOLE NONE 0 121,000 0
DAQO NEW ENERGY CORP SPNSRD ADS NEW 23703Q203 227 3,175 SH SOLE NONE 0 3,175 0
DIREXION DAILY E DAILY ENERGY BEA 25460G179 5 100 SH SOLE NONE 0 100 0
DIREXION DAILY F DL FTSE BULL 3X 25460G195 44 450 SH SOLE NONE 0 450 0
DIREXION DAILY F DL FTSE BULL 3X 25460G195 22 20 SH Call SOLE NONE 0 20 0
DIREXION DAILY G DLY GOLD INDX 2X 25460G781 25 75 SH Call SOLE NONE 0 75 0
DIREXION DAILY G DLY GOLD INDX 2X 25460G781 25 75 SH Call SOLE NONE 0 75 0
DIREXION DAILY G DLY GOLD INDX 2X 25460G781 90 270 SH Call SOLE NONE 0 270 0
DIREXION DAILY S DLY S&P OIL GAS 25460G328 7 300 SH SOLE NONE 0 300 0
DIREXION SHS ETF TR HYDROGEN ETF ADDED 25460G617 35 2,400 SH SOLE NONE 0 2,400 0
ELDORADO GOLD CORP NEW COM 284902509 799 125,000 SH SOLE NONE 0 125,000 0
EOG RES INC COM 26875P101 1,325 12,000 SH SOLE NONE 0 12,000 0
EQUINOR ASA SPONSORED ADR 29446M102 1,738 50,000 SH SOLE NONE 0 50,000 0
EXXON MOBIL CORP COM 30231G102 25 100 SH Call SOLE NONE 0 100 0
FERRARI N V COM N3167Y103 446 2,429 SH SOLE NONE 0 2,429 0
FRANCO NEV CORP COM 351858105 395 3,000 SH SOLE NONE 0 3,000 0
FRANCO NEV CORP COM 351858105 2,632 20,000 SH SOLE NONE 0 20,000 0
GLOBAL X FDS MSCI GREECE ETF 37954Y319 119 5,000 SH SOLE NONE 0 5,000 0
GLOBAL X LITHIUM & BATTRY BTRY ETF 37954Y855 22 300 SH SOLE NONE 0 300 0
HALLIBURTON CO COM 406216101 627 20,000 SH SOLE NONE 0 20,000 0
HARLEY-DAVIDSON COM 412822108 728 23,000 SH SOLE NONE 0 23,000 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 1,565 500,000 SH SOLE NONE 0 500,000 0
HECLA MINING CO COM 422704106 28 630 SH Call SOLE NONE 0 630 0
HECLA MINING CO COM 422704106 30 682 SH Call SOLE NONE 0 682 0
HECLA MINING CO COM 422704106 57 1,286 SH Call SOLE NONE 0 1,286 0
HSBC HOLDING-ADR SPON ADR NEW 404280406 41 200 SH Call SOLE NONE 0 200 0
IAMGOLD CORP COM 450913108 242 150,000 SH SOLE NONE 0 150,000 0
INVESCO CHINA TE CHINA TECHNLGY 46138E800 33 45 SH Call SOLE NONE 0 45 0
INVESCO CHINA TE CHINA TECHNLGY 46138E800 116 250 SH Call SOLE NONE 0 250 0
INVESCO EXCH TRADED FD TR II SOLAR ETF 46138G706 14 200 SH SOLE NONE 0 200 0
ISHARES TR SHRT NAT MUN ETF 464288158 1,622 15,500 SH SOLE NONE 0 15,500 0
IVANHOE ELECTRIC COM 46578C108 39 4,497 SH SOLE NONE 0 4,497 0
KIMBELL RTY PARTNERS LP UNIT 49435R102 862 55,000 SH SOLE NONE 0 55,000 0
KRANESH CHINA A MSCI CH 500767405 58 1,500 SH SOLE NONE 0 1,500 0
LAUDER ESTEE COS INC CL A 518439104 671 2,634 SH SOLE NONE 0 2,634 0
LINDE PLC SHS G5494J103 575 2,000 SH SOLE NONE 0 2,000 0
LOUISIANA PAC CORP COM 546347105 262 5,000 SH SOLE NONE 0 5,000 0
MARRIOTT INTL INC NEW CL A 571903202 1,265 9,300 SH SOLE NONE 0 9,300 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 242 50,000 SH SOLE NONE 0 50,000 0
MOSAIC CO NEW COM 61945C103 472 10,000 SH SOLE NONE 0 10,000 0
MP MATERIALS CORP COM CL A 553368101 241 7,500 SH SOLE NONE 0 7,500 0
NATURA &CO H-ADR ADS 63884N108 313 60,000 SH SOLE NONE 0 60,000 0
NEWMONT CORP COM 651639106 41 420 SH Call SOLE NONE 0 420 0
NEWMONT CORP COM 651639106 51 525 SH Call SOLE NONE 0 525 0
NEWMONT CORP COM 651639106 257 2,625 SH Call SOLE NONE 0 2,625 0
NEWMONT CORP COM 651639106 1,492 25,000 SH Call SOLE NONE 0 25,000 0
NIO INC SPON ADS 62914V106 565 26,000 SH SOLE NONE 0 26,000 0
NIU TECHNOLO-ADR ADS 65481N100 28 3,200 SH SOLE NONE 0 3,200 0
OCCIDENTAL PETE CORP COM 674599105 1,472 25,000 SH SOLE NONE 0 25,000 0
PARAMOUNT GOLD NEV CORP COM 69924M109 75 170,000 SH SOLE NONE 0 170,000 0
PHILLIPS 66 COM 718546104 533 6,500 SH SOLE NONE 0 6,500 0
PIEDMONT LITHIUM COM 72016P105 455 12,500 SH SOLE NONE 0 12,500 0
POTLATCHDELTIC CORPORATION COM 737630103 442 10,000 SH SOLE NONE 0 10,000 0
RANGE RES CORP COM 75281A109 743 30,000 SH SOLE NONE 0 30,000 0
RAYONIER INC COM 754907103 561 15,000 SH SOLE NONE 0 15,000 0
ROYAL CARIBBEAN GROUP COM V7780T103 1,002 28,700 SH SOLE NONE 0 28,700 0
ROYAL GOLD INC COM 780287108 352 3,300 SH SOLE NONE 0 3,300 0
ROYAL GOLD INC COM 780287108 1,869 17,500 SH SOLE NONE 0 17,500 0
SABINE ROYALTY TR UNIT BEN INT 785688102 1,522 25,000 SH SOLE NONE 0 25,000 0
SCHLUMBERGER LTD COM 806857108 429 12,000 SH SOLE NONE 0 12,000 0
SEABRIDGE GOLD INC COM 811916105 497 40,000 SH SOLE NONE 0 40,000 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 299 30,000 SH SOLE NONE 0 30,000 0
SILVERCORP METALS INC COM 82835P103 496 200,000 SH SOLE NONE 0 200,000 0
SSR MNG INC COM 784730103 1,670 100,000 SH SOLE NONE 0 100,000 0
STARBUCKS CORP COM 855244109 2,024 26,500 SH SOLE NONE 0 26,500 0
TEMPUR SEALY INTL INC COM 88023U101 748 35,000 SH SOLE NONE 0 35,000 0
TESLA INC COM 88160R101 2,663 3,955 SH SOLE NONE 0 3,955 0
TMC THE METALS C COM 87261Y106 103 100,000 SH SOLE NONE 0 100,000 0
TOTAL SE SPONSORED ADS 89151E109 1,053 20,000 SH SOLE NONE 0 20,000 0
TOTALENERGIES SE-ADR SPONSORED ADS 89151E109 22 100 SH SOLE NONE 0 100 0
VALERO ENERGY CORP COM 91913Y100 797 7,500 SH SOLE NONE 0 7,500 0
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 1 1,000 SH Call SOLE NONE 0 1,000 0
VANECK VECTORS ETF TR VANECK SHRT MUNI 92189F528 1,659 97,000 SH SOLE NONE 0 97,000 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 159 5,824 SH SOLE NONE 0 5,824 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 239 8,722 SH SOLE NONE 0 8,722 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 1,766 30,000 SH SOLE NONE 0 30,000 0
VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105 534 20,000 SH SOLE NONE 0 20,000 0
WHEATON PRECIOUS METALS CORP COM 962879102 432 12,000 SH SOLE NONE 0 12,000 0
WHEATON PRECIOUS METALS CORP COM 962879102 2,702 75,000 SH SOLE NONE 0 75,000 0
WILLIAMS-SONOMA INC COM 969904101 754 6,800 SH SOLE NONE 0 6,800 0
YAMANA GOLD INC COM 98462Y100 2,279 490,000 SH SOLE NONE 0 490,000 0
AIR TRANSPORT SE COM 00922R105 52,414 1,824,348 SH SOLE NONE 0 1,824,348 0
ALASKA AIR GROUP COM 011659109 72,075 1,799,631 SH SOLE NONE 0 1,799,631 0
ALLEGIANT TRAVEL COM 01748X102 67,400 595,985 SH SOLE NONE 0 595,985 0
AMERICAN AIRLINE COM 02376R102 226,524 17,864,691 SH SOLE NONE 0 17,864,691 0
AZUL SA-ADR SPONSR ADR PFD 05501U106 9,842 1,386,157 SH SOLE NONE 0 1,386,157 0
BOEING CO/THE COM 097023105 57,461 420,282 SH SOLE NONE 0 420,282 0
BOOKING HOLDINGS COM 09857L108 45,126 25,801 SH SOLE NONE 0 25,801 0
CONTROLADORA-ADR SPON ADR RP 10 21240E105 9,944 968,296 SH SOLE NONE 0 968,296 0
COPA HOLDIN-CL A CL A P31076105 26,892 424,367 SH SOLE NONE 0 424,367 0
DELTA AIR LI COM NEW 247361702 217,857 7,520,099 SH SOLE NONE 0 7,520,099 0
EMBRAER SA-ADR SPONSORED ADS 29082A107 11,687 1,331,051 SH SOLE NONE 0 1,331,051 0
EXPEDIA GROUP IN COM NEW 30212P303 42,972 453,146 SH SOLE NONE 0 453,146 0
EXPEDITORS INTL COM 302130109 248 2,542 SH SOLE NONE 0 2,542 0
FEDEX CORP COM 31428X106 284 1,253 SH SOLE NONE 0 1,253 0
FRANCO-NEVADA CO COM 351858105 8,451 64,229 SH SOLE NONE 0 64,229 0
FRONTIER GROUP H COM 35909R108 80,880 8,631,772 SH SOLE NONE 0 8,631,772 0
GENERAL DYNAMICS COM 369550108 55,224 249,601 SH SOLE NONE 0 249,601 0
GOL-ADR SPON ADR PFD NEW 38045R206 9,481 2,780,278 SH SOLE NONE 0 2,780,278 0
GOLDEN OCEAN GRO SHS NEW G39637205 139 11,903 SH SOLE NONE 0 11,903 0
HARMONY GOLD-ADR SPONSORED ADR 413216300 2,623 838,082 SH SOLE NONE 0 838,082 0
HAWAIIAN HOLDING COM 419879101 72,343 5,055,405 SH SOLE NONE 0 5,055,405 0
IAMGOLD CORP COM 450913108 2,039 1,266,429 SH SOLE NONE 0 1,266,429 0
JETBLUE AIRWAYS COM 477143101 70,309 8,400,096 SH SOLE NONE 0 8,400,096 0
MATSON INC COM 57686G105 284 3,900 SH SOLE NONE 0 3,900 0
MAVERIX METALS I COM NEW 57776F405 3,619 831,934 SH SOLE NONE 0 831,934 0
MOOG INC-CLASS A CL A 615394202 54,600 687,749 SH SOLE NONE 0 687,749 0
OSISKO GOLD ROYA COM 68827L101 3,215 318,365 SH SOLE NONE 0 318,365 0
PITNEY BOWES INC COM 724479100 207 57,178 SH SOLE NONE 0 57,178 0
ROYAL GOLD INC COM 780287108 8,598 80,522 SH SOLE NONE 0 80,522 0
RYANAIR HLDG-ADR SPONSORED ADS 783513203 23,328 346,889 SH SOLE NONE 0 346,889 0
SIBANYE-STI-ADR SPONSORED ADR 82575P107 3,006 301,487 SH SOLE NONE 0 301,487 0
SILVERCORP METAL COM 82835P103 2,408 970,999 SH SOLE NONE 0 970,999 0
SKYWEST INC COM 830879102 70,252 3,305,988 SH SOLE NONE 0 3,305,988 0
SOUTHWEST AIR COM 844741108 241,572 6,688,043 SH SOLE NONE 0 6,688,043 0
SPIRIT AIRLINES COM 848577102 94,584 3,967,445 SH SOLE NONE 0 3,967,445 0
STAR BULK CARRIE SHS PAR Y8162K204 141 5,636 SH SOLE NONE 0 5,636 0
TEXTRON INC COM 883203101 52,334 856,950 SH SOLE NONE 0 856,950 0
TRIP.COM GRO-ADR ADS 89677Q107 34,289 1,249,130 SH SOLE NONE 0 1,249,130 0
TRIPADVISOR INC COM 896945201 42,169 2,369,021 SH SOLE NONE 0 2,369,021 0
UNITED AIRLINES COM 910047109 229,245 6,472,182 SH SOLE NONE 0 6,472,182 0
UNITED PARCEL-B CL B 911312106 268 1,469 SH SOLE NONE 0 1,469 0
WHEATON PRECIOUS COM 962879102 7,994 221,862 SH SOLE NONE 0 221,862 0
ZIM INTEGRATED S SHS M9T951109 310 6,569 SH SOLE NONE 0 6,569 0
ZTO EXPRESS -ADR SPONSORED ADS A 98980A105 274 9,995 SH SOLE NONE 0 9,995 0
BURCON NUTRASCIE COM 120831102 297 750,000 SH SOLE NONE 0 750,000 0
ELECTRA BATTERY COM NEW 28474P201 238 83,333 SH SOLE NONE 0 83,333 0
EMX ROYALTY CORP COM 26873J107 2,302 1,250,000 SH SOLE NONE 0 1,250,000 0
FORTUNA SILVER COM 349915108 1,422 500,000 SH SOLE NONE 0 500,000 0
I-80 GOLD CORP COM 44955L106 1,803 1,000,000 SH SOLE NONE 0 1,000,000 0
LITHIUM AMERICAS COM NEW 53680Q207 302 15,000 SH SOLE NONE 0 15,000 0
MAVERIX METALS I COM NEW 57776F405 2,601 600,000 SH SOLE NONE 0 600,000 0
METALLA ROYALTY COM NEW 59124U605 604 125,000 SH SOLE NONE 0 125,000 0
METALLA ROYALTY COM NEW 59124U605 1,450 300,000 SH SOLE NONE 0 300,000 0
NOMAD ROYALTY CO COM NEW 65532M606 317 45,000 SH SOLE NONE 0 45,000 0
NOMAD ROYALTY CO COM NEW 65532M606 1,302 185,000 SH SOLE NONE 0 185,000 0
NOMAD ROYALTY CO COM NEW 65532M606 352 50,000 SH SOLE NONE 0 50,000 0
NUTRIEN LTD COM 67077M108 398 5,000 SH SOLE NONE 0 5,000 0
PLATINUM GROUP M COM 72765Q882 131 100,000 SH SOLE NONE 0 100,000 0
SKEENA RESOURCES COM 83056P715 528 100,000 SH SOLE NONE 0 100,000 0
VIZSLA SILVER CO COM NEW 92859G202 793 750,000 SH SOLE NONE 0 750,000 0
WEST FRASER TIMB COM 952845105 307 4,000 SH SOLE NONE 0 4,000 0