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): 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



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       (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