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:

12-31-2023

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	01-23-2024
[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:	181
	Form 13F Information Table Value Total:	1,486,700,852
		(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
AGNICO EAGLE MINES LTD	COM	008474108	274,250	5,000	SH		SOLE		0	5,000	0
AGNICO EAGLE MINES LTD	COM	008474108	2,194,000	40,000	SH		SOLE		0	40,000	0
ALAMOS GOLD INC NEW	COM CL A	011532108	3,030,750	225,000	SH		SOLE		0	225,000	0
ATLAS LITHIUM CORP	COM NEW	105861306	125,120	4,000	SH		SOLE		0	4,000	0
CF INDS HLDGS INC	COM	125269100	437,250	5,500	SH		SOLE		0	5,500	0
CANADIAN SOLAR INC	COM	136635109	262,300	10,000	SH		SOLE		0	10,000	0
CARNIVAL CORP	COMMON STOCK	143658300	838,008	45,200	SH		SOLE		0	45,200	0
CHESAPEAKE ENERGY CORP	COM	165167735	577,050	7,500	SH		SOLE		0	7,500	0
COEUR MNG INC	COM NEW	192108504	58,900	775	SH	Call	SOLE		0	775	0
COEUR MNG INC	COM NEW	192108504	64,600	850	SH	Call	SOLE		0	850	0
COEUR MNG INC	COM NEW	192108504	125,400	1,650	SH	Call	SOLE		0	1,650	0
COTY INC	COM CL A	222070203	981,180	79,000	SH		SOLE		0	79,000	0
DECKERS OUTDOOR CORP	COM	243537107	802,116	1,200	SH		SOLE		0	1,200	0
DENISON MINES CORP	COM	248356107	265,500	150,000	SH		SOLE		0	150,000	0
ELDORADO GOLD CORP NEW	COM	284902509	972,750	75,000	SH		SOLE		0	75,000	0
FRANCO NEV CORP	COM	351858105	398,916	3,600	SH		SOLE		0	3,600	0
FRANCO NEV CORP	COM	351858105	831,075	7,500	SH		SOLE		0	7,500	0
HALLIBURTON CO	COM	406216101	361,500	10,000	SH		SOLE		0	10,000	0
HARMONY GOLD MINING CO LTD	SPONSORED ADR	413216300	3,075,000	500,000	SH		SOLE		0	500,000	0
IAMGOLD CORP	COM	450913108	759,000	300,000	SH		SOLE		0	300,000	0
KINROSS GOLD CORP	COM	496902404	1,512,500	250,000	SH		SOLE		0	250,000	0
KRANESHARES TR	GLOBAL CARB STRA	500767678	18,245	500	SH		SOLE		0	500	0
LAS VEGAS SANDS CORP	COM	517834107	1,454,156	29,550	SH		SOLE		0	29,550	0
MARRIOTT INTL INC NEW	CL A	571903202	1,815,356	8,050	SH		SOLE		0	8,050	0
NEW GOLD INC CDA	COM	644535106	51,100	35,000	SH		SOLE		0	35,000	0
NEW GOLD INC CDA	COM	644535106	219,000	150,000	SH		SOLE		0	150,000	0
NEW GOLD INC CDA	COM	644535106	1,460,000	1,000,000	SH		SOLE		0	1,000,000	0
NEWMONT CORP	COM	651639106	47,150	115	SH	Call	SOLE		0	115	0
NEWMONT CORP	COM	651639106	51,250	125	SH	Call	SOLE		0	125	0
NEWMONT CORP	COM	651639106	106,600	260	SH	Call	SOLE		0	260	0
CHORD ENERGY CORPORATION	COM NEW	674215207	332,460	2,000	SH		SOLE		0	2,000	0
OCCIDENTAL PETE CORP	COM	674599105	597,100	10,000	SH		SOLE		0	10,000	0
ROYAL GOLD INC	COM	780287108	393,120	3,250	SH		SOLE		0	3,250	0
ROYAL GOLD INC	COM	780287108	1,209,600	10,000	SH		SOLE		0	10,000	0
SCHLUMBERGER LTD	COM	806857108	624,480	12,000	SH		SOLE		0	12,000	0
STANDARD LITHIUM LTD	COM	853606101	151,500	75,000	SH		SOLE		0	75,000	0
TOLL BROTHERS INC	COM	889478103	637,298	6,200	SH		SOLE		0	6,200	0
WHEATON PRECIOUS METALS CORP	COM	962879102	1,233,500	25,000	SH		SOLE		0	25,000	0
APA CORPORATION	COM	03743Q108	358,800	10,000	SH		SOLE		0	10,000	0
BLACK STONE MINERALS L P	COM UNIT	09225M101	798,000	50,000	SH		SOLE		0	50,000	0
CAMECO CORP	COM	13321L108	215,500	5,000	SH		SOLE		0	5,000	0
CHENIERE ENERGY INC	COM NEW	16411R208	1,280,325	7,500	SH		SOLE		0	7,500	0
CONOCOPHILLIPS	COM	20825C104	174,105	1,500	SH		SOLE		0	1,500	0
DAQO NEW ENERGY CORP	SPNSRD ADS NEW	23703Q203	399,000	15,000	SH		SOLE		0	15,000	0
DIREXION SHS ETF TR	DLY GOLD INDX 2X	25460G781	6,643	191	SH		SOLE		0	191	0
DIREXION SHS ETF TR	DLY GOLD INDX 2X	25460G781	94,428	2,715	SH		SOLE		0	2,715	0
DIREXION SHS ETF TR	DLY GOLD INDX 2X	25460G781	215,427	6,194	SH		SOLE		0	6,194	0
DIREXION SHS ETF TR	DAILY JR GLD MIN	25460G831	6,880	203	SH		SOLE		0	203	0
DIREXION SHS ETF TR	DAILY JR GLD MIN	25460G831	101,467	2,994	SH		SOLE		0	2,994	0
DIREXION SHS ETF TR	DAILY JR GLD MIN	25460G831	240,721	7,103	SH		SOLE		0	7,103	0
DRDGOLD LIMITED	SPON ADR REPSTG	26152H301	954,000	120,000	SH		SOLE		0	120,000	0
ETF MANAGERS GRP COMMDTY TR	BREAKWAVE DRY	26923H200	3,468	300	SH		SOLE		0	300	0
GLOBAL X FDS	RGLOBAL X SILVER	37954Y848	22,696	800	SH		SOLE		0	800	0
GLOBAL X FDS	GLOBAL X URANIUM	37954Y871	30,459	1,100	SH		SOLE		0	1,100	0
GOLD FIELDS LTD	SPONSORED ADR	38059T106	2,096,700	145,000	SH		SOLE		0	145,000	0
GOLD RESOURCE CORP	COM	38068T105	376,000	1,000,000	SH		SOLE		0	1,000,000	0
ISHARES SILVER TR	ISHARES	46428Q109	37,026	1,700	SH		SOLE		0	1,700	0
IVANHOE ELECTRIC	COM	46578C108	166,310	16,499	SH		SOLE		0	16,499	0
JPMORGAN CHASE & CO	COM	46625H100	1,156,680	6,800	SH		SOLE		0	6,800	0
KIMBELL RTY PARTNERS LP	UNIT	49435R102	827,750	55,000	SH		SOLE		0	55,000	0
OSISKO GOLD ROYALTIES LTD	COM	68827L101	214,200	15,000	SH		SOLE		0	15,000	0
OSISKO GOLD ROYALTIES LTD	COM	68827L101	214,200	15,000	SH		SOLE		0	15,000	0
OSISKO GOLD ROYALTIES LTD	COM	68827L101	442,680	31,000	SH		SOLE		0	31,000	0
OSISKO GOLD ROYALTIES LTD	COM	68827L101	1,071,000	75,000	SH		SOLE		0	75,000	0
PARAMOUNT GOLD NEV CORP	COM	69924M109	63,750	170,000	SH		SOLE		0	170,000	0
RANGE RES CORP	COM	75281A109	304,400	10,000	SH		SOLE		0	10,000	0
SANDSTORM GOLD LTD	COM NEW	80013R206	1,006,000	200,000	SH		SOLE		0	200,000	0
SIBANYE STILLWATER LTD	SPONSORED ADR	82575P107	543,000	100,000	SH		SOLE		0	100,000	0
SILVERCORP METALS INC	COM	82835P103	657,500	250,000	SH		SOLE		0	250,000	0
VALERO ENERGY CORP	COM	91913Y100	357,500	2,750	SH		SOLE		0	2,750	0
VOX ROYALTY CORP	COM	92919F103	412,000	200,000	SH		SOLE		0	200,000	0
VOX ROYALTY CORP	COM	92919F103	3,090,000	1,500,000	SH		SOLE		0	1,500,000	0
ANGLOGOLD ASHANTI PLC	COM SHS	G0378L100	934,500	50,000	SH		SOLE		0	50,000	0
ANGLOGOLD ASHANTI PLC	COM SHS	G0378L100	10,800	180	SH	Call	SOLE		0	180	0
ANGLOGOLD ASHANTI PLC	COM SHS	G0378L100	10,800	180	SH	Call	SOLE		0	180	0
ANGLOGOLD ASHANTI PLC	COM SHS	G0378L100	25,500	425	SH	Call	SOLE		0	425	0
ATLANTICA SUSTAINABLE INFR P	SHS	G0751N103	376,250	17,500	SH		SOLE		0	17,500	0
CAPRI HOLDINGS LIMITED	SHS	G1890L107	75,360	1,500	SH		SOLE		0	1,500	0
LINDE PLC	SHS	G54950103	821,420	2,000	SH		SOLE		0	2,000	0
NORWEGIAN CRUISE LINE HLDG L	SHS	G66721104	941,880	47,000	SH		SOLE		0	47,000	0
ON HLDG AG	NAMEN AKT A	H5919C104	107,880	4,000	SH		SOLE		0	4,000	0
FERRARI N V	COM	N3167Y103	2,436,696	7,200	SH		SOLE		0	7,200	0
ROYAL CARIBBEAN GROUP	COM	V7780T103	116,541	900	SH		SOLE		0	900	0
CLEARWAY ENERGY INC	CL C	18539C204	356,590	13,000	SH		SOLE		0	13,000	0
CLEVELAND-CLIFFS INC NEW	COM	185899101	408,400	20,000	SH		SOLE		0	20,000	0
CONSTELLATION BRANDS INC	CL A	21036P108	1,776,863	7,350	SH		SOLE		0	7,350	0
DIREXION SHS ETF TR	HYDROGEN ETF	25460G617	21,219	1,735	SH		SOLE		0	1,735	0
LAUDER ESTEE COS INC	CL A	518439104	731,250	5,000	SH		SOLE		0	5,000	0
ETF MANAGERS TR	PRIME JUNIR SLVR	26924G102	29,000	2,900	SH		SOLE		0	2,900	0
FIRST TR EXCHANGE-TRADED FD	GBL WND ENRG ETF	33736G106	16,480	1,000	SH		SOLE		0	1,000	0
FORTUNA SILVER MINES INC	COM	349915108	77,200	20,000	SH		SOLE		0	20,000	0
FORTUNA SILVER MINES INC	COM	349915108	772,000	200,000	SH		SOLE		0	200,000	0
GLOBAL X FDS	GLOBAL X COPPER	37954Y830	75,000	2,000	SH		SOLE		0	2,000	0
GLOBAL X FDS	LITHIUM BTRY ETF	37954Y855	35,658	700	SH		SOLE		0	700	0
GLOBAL X FDS	US INFR DEV ETF	37954Y673	34,460	1,000	SH		SOLE		0	1,000	0
INVESCO EXCH TRADED FD TR II	SOLAR ETF	46138G706	16,005	300	SH		SOLE		0	300	0
ISHARES TR	GL CLEAN ENE ETF	464288224	45,153	2,900	SH		SOLE		0	2,900	0
ISHARES TR	U.S. REAL ES ETF	464287739	36,564	400	SH		SOLE		0	400	0
KKR & CO INC	COM	48251W104	1,205,468	14,550	SH		SOLE		0	14,550	0
LULULEMON ATHLETICA INC	COM	550021109	153,387	300	SH		SOLE		0	300	0
MARATHON OIL CORP	COM	565849106	422,800	17,500	SH		SOLE		0	17,500	0
MARATHON PETE CORP	COM	56585A102	445,080	3,000	SH		SOLE		0	3,000	0
NIKE INC	CL B	654106103	40,600	200	SH	Call	SOLE		0	200	0
PEABODY ENERGY CORP	COM	704551100	364,800	15,000	SH		SOLE		0	15,000	0
PERMIAN RESOURCES CORP	CLASS A COM	71424F105	204,000	15,000	SH		SOLE		0	15,000	0
SELECT WATER SOLUTIONS INC	CL A COM	81617J301	379,500	50,000	SH		SOLE		0	50,000	0
SIGMA LITHIUM CORPORATION	COM	826599102	252,240	8,000	SH		SOLE		0	8,000	0
SSR MINING IN	COM	784730103	860,800	80,000	SH		SOLE		0	80,000	0
SYLVAMO CORP	COMMON STOCK	871332102	392,880	8,000	SH		SOLE		0	8,000	0
TEMPUR SEALY INTL INC	COM	88023U101	922,557	18,100	SH		SOLE		0	18,100	0
TEUCRIUM COMMODITY TR	WHEAT FD	88166A508	39,402	6,600	SH		SOLE		0	6,600	0
UBS GROUP AG	SHS	H42097107	1,498,650	48,500	SH		SOLE		0	48,500	0
UR-ENERGY INC	COM	91688R108	231,000	150,000	SH		SOLE		0	150,000	0
UNITED STS NAT GAS FD LP	UNIT PAR	912318300	23,322	4,600	SH		SOLE		0	4,600	0
VANECK ETF TRUST	RARE EARTH/STRTG	92189H805	24,620	400	SH		SOLE		0	400	0
VANECK ETF TRUST	STEEL ETF	92189F205	36,878	500	SH		SOLE		0	500	0
VIPER ENERGY INC	CL A	927959106	627,600	20,000	SH		SOLE		0	20,000	0
AIR TRANSPORT SE	COM	00922R105	34,909,254	1,982,354	SH		SOLE		0	1,982,354	0
ALASKA AIR GROUP	COM	011659109	54,218,767	1,387,734	SH		SOLE		0	1,387,734	0
ALLEGIANT TRAVEL	COM	01748X102	53,453,214	647,055	SH		SOLE		0	647,055	0
AMERICAN AIRLINE	COM	02376R102	174,159,419	12,675,358	SH		SOLE		0	12,675,358	0
AZUL SA-ADR	SPONSR ADR PFD	05501U106	7,681,466	792,721	SH		SOLE		0	792,721	0
B2GOLD CORP	COM	11777Q209	2,666,206	843,736	SH		SOLE		0	843,736	0
BOEING CO/THE	COM	097023105	35,779,756	137,266	SH		SOLE		0	137,266	0
BOOKING HOLDINGS	COM	09857L108	36,007,830	10,151	SH		SOLE		0	10,151	0
BUENAVENTURA-ADR	SPONSORED ADR	204448104	2,922,910	191,792	SH		SOLE		0	191,792	0
COPA HOLDIN-CL A	CL A	P31076105	17,555,714	165,137	SH		SOLE		0	165,137	0
DELTA AIR LI	COM NEW	247361702	178,400,297	4,434,509	SH		SOLE		0	4,434,509	0
DRDGOLD LTD-ADR	SPON ADR REPSTG	26152H301	2,452,162	308,448	SH		SOLE		0	308,448	0
ELDORADO GOLD	COM	284902509	2,732,390	210,670	SH		SOLE		0	210,670	0
EMBRAER SA-ADR	SPONSORED ADS	29082A107	7,938,131	430,251	SH		SOLE		0	430,251	0
EURONAV NV	SHS	B38564108	92,295	5,247	SH		SOLE		0	5,247	0
EXPEDIA GROUP IN	COM NEW	30212P303	34,406,846	226,674	SH		SOLE		0	226,674	0
EXPEDITORS INTL	COM	302130109	149,969	1,179	SH		SOLE		0	1,179	0
FEDEX CORP	COM	31428X106	136,351	539	SH		SOLE		0	539	0
FRANCO-NEVADA CO	COM	351858105	9,262,165	83,586	SH		SOLE		0	83,586	0
FRONTIER GROUP H	COM	35909R108	57,240,702	10,483,645	SH		SOLE		0	10,483,645	0
GENERAL DYNAMICS	COM	369550108	32,771,912	126,206	SH		SOLE		0	126,206	0
GRUPO AEROPO-ADR	SPON ADR SER B	40051E202	10,192,924	34,638	SH		SOLE		0	34,638	0
GXO LOGISTIC	COMMON STOCK	36262G101	151,188	2,472	SH		SOLE		0	2,472	0
HARMONY GOLD-ADR	SPONSORED ADR	413216300	3,694,465	600,726	SH		SOLE		0	600,726	0
INTERNATIONAL SE	COM	Y41053102	192,380	4,230	SH		SOLE		0	4,230	0
JETBLUE AIRWAYS	COM	477143101	54,286,365	9,781,327	SH		SOLE		0	9,781,327	0
MAKEMYTRIP LTD	SHS	V5633W109	8,528,232	181,529	SH		SOLE		0	181,529	0
MATSON INC	COM	57686G105	109,271	997	SH		SOLE		0	997	0
NEW GOLD INC	COM	644535106	2,861,101	1,959,658	SH		SOLE		0	1,959,658	0
OSISKO GOLD ROYA	COM	68827L101	3,690,737	258,455	SH		SOLE		0	258,455	0
ROYAL GOLD INC	COM	780287108	9,180,017	75,893	SH		SOLE		0	75,893	0
RYANAIR HLDG-ADR	SPONSORED ADS	783513203	17,227,845	129,183	SH		SOLE		0	129,183	0
SANDSTORM GOLD	COM NEW	80013R206	3,690,461	733,690	SH		SOLE		0	733,690	0
SCORPIO TANKERS	SHS	Y7542C130	105,853	1,741	SH		SOLE		0	1,741	0
SIBANYE-STI-ADR	SPONSORED ADR	82575P107	3,323,926	612,141	SH		SOLE		0	612,141	0
SKYWEST INC	COM	830879102	49,995,542	957,769	SH		SOLE		0	957,769	0
SOUTHWEST AIR	COM	844741108	179,354,821	6,210,347	SH		SOLE		0	6,210,347	0
SSR MINING INC	COM	784730103	2,544,084	236,439	SH		SOLE		0	236,439	0
SUN COUNTRY HOLD	COM	866683105	44,838,758	2,850,525	SH		SOLE		0	2,850,525	0
TEEKAY TANK-CL A	CL A	Y8565N300	195,732	3,917	SH		SOLE		0	3,917	0
TEXTRON INC	COM	883203101	32,707,216	406,705	SH		SOLE		0	406,705	0
TORM PLC-A	SHS CL A	G89479102	266,665	8,769	SH		SOLE		0	8,769	0
TRIP.COM GRO-ADR	ADS	89677Q107	17,757,143	493,117	SH		SOLE		0	493,117	0
TRIPADVISOR INC	COM	896945201	37,336,895	1,734,180	SH		SOLE		0	1,734,180	0
UNITED AIRLINES	COM	910047109	171,637,433	4,159,899	SH		SOLE		0	4,159,899	0
UNITED PARCEL-B	CL B	911312106	146,538	932	SH		SOLE		0	932	0
WHEATON PRECIOUS	COM	962879102	9,195,101	186,362	SH		SOLE		0	186,362	0
ZTO EXPRESS -ADR	SPONSORED ADS A	98980A105	141,214	6,636	SH		SOLE		0	6,636	0
CENTERRA GOLD IN	COM	152006102	358,378	60,000	SH		SOLE		0	60,000	0
CENTERRA GOLD IN	COM	152006102	1,493,242	250,000	SH		SOLE		0	250,000	0
CENTERRA GOLD IN	COM	152006102	2,747,583	460,003	SH		SOLE		0	460,003	0
CENTERRA GOLD IN	COM	152006102	107,513	18,000	SH		SOLE		0	18,000	0
ELECTRA BATTERY	COM NEW	28474P201	113,267	300,000	SH		SOLE		0	300,000	0
EMX ROYALTY CORP	COM	26873J107	2,010,496	1,250,000	SH		SOLE		0	1,250,000	0
ENCORE ENERGY CO	COM NEW	29259W700	786,831	200,000	SH		SOLE		0	200,000	0
I-80 GOLD CORP	COM	44955L106	351,884	200,000	SH		SOLE		0	200,000	0
IVANHOE ELECTRIC	COM	46578C108	15,168	1,499	SH		SOLE		0	1,499	0
OSISKO GOLD ROYA	COM	68827L101	1,070,943	75,000	SH		SOLE		0	75,000	0
SILVERCREST META	COM	828363101	1,476,440	225,000	SH		SOLE		0	225,000	0
SILVERCREST META	COM	828363101	393,717	60,000	SH		SOLE		0	60,000	0
SKEENA RESOURCES	COM	83056P715	365,287	75,000	SH		SOLE		0	75,000	0
TRIPLE FLAG	COM	89679M104	999,018	75,000	SH		SOLE		0	75,000	0
VIZSLA SILVER CO	COM NEW	92859G202	157,630	125,000	SH		SOLE		0	125,000	0
VIZSLA SILVER CO	COM NEW	92859G202	1,261,044	1,000,000	SH		SOLE		0	1,000,000	0