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 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:

09-30-2023

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:	210-308-1234
Signature, Place, and Date of Signing:
/s/ Lisa Callicotte		San Antonio, TX	10-18-2023
[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:	151
	Form 13F Information Table Value Total:	1,212,608,830
		(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

SEC FORM 13-F Information Table

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
ABRDN PALLADIUM ETF TRUST	PHYSICAL PALLADM	003262102	23,016	200	SH		SOLE		0	200	0
CARNIVAL CORP	COMMON STOCK	143658300	86,436	6,300	SH		SOLE		0	6,300	0
CHESAPEAKE ENERGY CORP	COM	165167735	646,725	7,500	SH		SOLE		0	7,500	0
COTY INC	COM CL A	222070203	866,630	79,000	SH		SOLE		0	79,000	0
DENISON MINES CORP	COM	248356107	305,250	185,000	SH		SOLE		0	185,000	0
IAMGOLD CORP	COM	450913108	645,000	300,000	SH		SOLE		0	300,000	0
ISHARES TR	U.S. ENERGY ETF	464287796	94,860	2,000	SH		SOLE		0	2,000	0
ISHARES TR	US OIL EQ&SV ETF	464288844	55,292	2,300	SH		SOLE		0	2,300	0
KRANESHARES TR	GLOBAL CARB STRA	500767678	144,520	4,000	SH		SOLE		0	4,000	0
POLARIS INC	COM	731068102	416,560	4,000	SH		SOLE		0	4,000	0
TOLL BROTHERS INC	COM	889478103	318,028	4,300	SH		SOLE		0	4,300	0
CAMECO CORP	COM	13321L108	297,300	7,500	SH		SOLE		0	7,500	0
DIREXION SHS ETF TR	DLY S&P OIL GAS	25460G328	86,430	8,600	SH		SOLE		0	8,600	0
DIREXION SHS ETF TR	DLY JR GOLD 2X	25460G807	1,454	176	SH		SOLE		0	176	0
DIREXION SHS ETF TR	DLY JR GOLD 2X	25460G807	12,935	1,566	SH		SOLE		0	1,566	0
DIREXION SHS ETF TR	DLY JR GOLD 2X	25460G807	26,911	3,258	SH		SOLE		0	3,258	0
ETF MANAGERS GRP COMMDTY TR	BREAKWAVE DRY	26923H200	60,939	11,100	SH		SOLE		0	11,100	0
GLOBAL X FDS	GLOBAL X URANIUM	37954Y871	27,040	1,000	SH		SOLE		0	1,000	0
INVESCO DB US DLR INDEX TR	BULLISH FD	46141D203	89,190	3,000	SH		SOLE		0	3,000	0
ISHARES SILVER TR	ISHARES	46428Q109	89,496	4,400	SH		SOLE		0	4,400	0
PROSHARES TR II	ULSHT BLOOMB GAS	74347Y813	24,416	400	SH		SOLE		0	400	0
COEUR MNG INC	COM NEW	192108504	12,050	482	SH	Call	SOLE		0	482	0
COEUR MNG INC	COM NEW	192108504	13,175	527	SH	Call	SOLE		0	527	0
COEUR MNG INC	COM NEW	192108504	25,650	1,026	SH	Call	SOLE		0	1,026	0
TEUCRIUM COMMODITY TR	CORN FD SHS	88166A102	96,888	4,400	SH		SOLE		0	4,400	0
UNITED STS OIL FD LP	UNITS	91232N207	121,290	1,500	SH		SOLE		0	1,500	0
ANGLOGOLD ASHANTI PLC	COM SHS	G0378L100	395,000	25,000	SH		SOLE		0	25,000	0
NORWEGIAN CRUISE LINE HLDG L	SHS	G66721104	435,072	26,400	SH		SOLE		0	26,400	0
ON HLDG AG	NAMEN AKT A	H5919C104	222,560	8,000	SH		SOLE		0	8,000	0
FERRARI N V	COM	N3167Y103	221,655	750	SH		SOLE		0	750	0
SABINE ROYALTY TR	UNIT BEN INT	785688102	1,318,000	20,000	SH		SOLE		0	20,000	0
KIMBELL RTY PARTNERS LP	UNIT	49435R102	880,000	55,000	SH		SOLE		0	55,000	0
HARMONY GOLD MINING CO LTD	SPONSORED ADR	413216300	1,880,000	500,000	SH		SOLE		0	500,000	0
GOLD FIELDS LTD	SPONSORED ADR	38059T106	1,574,700	145,000	SH		SOLE		0	145,000	0
SIBANYE STILLWATER LTD	SPONSORED ADR	82575P107	617,000	100,000	SH		SOLE		0	100,000	0
NIO INC	SPON ADS	62914V106	235,040	26,000	SH		SOLE		0	26,000	0
DRDGOLD LIMITED	SPON ADR REPSTG	26152H301	1,369,500	165,000	SH		SOLE		0	165,000	0
LINDE PLC	SHS	G54950103	744,700	2,000	SH		SOLE		0	2,000	0
GLOBAL X FDS	RGLOBAL X SILVER	37954Y848	454,100	19,000	SH		SOLE		0	19,000	0
VIPER ENERGY PARTNERS LP	COM UNT RP INT	92763M105	557,600	20,000	SH		SOLE		0	20,000	0
BLACK STONE MINERALS L P	COM UNIT	09225M101	861,500	50,000	SH		SOLE		0	50,000	0
ATLAS LITHIUM CORP	COM NEW	105861306	153,200	5,000	SH		SOLE		0	5,000	0
CHENIERE ENERGY INC	COM NEW	16411R208	1,244,700	7,500	SH		SOLE		0	7,500	0
SANDSTORM GOLD LTD	COM NEW	80013R206	932,000	200,000	SH		SOLE		0	200,000	0
ALAMOS GOLD INC NEW	COM CL A	011532108	2,540,250	225,000	SH		SOLE		0	225,000	0
AGNICO EAGLE MINES LTD	COM	008474108	227,250	5,000	SH		SOLE		0	5,000	0
AGNICO EAGLE MINES LTD	COM	008474108	1,818,000	40,000	SH		SOLE		0	40,000	0
CF INDS HLDGS INC	COM	125269100	171,480	2,000	SH		SOLE		0	2,000	0
CANADIAN SOLAR INC	COM	136635109	246,100	10,000	SH		SOLE		0	10,000	0
DECKERS OUTDOOR CORP	COM	243537107	868,812	1,690	SH		SOLE		0	1,690	0
ELDORADO GOLD CORP NEW	COM	284902509	668,250	75,000	SH		SOLE		0	75,000	0
FRANCO NEV CORP	COM	351858105	480,564	3,600	SH		SOLE		0	3,600	0
FRANCO NEV CORP	COM	351858105	1,001,175	7,500	SH		SOLE		0	7,500	0
HALLIBURTON CO	COM	406216101	405,000	10,000	SH		SOLE		0	10,000	0
KINROSS GOLD CORP	COM	496902404	570,000	125,000	SH		SOLE		0	125,000	0
KINROSS GOLD CORP	COM	496902404	1,710,000	375,000	SH		SOLE		0	375,000	0
LAS VEGAS SANDS CORP	COM	517834107	1,329,360	29,000	SH		SOLE		0	29,000	0
LOUISIANA PAC CORP	COM	546347105	138,175	2,500	SH		SOLE		0	2,500	0
LUCID GROUP INC	COM	549498103	385,710	69,000	SH		SOLE		0	69,000	0
OCCIDENTAL PETE CORP	COM	674599105	648,800	10,000	SH		SOLE		0	10,000	0
PAN AMERN SILVER CORP	COM	697900108	217,200	15,000	SH		SOLE		0	15,000	0
PAN AMERN SILVER CORP	COM	697900108	1,448,000	100,000	SH		SOLE		0	100,000	0
POTLATCHDELTIC CORPORATION	COM	737630103	453,900	10,000	SH		SOLE		0	10,000	0
ROYAL GOLD INC	COM	780287108	345,573	3,250	SH		SOLE		0	3,250	0
ROYAL GOLD INC	COM	780287108	1,063,300	10,000	SH		SOLE		0	10,000	0
SCHLUMBERGER LTD	COM	806857108	699,600	12,000	SH		SOLE		0	12,000	0
STANDARD LITHIUM LTD	COM	853606101	212,250	75,000	SH		SOLE		0	75,000	0
WHEATON PRECIOUS METALS CORP	COM	962879102	1,013,750	25,000	SH		SOLE		0	25,000	0
APOLLO GLOBAL MGMT INC	COM	03769M106	991,848	11,050	SH		SOLE		0	11,050	0
CONOCOPHILLIPS	COM	20825C104	179,700	1,500	SH		SOLE		0	1,500	0
GOLD RESOURCE CORP	COM	38068T105	428,000	1,000,000	SH		SOLE		0	1,000,000	0
HILTON WORLDWIDE HLDGS INC	COM	43300A203	1,576,890	10,500	SH		SOLE		0	10,500	0
IVANHOE ELECTRIC	COM	46578C108	196,338	16,499	SH		SOLE		0	16,499	0
JPMORGAN CHASE & CO	COM	46625H100	1,740,240	12,000	SH		SOLE		0	12,000	0
MOSAIC CO NEW	COM	61945C103	284,800	8,000	SH		SOLE		0	8,000	0
OSISKO GOLD ROYALTIES LTD	COM	68827L101	270,250	23,000	SH		SOLE		0	23,000	0
PARAMOUNT GOLD NEV CORP	COM	69924M109	48,246	170,000	SH		SOLE		0	170,000	0
PIEDMONT LITHIUM	COM	72016P105	297,750	7,500	SH		SOLE		0	7,500	0
RANGE RES CORP	COM	75281A109	324,100	10,000	SH		SOLE		0	10,000	0
SILVERCORP METALS INC	COM	82835P103	587,500	250,000	SH		SOLE		0	250,000	0
TESLA INC	COM	88160R101	2,212,946	8,844	SH		SOLE		0	8,844	0
VALERO ENERGY CORP	COM	91913Y100	354,275	2,500	SH		SOLE		0	2,500	0
VOX ROYALTY CORP	COM	92919F103	404,000	200,000	SH		SOLE		0	200,000	0
VOX ROYALTY CORP	COM	92919F103	3,030,000	1,500,000	SH		SOLE		0	1,500,000	0
ROYAL CARIBBEAN GROUP	COM	V7780T103	866,116	9,400	SH		SOLE		0	9,400	0
MARRIOTT INTL INC NEW	CL A	571903202	1,906,632	9,700	SH		SOLE		0	9,700	0
AIR TRANSPORT SE	COM	00922R105	29,888,449	1,432,125	SH		SOLE		0	1,432,125	0
ALASKA AIR GROUP	COM	011659109	42,039,450	1,133,750	SH		SOLE		0	1,133,750	0
ALLEGIANT TRAVEL	COM	01748X102	40,290,857	524,211	SH		SOLE		0	524,211	0
AMERICAN AIRLINE	COM	02376R102	136,735,362	10,674,111	SH		SOLE		0	10,674,111	0
AZUL SA-ADR	SPONSR ADR PFD	05501U106	7,666,249	892,462	SH		SOLE		0	892,462	0
B2GOLD CORP	COM	11777Q209	2,471,334	855,133	SH		SOLE		0	855,133	0
BOEING CO/THE	COM	097023105	26,272,619	137,065	SH		SOLE		0	137,065	0
BOOKING HOLDINGS	COM	09857L108	30,003,750	9,729	SH		SOLE		0	9,729	0
COPA HOLDIN-CL A	CL A	P31076105	13,332,619	149,603	SH		SOLE		0	149,603	0
DANAOS CORP	SHS	Y1968P121	73,835	1,115	SH		SOLE		0	1,115	0
DELTA AIR LI	COM NEW	247361702	135,452,301	3,660,873	SH		SOLE		0	3,660,873	0
DRDGOLD LTD-ADR	SPON ADR REPSTG	26152H301	2,214,623	266,822	SH		SOLE		0	266,822	0
ELDORADO GOLD	COM	284902509	2,414,646	271,004	SH		SOLE		0	271,004	0
EMBRAER SA-ADR	SPONSORED ADS	29082A107	6,773,825	493,719	SH		SOLE		0	493,719	0
EXPEDIA GROUP IN	COM NEW	30212P303	28,873,824	280,138	SH		SOLE		0	280,138	0
EXPEDITORS INTL	COM	302130109	109,013	951	SH		SOLE		0	951	0
FEDEX CORP	COM	31428X106	113,916	430	SH		SOLE		0	430	0
FRANCO-NEVADA CO	COM	351858105	8,146,628	61,028	SH		SOLE		0	61,028	0
FRONTIER GROUP H	COM	35909R108	34,742,391	7,178,180	SH		SOLE		0	7,178,180	0
GENERAL DYNAMICS	COM	369550108	30,359,952	137,394	SH		SOLE		0	137,394	0
GOLD FIELDS-ADR	SPONSORED ADR	38059T106	2,304,590	212,209	SH		SOLE		0	212,209	0
GRUPO AEROPO-ADR	SPON ADR SER B	400501102	7,174,978	29,201	SH		SOLE		0	29,201	0
GXO LOGISTIC	COMMON STOCK	36262G101	101,758	1,735	SH		SOLE		0	1,735	0
HARMONY GOLD-ADR	SPONSORED ADR	413216300	2,406,603	640,054	SH		SOLE		0	640,054	0
HAWAIIAN HOLDING	COM	419879101	36,718,558	5,800,720	SH		SOLE		0	5,800,720	0
INTERNATIONAL SE	COM	Y41053102	77,850	1,730	SH		SOLE		0	1,730	0
JETBLUE AIRWAYS	COM	477143101	36,236,118	7,877,417	SH		SOLE		0	7,877,417	0
MAKEMYTRIP LTD	SHS	V5633W109	8,010,520	197,693	SH		SOLE		0	197,693	0
MATSON INC	COM	57686G105	77,985	879	SH		SOLE		0	879	0
NEW GOLD INC	COM	644535106	2,336,137	2,566,901	SH		SOLE		0	2,566,901	0
OSISKO GOLD ROYA	COM	68827L101	3,202,416	272,546	SH		SOLE		0	272,546	0
ROYAL GOLD INC	COM	780287108	8,465,888	79,619	SH		SOLE		0	79,619	0
RYANAIR HLDG-ADR	SPONSORED ADS	783513203	15,019,431	154,505	SH		SOLE		0	154,505	0
SANDSTORM GOLD	COM NEW	80013R206	3,085,088	662,036	SH		SOLE		0	662,036	0
SCORPIO TANKERS	SHS	Y7542C130	82,317	1,521	SH		SOLE		0	1,521	0
SIBANYE-STI-ADR	SPONSORED ADR	82575P107	2,853,958	462,554	SH		SOLE		0	462,554	0
SKYWEST INC	COM	830879102	43,928,627	1,047,416	SH		SOLE		0	1,047,416	0
SOUTHWEST AIR	COM	844741108	134,588,765	4,971,879	SH		SOLE		0	4,971,879	0
SUN COUNTRY HOLD	COM	866683105	45,740,367	3,082,235	SH		SOLE		0	3,082,235	0
TEEKAY TANK-CL A	CL A	Y8565N300	156,737	3,765	SH		SOLE		0	3,765	0
TEXTRON INC	COM	883203101	31,170,906	398,911	SH		SOLE		0	398,911	0
TORM PLC-A	SHS CL A	G89479102	164,047	5,961	SH		SOLE		0	5,961	0
TRIP.COM GRO-ADR	ADS	89677Q107	14,182,153	405,552	SH		SOLE		0	405,552	0
TRIPADVISOR INC	COM	896945201	31,729,544	1,913,724	SH		SOLE		0	1,913,724	0
UNITED AIRLINES	COM	910047109	133,445,037	3,154,729	SH		SOLE		0	3,154,729	0
UNITED PARCEL-B	CL B	911312106	102,874	660	SH		SOLE		0	660	0
WHEATON PRECIOUS	COM	962879102	8,344,663	205,787	SH		SOLE		0	205,787	0
ZTO EXPRESS -ADR	SPONSORED ADS A	98980A105	106,469	4,405	SH		SOLE		0	4,405	0
CENTERRA GOLD IN	COM	152006102	293,437	60,000	SH		SOLE		0	60,000	0
CENTERRA GOLD IN	COM	152006102	611,328	125,000	SH		SOLE		0	125,000	0
CENTERRA GOLD IN	COM	152006102	2,233,294	456,648	SH		SOLE		0	456,648	0
ELECTRA BATTERY	COM NEW	28474P201	185,608	300,000	SH		SOLE		0	300,000	0
EMX ROYALTY CORP	COM	26873J107	2,255,653	1,250,000	SH		SOLE		0	1,250,000	0
ENCORE ENERGY CO	COM NEW	29259W700	732,489	225,000	SH		SOLE		0	225,000	0
HUDBAY MINERALS	COM	443628102	28,807	5,917	SH		SOLE		0	5,917	0
I-80 GOLD CORP	COM	44955L106	301,981	200,000	SH		SOLE		0	200,000	0
IVANHOE ELECTRIC	COM	46578C108	17,897	1,499	SH		SOLE		0	1,499	0
LITHIUM AMERICAS	COM NEW	53680Q207	0	0	SH		SOLE		0	0	0
MCEWEN MINING IN	COM NEW	58039P305	86,651	13,476	SH		SOLE		0	13,476	0
NUTRIEN LTD	COM	67077M108	247,124	4,000	SH		SOLE		0	4,000	0
SILVERCREST META	COM	828363101	243,058	55,000	SH		SOLE		0	55,000	0
SKEENA RESOURCES	COM	83056P715	343,043	75,000	SH		SOLE		0	75,000	0
TRIPLE FLAG	COM	89679M104	982,728	75,000	SH		SOLE		0	75,000	0
VIZSLA SILVER CO	COM NEW	92859G202	134,419	125,000	SH		SOLE		0	125,000	0
VIZSLA SILVER CO	COM NEW	92859G202	1,075,348	1,000,000	SH		SOLE		0	1,000,000	0