CONSENT OF INDEPENDENT AUDITORS

We consent to the  incorporation  by  reference in the  Registration  Statements
(Form S-8 No. 33-33012)  pertaining to the 1989 Non-Qualified  Stock Option Plan
and the 1985 Incentive Stock Option Plan and (Form S-8 No. 333-25699) pertaining
to the 1997  Non-Qualified  Stock Option Plan of our report dated  September 22,
2000,  with respect to the  consolidated  financial  statements  of U.S.  Global
Investors,  Inc. and Subsidiaries incorporated by reference in the Annual Report
(Form 10-K) for the year ended June 30, 2000.


/s/ Ernst & Young LLP

San Antonio, Texas
September 22, 2000