8-K/A

                       SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C.

                                    FORM 8-K/A

                                 CURRENT REPORT

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

Date of Report (Date of earliest event reported): November 15, 2004


                      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



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



Item 2.02. Results of Operations and Financial Condition.

On November  15,  2004,  U.S.  Global  Investors,  Inc.  issued a press  release
reporting  earnings and other financial  results for its first fiscal quarter of
the fiscal year ending June 30,  2005.  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/ Susan B. McGee
                                                      ------------------------
                                                      Susan B. McGee
                                                      President/General Counsel

Dated:   November 15, 2004

EX-99

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

Valerie Kimball
Investor Relations
888.917.5109
vkimball@epochfinancial.com

                              For Immediate Release

      U.S. Global Investors Reports Positive Net Income of $0.03 Per Share
                               For First Quarter

    ************************************************************************

SAN ANTONIO -November 15, 2004 - U.S. Global Investors,  Inc. (NASDAQ:  GROW), a
registered  investment  advisory  firm,  announced  it posted net income for the
quarter ended September 30, 2004, of approximately $240,000, or $0.03 income per
share,  unaudited,  compared to net income of approximately  $688,000,  or $0.09
income per share, unaudited, for the comparable period last year.

Revenues  for the quarter  ended  September  30, 2004 were  approximately  $2.96
million,  or 13 percent higher than the revenues of approximately  $2.63 million
for the quarter ended September 30, 2003.

Although the Company's  earnings per share decreased  quarter-over-quarter,  its
investment  management  services  were more  robust  this  quarter as shown by a
$733,000,  or 45%, increase in investment advisory fees and a $122,000,  or 21%,
increase in transfer agent fees,  for a total increase of $855,000,  or 39% from
those revenue streams. The increased investment advisory fees were a result of a
27 percent increase in the average assets under management for the quarter ended
September 30, 2004 over the quarter ended September 30, 2003. Increased transfer
agent  fees  were  primarily  a result of a 7 percent  increase  in  shareholder
accounts over the same period.

Fluctuations  in the  Company's  investments  were an  offsetting  factor to its
favorable trend in operations.  This decrease in investment  income was due to a
decrease  in  unrealized  gains on  trading  securities  for the  quarter  ended
September 30, 2004 versus the same quarter in 2003.

"Although the  Company's  investments  have  declined over the past quarter,  we
continue to see increases in management fees due to substantial growth in assets
in the Company's gold,  natural  resource and foreign equity mutual funds," says
Frank Holmes,  Chief Executive  Officer of U.S. Global  Investors.  "The current
market  conditions  tend to benefit the  alternative  asset  classes in which we
focus."

Expenses for the quarter ended  September 30, 2004 were  approximately  $685,000
higher than the quarter ended September 30, 2003. Consistent with increased fund
assets  and  strong  fund  performance,   certain  sub-advisory  fees,  platform
distribution costs, and performance-driven compensation costs contributed to the
increases in expenses.

Cash, cash  equivalents and marketable  securities have increased from September
30, 2003 to September 30, 2004 by approximately  $3.0 million,  or 90.6 percent,
to a total of $6.2 million, or 62.6 percent of total assets.

                        Financial Highlights (Unaudited)
                           U.S. Global Investors, Inc.

                                Quarter Ended           Quarter Ended
                              September 30, 2004      September 30, 2003
                              ------------------      ------------------

Total Revenues                    $ 2,961,649            $2,628,889
Total Expenses                    $ 2,630,579            $1,945,781
Tax Expense (Benefit)             $    90,608            $   (4,403)
Net Income                        $   240,462            $  687,511
Basic and Diluted Net
Income Per Share                  $      0.03            $     0.09
Basic Weighted Average
  Shares Outstanding                7,473,222             7,465,593
Diluted Weighted
Average
  Shares Outstanding                7,530,663             7,499,753

Mutual Fund Average
Assets under
Management
($ in millions)                   $     1.353        $        1.066


About U.S. Global Investors, Inc.
U.S. Global Investors,  Inc. 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 and provides  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.

Please consider carefully the fund's investment  objectives,  risks, charges and
expenses. For this and other important information,  obtain a fund prospectus by
visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-873-8637).  Read it
carefully before investing. Distributed by U.S. Global Brokerage, Inc.

This news release may include  certain  "forward-looking  statements"  including
statements  relating to revenues,  expenses,  and expectations  regarding market
conditions. These statements involve certain risks and uncertainties.  There can
be no assurance that such  statements will prove accurate and actual results and
future events could differ materially from those anticipated in such statements.



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