U.S. Global Investors, Inc.
Annual Report on Form 10-K 1998                                          Page 61
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EXHIBIT 23.1 -- CONSENT OF INDEPENDENT ACCOUNTANTS


We consent to the incorporation  by reference in the Registration Statements  on
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. 33-25699) pertaining
to the  1997 Non-Qualified Stock  Option Plan of our  report dated September 28,
1998,  with respect  to the  consolidated financial  statements of  U.S.  Global
Investors, Inc.  included in this  Annual Report  (Form 10-K) for the year ended
June 30, 1998.


/s/ Ernst & Young LLP

ERNST & YOUNG LLP

San Antonio, Texas
September 29, 1998