U.S. Global Investors, Inc.
Annual Report on Form 10-K 1998                                          Page 60
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EXHIBIT 21 -- SUBSIDIARIES OF THE REGISTRANT,  JURISDICTION OF INCORPORATION AND
PERCENTAGE OF OWNERSHIP

1.   United Shareholder Services, Inc.;  incorporated in Texas  and wholly owned
     by the Registrant

2.   A & B  Mailers,  Inc.;  incorporated  in  Texas  and  wholly  owned  by the
     Registrant

3.   Securities  Trust and Financial  Company;  incorporated in Texas and wholly
     owned by the Registrant

4.   U.S. Advisors (Guernsey) Limited; incorporated in Guernsey, Channel Islands
     and wholly owned by the Registrant

5.   U.S. Global Brokerage, Inc.;  incorporated in Texas and wholly owned by the
     Registrant