U.S. Global Investors (GROW) 13F-HR Quarterly holdings report by institutional manager

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

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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 TR	PHYSCL PALLADM	003262102	75	308	SH		SOLE		0	308	0
ABERDEEN STD PALLADIUM ETF TR	PHYSCL PALLADM	003262102	75	308	SH		SOLE		0	308	0
ABERDEEN STD PALLADIUM ETF TR	PHYSCL PALLADM	003262102	339	1,384	SH		SOLE		0	1,384	0
AMAZON COM INC	COM	023135106	2,135	690	SH		SOLE		0	690	0
ANGLOGOLD ASHANTI LIMITED	SPONSORED ADR	035128206	1,099	50,000	SH		SOLE		0	50,000	0
APPLE INC	COM	037833100	2,089	17,100	SH		SOLE		0	17,100	0
ARCHER DANIELS MIDLAND CO	COM	039483102	713	12,500	SH		SOLE		0	12,500	0
BALLARD PWR SYS INC NEW	COM	058586108	243	10,000	SH		SOLE		0	10,000	0
BARRICK GOLD CORP	COM	067901108	254	725	SH	Call	SOLE		0	725	0
BARRICK GOLD CORP	COM	067901108	333	950	SH	Call	SOLE		0	950	0
BARRICK GOLD CORP	COM	067901108	525	1,500	SH	Call	SOLE		0	1,500	0
BARRICK GOLD CORP	COM	067901108	190	9,600	SH		SOLE		0	9,600	0
BARRICK GOLD CORP	COM	067901108	1,980	100,000	SH		SOLE		0	100,000	0
BHP GROUP LTD	SPONSORED ADS	088606108	347	5,000	SH		SOLE		0	5,000	0
CF INDS HLDGS INC	COM	125269100	454	10,000	SH		SOLE		0	10,000	0
CANADIAN SOLAR INC	COM	136635109	1,737	35,000	SH		SOLE		0	35,000	0
COMSTOCK MNG INC	COM NEW	205750300	626	136,600	SH		SOLE		0	136,600	0
DECKERS OUTDOOR CORP	COM	243537107	486	1,472	SH		SOLE		0	1,472	0
ELDORADO GOLD CORP NEW	COM	284902509	1,349	125,000	SH		SOLE		0	125,000	0
FORTUNA SILVER MINES INC	COM	349915108	1,456	225,000	SH		SOLE		0	225,000	0
FRANCO NEV CORP	COM	351858105	376	3,000	SH		SOLE		0	3,000	0
HALLIBURTON CO	COM	406216101	429	20,000	SH		SOLE		0	20,000	0
HARMONY GOLD MINING CO LTD	SPONSORED ADR	413216300	2,180	500,000	SH		SOLE		0	500,000	0
HECLA MNG CO	COM	422704106	1,053	185,000	SH		SOLE		0	185,000	0
HOME DEPOT INC	COM	437076102	1,335	4,373	SH		SOLE		0	4,373	0
IAMGOLD CORP	COM	450913108	1,490	500,000	SH		SOLE		0	500,000	0
ISHARES INC	MSCI TURKEY ETF	464286715	103	4,500	SH		SOLE		0	4,500	0
ISHARES TR	U.S. REAL ES ETF	464287739	184	2,000	SH		SOLE		0	2,000	0
LAUDER ESTEE COS INC	CL A	518439104	1,865	6,411	SH		SOLE		0	6,411	0
LOUISIANA PAC CORP	COM	546347105	555	10,000	SH		SOLE		0	10,000	0
MICROSOFT CORP	COM	594918104	307	1,300	SH		SOLE		0	1,300	0
MOBILE TELESYSTEMS PJSC	SPONSORED ADR	607409109	452	54,200	SH		SOLE		0	54,200	0
MOODYS CORP	COM	615369105	90	300	SH		SOLE		0	300	0
NEWMONT CORP	COM	651639106	220	180	SH	Call	SOLE		0	180	0
NEWMONT CORP	COM	651639106	336	275	SH	Call	SOLE		0	275	0
NEWMONT CORP	COM	651639106	1,647	1,350	SH	Call	SOLE		0	1,350	0
NEWMONT CORP	COM	651639106	175	2,900	SH		SOLE		0	2,900	0
NEWMONT CORP	COM	651639106	3,014	50,000	SH		SOLE		0	50,000	0
NIKE INC	CL B	654106103	2,339	17,600	SH		SOLE		0	17,600	0
POSCO	SPONSORED ADR	693483109	361	5,000	SH		SOLE		0	5,000	0
PAN AMERN SILVER CORP	COM	697900108	3,754	125,000	SH		SOLE		0	125,000	0
PHILLIPS 66	COM	718546104	530	6,500	SH		SOLE		0	6,500	0
PIEDMONT LITHIUM LTD	SPONSORED ADS	720162106	1,390	20,000	SH		SOLE		0	20,000	0
PINDUODUO INC	SPONSORED ADS	722304102	596	4,450	SH		SOLE		0	4,450	0
POTLATCHDELTIC CORPORATION	COM	737630103	529	10,000	SH		SOLE		0	10,000	0
RAYONIER INC	COM	754907103	161	5,000	SH		SOLE		0	5,000	0
ROYAL GOLD INC	COM	780287108	355	3,300	SH		SOLE		0	3,300	0
ROYAL GOLD INC	COM	780287108	538	5,000	SH		SOLE		0	5,000	0
SSR MNG INC	COM	784730103	3,407	238,610	SH		SOLE		0	238,610	0
SCHLUMBERGER LTD	COM	806857108	326	12,000	SH		SOLE		0	12,000	0
SEABRIDGE GOLD INC	COM	811916105	485	30,000	SH		SOLE		0	30,000	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	213	1,800	SH		SOLE		0	1,800	0
TOLL BROTHERS INC	COM	889478103	1,002	17,655	SH		SOLE		0	17,655	0
UNITED STS NAT GAS FD LP	UNIT PAR	912318300	175	18,317	SH		SOLE		0	18,317	0
WHEATON PRECIOUS METALS CORP	COM	962879102	344	9,000	SH		SOLE		0	9,000	0
WHEATON PRECIOUS METALS CORP	COM	962879102	4,776	125,000	SH		SOLE		0	125,000	0
WILLIAMS SONOMA INC	COM	969904101	1,295	7,228	SH		SOLE		0	7,228	0
KIRKLAND LAKE GOLD LTD	COM	49741E100	1,690	50,000	SH		SOLE		0	50,000	0
INVESCO QQQ TR	UNIT SER 1	46090E103	32	100	SH		SOLE		0	100	0
TOTAL SE	SPONSORED ADS	89151E109	465	10,000	SH		SOLE		0	10,000	0
ALEXCO RESOURCE CORP	COM	01535P106	816	325,000	SH		SOLE		0	325,000	0
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609W102	143	630	SH		SOLE		0	630	0
BLACKSTONE GROUP INC	COM	09260D107	1,524	20,443	SH		SOLE		0	20,443	0
CBOE GLOBAL MKTS INC	COM	12503M108	59	600	SH		SOLE		0	600	0
CONOCOPHILLIPS	COM	20825C104	530	10,000	SH		SOLE		0	10,000	0
CONSTELLATION BRANDS INC	CL A	21036P108	987	4,329	SH		SOLE		0	4,329	0
COSTCO WHSL CORP NEW	COM	22160K105	2,144	6,084	SH		SOLE		0	6,084	0
DAQO NEW ENERGY CORP	SPNSRD ADS NEW	23703Q203	68	900	SH		SOLE		0	900	0
DIREXION SHS ETF TR	DAILY FTSE CHINA	25460E521	30	2,200	SH		SOLE		0	2,200	0
DIREXION SHS ETF TR	DAILY ENERGY BEA	25460E554	147	8,000	SH		SOLE		0	8,000	0
DIREXION SHS ETF TR	OIL GAS BL 2X SH	25460G500	705	10,000	SH		SOLE		0	10,000	0
DIREXION SHS ETF TR	DLY S&P OIL GAS	25460G658	92	8,000	SH		SOLE		0	8,000	0
DIREXION SHS ETF TR	DLY JR GOLD 2X	25460G807	137	11,186	SH		SOLE		0	11,186	0
DIREXION SHS ETF TR	DLY JR GOLD 2X	25460G807	214	17,400	SH		SOLE		0	17,400	0
DIREXION SHS ETF TR	DLY JR GOLD 2X	25460G807	290	23,614	SH		SOLE		0	23,614	0
DIREXION SHS ETF TR	DAILY GOLD MINER	25460G880	176	7,865	SH		SOLE		0	7,865	0
DIREXION SHS ETF TR	DAILY GOLD MINER	25460G880	207	9,254	SH		SOLE		0	9,254	0
DIREXION SHS ETF TR	DAILY GOLD MINER	25460G880	310	13,881	SH		SOLE		0	13,881	0
DRDGOLD LIMITED	SPON ADR REPSTG	26152H301	946	100,000	SH		SOLE		0	100,000	0
ETF MANAGERS GRP COMMDTY TR	BREAKWAVE DRY	26923H200	68	4,000	SH		SOLE		0	4,000	0
EQUINOR ASA	SPONSORED ADR	29446M102	584	30,000	SH		SOLE		0	30,000	0
FIRST TR EXCHANGE-TRADED FD	GBL WND ENRG ETF	33736G106	113	5,000	SH		SOLE		0	5,000	0
GLOBAL X FDS	MSCI GREECE ETF	37954Y319	132	5,000	SH		SOLE		0	5,000	0
GOLD FIELDS LTD	SPONSORED ADR	38059T106	2,373	250,000	SH		SOLE		0	250,000	0
GOLDEN STAR RES LTD CDA	COM	38119T807	590	200,000	SH		SOLE		0	200,000	0
GOLDMAN SACHS GROUP INC	COM	38141G104	98	300	SH		SOLE		0	300	0
HYCROFT MINING HOLDING CORP	COM CL A	44862P109	175	50,000	SH		SOLE		0	50,000	0
HYCROFT MINING HOLDING CORP	COM CL A	44862P109	32	50,000	SH	Call	SOLE		0	50,000	0
INTERCONTINENTAL EXCHANGE IN	COM	45866F104	141	1,260	SH		SOLE		0	1,260	0
JPMORGAN CHASE & CO	COM	46625H100	1,849	12,144	SH		SOLE		0	12,144	0
JD.COM INC	SPON ADR CL A	47215P106	708	8,400	SH		SOLE		0	8,400	0
KKR & CO INC	COM	48251W104	879	18,000	SH		SOLE		0	18,000	0
MSCI INC	COM	55354G100	266	634	SH		SOLE		0	634	0
MARKETAXESS HLDGS INC	COM	57060D108	100	200	SH		SOLE		0	200	0
MAVERIX METALS INC	COM NEW	57776F405	369	70,000	SH		SOLE		0	70,000	0
METALLA RTY & STREAMING LTD	COM NEW	59124U605	444	50,000	SH		SOLE		0	50,000	0
MOSAIC CO NEW	COM	61945C103	632	20,000	SH		SOLE		0	20,000	0
OZON HLDGS PLC	SPONSORED ADS	69269L104	28	500	SH		SOLE		0	500	0
PARAMOUNT GOLD NEV CORP	COM	69924M109	170	170,000	SH		SOLE		0	170,000	0
PELOTON INTERACTIVE INC	CL A COM	70614W100	491	4,363	SH		SOLE		0	4,363	0
PRETIUM RES INC	COM	74139C102	415	40,000	SH		SOLE		0	40,000	0
PRETIUM RES INC	COM	74139C102	622	60,000	SH		SOLE		0	60,000	0
PROSHARES TR II	PSHS ULSSLVR NEW	74347W114	111	15,890	SH		SOLE		0	15,890	0
PROSHARES TR II	PSHS ULSSLVR NEW	74347W114	178	25,424	SH		SOLE		0	25,424	0
PROSHARES TR II	PSHS ULSSLVR NEW	74347W114	236	33,686	SH		SOLE		0	33,686	0
RESOLUTE FST PRODS INC	COM	76117W109	767	70,000	SH		SOLE		0	70,000	0
S&P GLOBAL INC	COM	78409V104	349	989	SH		SOLE		0	989	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	40	100	SH		SOLE		0	100	0
SANDSTORM GOLD LTD	COM NEW	80013R206	612	90,000	SH		SOLE		0	90,000	0
SANDSTORM GOLD LTD	COM NEW	80013R206	4,420	650,000	SH		SOLE		0	650,000	0
SILVERCORP METALS INC	COM	82835P103	255	52,000	SH		SOLE		0	52,000	0
SILVERCORP METALS INC	COM	82835P103	1,473	300,000	SH		SOLE		0	300,000	0
TEMPUR SEALY INTL INC	COM	88023U101	489	13,377	SH		SOLE		0	13,377	0
TESLA INC	COM	88160R101	2,271	3,400	SH		SOLE		0	3,400	0
VALERO ENERGY CORP	COM	91913Y100	537	7,500	SH		SOLE		0	7,500	0
VANECK VECTORS ETF TR	SHORT MUNI ETF	92189F528	1,533	85,000	SH		SOLE		0	85,000	0
VANGUARD SCOTTSDALE FDS	SHORT TERM TREAS	92206C102	1,132	18,400	SH		SOLE		0	18,400	0
VISA INC	COM CL A	92826C839	329	1,555	SH		SOLE		0	1,555	0
YETI HLDGS INC	COM	98585X104	1,040	14,400	SH		SOLE		0	14,400	0
ATLANTICA SUSTAINABLE INFR P	SHS	G0751N103	549	15,000	SH		SOLE		0	15,000	0
CALEDONIA MNG CORP PLC	SHS NEW	G1757E113	715	50,000	SH		SOLE		0	50,000	0
IVANHOE CAPITAL ACQUISTIN CO	COM CL A	G4R87P114	90	9,091	SH		SOLE		0	9,091	0
IVANHOE CAPITAL ACQUISTIN CO	COM CL A	G4R87P114	180	18,182	SH		SOLE		0	18,182	0
LINDE PLC	SHS	G5494J103	560	2,000	SH		SOLE		0	2,000	0
UBS GROUP AG	SHS	H42097107	1,315	84,700	SH		SOLE		0	84,700	0
FERRARI N V	COM	N3167Y103	356	1,700	SH		SOLE		0	1,700	0
YANDEX N V	SHS CLASS A	N97284108	599	9,350	SH		SOLE		0	9,350	0
AIR TRANSPORT SE	COM	00922R105	113,363	3,874,334	SH		SOLE		0	3,874,334	0
ALASKA AIR GROUP INC	COM	011659109	166,950	2,412,220	SH		SOLE		0	2,412,220	0
ALLEGIANT TRAVEL CO	COM	01748X102	154,015	631,055	SH		SOLE		0	631,055	0
AMERICAN AIRLS GROUP INC	COM	02376R102	448,748	18,776,072	SH		SOLE		0	18,776,072	0
AZUL S A	SPONSR ADR PFD	05501U106	41,205	2,040,876	SH		SOLE		0	2,040,876	0
B2GOLD CORP	COM	11777Q209	2,642	612,947	SH		SOLE		0	612,947	0
CONTROLADORA VUELA COMP DE A	SPON ADR RP 10	21240E105	34,722	2,434,900	SH		SOLE		0	2,434,900	0
DELTA AIR LINES INC DEL	COM NEW	247361702	415,521	8,606,475	SH		SOLE		0	8,606,475	0
ELDORADO GOLD CORP NEW	COM	284902509	2,657	246,260	SH		SOLE		0	246,260	0
FRANCO NEV CORP	COM	351858105	10,236	81,696	SH		SOLE		0	81,696	0
GENERAL DYNAMICS CORP	COM	369550108	126,730	698,007	SH		SOLE		0	698,007	0
GOL LINHAS AEREAS INTELIGENT	SPON ADR PFD NEW	38045R206	43,873	5,735,012	SH		SOLE		0	5,735,012	0
GRUPO AEROPORTUARIO DEL SURE	SPON ADR SER B	40051E202	41,064	230,971	SH		SOLE		0	230,971	0
GRUPO AEROPUERTO DEL PACIFIC	SPON ADR B	400506101	39,250	373,135	SH		SOLE		0	373,135	0
IAMGOLD CORP	COM	450913108	2,611	876,188	SH		SOLE		0	876,188	0
JETBLUE AWYS CORP	COM	477143101	165,821	8,152,460	SH		SOLE		0	8,152,460	0
KINROSS GOLD CORP	COM	496902404	2,738	410,431	SH		SOLE		0	410,431	0
MAVERIX METALS INC	COM NEW	57776F405	3,795	720,157	SH		SOLE		0	720,157	0
MESA AIR GROUP INC	COM NEW	590479135	35,784	2,660,487	SH		SOLE		0	2,660,487	0
METALLA RTY & STREAMING LTD	COM NEW	59124U605	2,543	286,378	SH		SOLE		0	286,378	0
OSISKO GOLD ROYALTIES LTD	COM	68827L101	3,713	336,943	SH		SOLE		0	336,943	0
ROYAL GOLD INC	COM	780287108	9,187	85,366	SH		SOLE		0	85,366	0
SANDSTORM GOLD LTD	COM NEW	80013R206	3,683	541,675	SH		SOLE		0	541,675	0
SIBANYE STILLWATER LTD	SPONSORED ADR	82575P107	1,740	97,406	SH		SOLE		0	97,406	0
SKYWEST INC	COM	830879102	112,245	2,060,298	SH		SOLE		0	2,060,298	0
SOUTHWEST AIRLS CO	COM	844741108	434,245	7,111,768	SH		SOLE		0	7,111,768	0
SPIRIT AIRLS INC	COM	848577102	160,169	4,340,622	SH		SOLE		0	4,340,622	0
UNITED AIRLS HLDGS INC	COM	910047109	441,800	7,678,134	SH		SOLE		0	7,678,134	0
WHEATON PRECIOUS METALS CORP	COM	962879102	9,329	244,152	SH		SOLE		0	244,152	0
CORVUS GOLD INC	COM	221013105	52	29,000	SH		SOLE		0	29,000	0
EMX ROYALTY CORP	COM	26873J107	3,264	1,100,000	SH		SOLE		0	1,100,000	0
EXCELLON RES INC	COM	30069C801	286	100,000	SH		SOLE		0	100,000	0
INTEGRA RES CORP	COM NEW	45826T301	379	140,000	SH		SOLE		0	140,000	0
MAVERIX METALS INC	COM NEW	57776F405	4,085	778,000	SH		SOLE		0	778,000	0
METALLA RTY & STREAMING LTD	COM NEW	59124U605	1,117	125,000	SH		SOLE		0	125,000	0
METALLA RTY & STREAMING LTD	COM NEW	59124U605	2,680	300,000	SH		SOLE		0	300,000	0
METALLA RTY & STREAMING LTD	COM NEW	59124U605	447	50,000	SH		SOLE		0	50,000	0
NUTRIEN LTD	COM	67077M108	539	10,000	SH		SOLE		0	10,000	0
PLATINUM GROUP METALS LTD	COM	72765Q882	1,336	350,000	SH		SOLE		0	350,000	0
WEST FRASER TIMBER CO LTD	COM	952845105	485	6,750	SH		SOLE		0	6,750	0