8-K

                       SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C.

                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 3, 2003


                      U.S. GLOBAL INVESTORS, INC.
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             (Exact name of registrant as specified in its charter)


       Texas                      0-13928                  74-1598370
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  (State of other juris-        (Commission                IRS Employer
 diction of incorporation)      File Number)             Identification No.)


    7900 Callaghan Road, San Antonio, Texas                 78229
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    (Address of principal executive offices)              (Zip Code)


Registrant's telephone number, including area code: 210-308-1234



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       (Former name or former address, if changed since last report)



Item 12. Results of Operations and Financial Condition.

On  December  3,  2003,  U.S.  Global  Investors,  Inc.  issued a press  release
reporting  earnings and other  financial  results for its third quarter of 2003,
which ended  September  30,  2003.  A copy of the press  release is attached and
being furnished as Exhibit 99.


                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                                    U.S. Global Investors, Inc.




                                                     By:/s/ Tracy C. Peterson
                                                        ------------------------
                                                        Tracy C. Peterson
                                                        Chief Financial Officer

Dated:   December 3, 2003

EX-99

Contact:
     Rolf Gatlin
     Public Relations
     rmgatlin@usfunds.com
     210.308.1268

                                                          For Immediate Release

  U.S. Global Investors Realizes Improved Earnings Driven by Converging Factors
        Specialty Funds Continue to Reach Asset Levels Not Seen in Years

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SAN ANTONIO - December 3, 2003 - U.S. Global Investors,  Inc. (NASDAQ:  GROW), a
globally  focused  boutique  investment  advisor  managing 12 specialty  no-load
mutual  funds,  recently  announced net income of $.09 per share for the quarter
ending  September  30, 2003,  an increase of $.08 per share over the same period
last year. The increase in net income of approximately  $576,000 was primarily a
result of investments in natural resource assets.

Subsequent to  quarter-end,  U.S. Global  Investors  continues to see increasing
assets under management and mutual fund cash inflows.

"There is a continuing  convergence driving our increasing assets and earnings,"
says U.S. Global  Investors Chief Executive  Officer Frank Holmes.  "Besides the
current rally in commodities and natural resource stocks,  our ability to refine
our overall business processes,  to lower our fund expense ratios and to improve
our  investment  models and systems has  enabled us to offer  unique  investment
vehicles,  which have been  leaders  in their  respective  peer  groups and have
beaten the S&P 500 for the one-, three- and five-year periods.  This may provide
investors with attractive alternatives to diversify their holdings."

Overall  assets  coming into the complex  have risen  steadily  over the last 12
months, a trend attributable to the stellar  performance of the  countercyclical
funds  managed by U.S.  Global  Investors.  In  particular,  recently the Global
Resources  Fund  (PSPFX)  surpassed  $135  million in assets,  while the Eastern
European Fund (EUROX) and China Region  Opportunity  Fund (USCOX)  surpassed the
$55 million and $45 million  mark,  respectively.  U.S.  Global  Investors'  two
precious metals funds, the World Precious  Minerals Fund (UNWPX) and Gold Shares
Fund (USERX),  have also  experienced  increased  asset levels,  surpassing $430
million in combined assets.

On December 1, the Wall Street Journal  listed the World Precious  Minerals Fund
(UNWPX) and Global Resources Fund (PSPFX) as "Best  Performers" for the one-year
period.

"The strong  performance  of these asset classes and increased  asset flows have
benefited U.S. Global Investors' fund  shareholders,  as well as shareholders of
the advisor," says Holmes.  "The combination of a small-account  fee implemented
in January 2002 and increased  asset levels have  contributed  to  significantly
lower expense ratios in a number of our funds. The  substantially  lower expense
ratios  and   outstanding   relative   performance   have  enhanced  the  funds'
attractiveness.  This  fact has been  noted by the S&P and  Lipper  mutual  fund
rating  services,  popular  rating  services who more timely update current fund
data and  thereby  offer a more  accurate  and timely  reflection  of changes in
expense  ratios.  Since  expense  ratios  are a  critical  decision  driver  for
registered   investment  advisors,   other  rating  agencies  may  not  properly
characterize positive or negative developments."

For more  information  on fund  performance  and expense  ratios of U.S.  Global
Investors' funds, please visit www.usfunds.com.  Website visitors will also find
value-added  investment white papers that educate readers on topics ranging from
the presidential election cycle to commodities, Eastern Europe and China.

About U.S. Global Investors, Inc.

U.S. Global Investors, Inc. (www.usfunds.com) is a registered investment adviser
with a focus on profitable niche markets around the world.  Headquartered in San
Antonio,  Texas,  the Company offers  financial  solutions,  transfer agency and
other services to U.S.  Global  Investors  Funds and U.S. Global Accolade Funds.
The  groups  consist  of 12 no-load  mutual  funds  that  invest in a variety of
investment options, from emerging markets to money markets.

For more complete  information about any U.S. Global fund, including charges and
ongoing expenses, obtain a prospectus by visiting us at www.usfunds.com, or call
1-800-US-FUNDS.  Please  read it  carefully  before  you  invest or send  money.
Distributed by U.S. Global Brokerage, Inc.

                                   # # # # #
Foreign and emerging market  investing  involves special risks such as
currency  fluctuation  and  less  public  disclosure,  as well as  economic  and
political risk. The China Region  Opportunity  Fund's share price is expected to
be more volatile than those of funds only invested in domestic  securities.  The
fund may invest in private placements and IPO's, which may significantly  affect
performance.  There is no guarantee that these high-risk  investments  will have
the same effect on the fund's  performance if they are made in the future.  Gold
funds  may  be  susceptible  to  adverse   economic,   political  or  regulatory
developments  due to  concentrating  in a  single  theme.  The  price of gold is
subject to substantial price  fluctuations over short periods of time and may be
affected by  unpredicted  international  monetary  and  political  policies.  We
suggest  investing  no  more  than 3% to 5% of  your  portfolio  in gold or gold
stocks.  The S&P 500 Stock Index is a widely recognized  capitalization-weighted
index of 500 common stock prices in U.S. companies.  The World Precious Minerals
Fund ranked 6 out of 43, 27 out of 29 and 13 out of 17 gold  oriented  funds for
total  return  for the one-,  five- and  10-year  periods,  respectively,  as of
9.30.03. Lipper defines a gold oriented fund as a fund that invests primarily in
shares of gold mines,  gold  oriented  mining  finance  houses,  gold coins,  or
bullion.  The Global  Resources Fund ranked 1 out of 80, 16 out of 54 and 18 out
of 19 natural  resource  funds for total return for the one-,  five- and 10-year
periods,  respectively, as of 9.30.03. Lipper defines a natural resource fund as
a fund that invests in primarily natural resource stocks.