U.S. Global Investors offers exchange traded funds (ETFs) in addition to mutual funds.

Get the need-to-know information about our financial products, from investment objectives, strategies, and performance to fees and fund management.

Explore the performance of our eight no-load mutual funds here, which invest in a range of industries from natural resources and emerging markets, to precious metals and bonds.

The Gold and Precious Metals Fund is the first no-load gold fund in the U.S. We have a history as pioneers in portfolio management in this specialized sector. Our team brings valuable background in geology and mining finance, important to understanding the technical side of the business.

The World Precious Minerals Fund complements our Gold and Precious Metals Fund by giving investors increased exposure to junior and intermediate mining companies for added growth potential. With a high level of expertise in this specialized sector, our portfolio management team includes professionals with experience in geology, mineral resources and mining finance.

The Global Resources Fund takes a multi-faceted approach to the natural resources sector by investing in energy and basic materials. The fund invests in companies involved in the exploration, production and processing of petroleum, natural gas, coal, alternative energies, chemicals, mining, iron and steel, and paper and forest products, and can invest in any part of the world.

The China Region Fund invests in one of the world’s fastest-growing regions. The China region has experienced many changes since the fund opened in 1994 but we believe the region continues to hold further investment opportunities. Many countries in the region possess characteristics similar to the United States prior to the industrial revolution: a thriving, young workforce, migration from rural to urban areas and shifting sentiment toward consumption.

The Emerging Europe Fund focuses on a region that shares the same continent as the established economies of Western Europe, but has more in common with other emerging markets around the world. Many countries across emerging Europe are rich in resources, have strong banking and manufacturing sectors, healthy economies and lower debt levels than their western neighbors.

The Global Luxury Goods Fund provides investors access to companies around the world that are involved in the design, manufacture and sale of products and services that are not considered to be essential but are highly desired within a culture or society.

The Near-Term Tax Free Fund invests in municipal bonds with relatively short maturity. The fund seeks to provide tax-free monthly income by investing in debt securities issued by state and local governments from across the country.

The U.S. Government Securities Ultra-Short Bond Fund is designed to be used as an investment that takes advantage of the security of U.S. Government bonds and obligations, while simultaneously pursuing a higher level of current income than money market funds offer.

U.S. Global Investors, Inc. is an innovative investment manager with vast experience in global markets and specialized sectors.

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Here at U.S. Global Investors, we strive to serve our clients to the best of our abilities by using explicit and tacit knowledge to detect and account for trends and patterns not only in the domestic markets, but also globally.

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“Lettuce hands” is an expression some people use to describe an investor who sells their Bitcoin at the first sign of trouble, often at a loss. An example of its use in a sentence might be: “Elon Musk has lettuce hands because he sold 75% of Tesla’s Bitcoin holdings in the second quarter.”

The above sentence is more than an example; it happens to be the truth. During Tesla’s quarterly results webcast this week, Musk admitted to dumping some $936 million of Bitcoin to raise cash out of concern of an economic pullback due to pandemic lockdowns in China. The chief executive said he sold for a “realized gain,” but some people online have some serious doubts.

To be fair, Musk added that he was open to buying more in the future. But to many Bitcoin fans and advocates, his decision to sell feels like a betrayal—especially since he continues to hold the meme coin Dogecoin, created in 2013 as a joke.

When Tesla initially announced in February 2021 that it had bought $1.5 billion in Bitcoin, the crypto community saw this as signaling the start of a trend of big companies and other institutional investors holding the digital asset on their balance sheets. The enthusiasm only mounted the following month when the electric vehicle (EV) maker announced it would begin accepting Bitcoin as payment.

These plans lasted little more than a month before Musk suspended Bitcoin payments. The reason? Mining the asset, he claimed, consumed too much energy and emitted loads of greenhouse gases.

We now know that Musk’s concerns, while valid, were and are not grounded in truth. Some might call them FUD, or fear, uncertainty and doubt.

Musk is right in one respect: Bitcoin mining is energy intensive, no doubt about it, and it will only get increasingly more energy intensive on a per-coin basis as the difficulty rate heads higher.

Where he’s mistaken is in saying that Bitcoin mining is dirtier than other industries. The truth is that institutional-size miners’ usage of renewable, non-carbon-emitting energy has been shown to be greater on average than that of any large country on earth.

Below are the second-quarter survey results from members of the Bitcoin Mining Council (BMC), of which HIVE Blockchain Technologies is a founding member. According to the data, sustainable energy (wind, solar, hydro, geothermal, etc.) represents an impressive 66% of BMC members’ power mix. For the entire global Bitcoin network, it’s nearly 60%. No G20 country comes close to using that level of renewable energy as a percent of total energy use.

And as many others have pointed out, including myself, large-scale Bitcoin miners are very often the buyers of last resort when it comes to renewable energy. They regularly consume much of the electricity that otherwise would have gone to waste during non-peak hours. This makes sustainable energy more competitive and will encourage further deployment of wind and solar.

Dennis Porter, CEO of the Satoshi Action Fund, whose mission is to educate policymakers on the merits of Bitcoin, takes it a step further. Bitcoin mining, he said in a recent tweet, will one day “be such an important part of the grid that if they try to ban it, we’ll all be without power.”

One day #Bitcoin mining will be such an important part of the grid that if they try to ban it, we’ll all be without power.

Despite all of this, Tesla still has no plans to begin accepting Bitcoin as payment again. The only digital asset it does accept is Dogecoin, whose market cap is only about 2% the size of Bitcoin’s.

We continue to like Tesla, nevertheless. The lockdowns in Shanghai were a huge challenge for the carmaker in the second quarter, with profits down compared to the prior quarter. Now that factories are back up and running, though, we expect to see stronger results when the company reports on the third quarter.

Like tech stocks and luxury goods stocks, both of which Tesla is considered a member, shares have traded down into bear market territory this year on rising rates, recession fears and global supply chain issues.

Tesla’s suspension of Bitcoin payments raises questions regarding the digital asset’s viability as a currency and widely accepted medium of exchange. More and more companies and retailers will take your Bitcoin, but so far, a relatively few transactions are made using the crypto. According to one source, Bitcoin currently processes only around seven transactions per second compared to Visa’s 1,700 and Mastercard’s 5,000.

But it won’t be like this forever, says the latest research by blockchain infrastructure firm Blockware Solutions.

In a June report, the company looks at historical adoption trends for a number of previous disruptive technologies, including the automobile, radio, internet, smartphone and more. Although the speed of adoption in these cases differed, one thing was certain: Once adoption hit 10% of the population, growth became “parabolic” as penetration shifted from the “early adopters” to “early majority,” and finally to the “late majority.”

Long story short, Blockware predicts that global Bitcoin adoption will break past 10% in the year 2030.

After that, growth could become parabolic, eventually reaching 80% of the population in the 2050s.

Just as a reminder, Bitcoin supply is capped at 21 million. Divide that among 8 billion people, which is what global population is projected to reach later this year. The model above suggests that owning just one whole Bitcoin and holding it for the long haul could end up generating not only life-changing wealth but generational wealth.

Did you miss HIVE Blockchain’s results for fiscal year 2022? Watch the replay by clicking here!

This week gold futures closed at $1,740.50, up $18.30 per ounce, or 1.06%. Gold stocks, as measured by the NYSE Arca Gold Miners Index, ended the week lower by 0.51%. The S&P/TSX Venture Index came in up 4.03%. The U.S. Trade-Weighted Dollar slid 1.37%.

U.S. Global Investors, Inc. is an investment adviser registered with the Securities and Exchange Commission (“SEC”). This does not mean that we are sponsored, recommended, or approved by the SEC, or that our abilities or qualifications in any respect have been passed upon by the SEC or any officer of the SEC.

This commentary should not be considered a solicitation or offering of any investment product. Certain materials in this commentary may contain dated information. The information provided was current at the time of publication. Some links above may be directed to third-party websites. U.S. Global Investors does not endorse all information supplied by these websites and is not responsible for their content. All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.

Holdings may change daily. Holdings are reported as of the most recent quarter-end. The following securities mentioned in the article were held by one or more accounts managed by U.S. Global Investors as of (06/30/22): 

*The above-mentioned indices are not total returns. These returns reflect simple appreciation only and do not reflect dividend reinvestment.

The Dow Jones Industrial Average is a price-weighted average of 30 blue chip stocks that are generally leaders in their industry. The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies. The Nasdaq Composite Index is a capitalization-weighted index of all Nasdaq National Market and SmallCap stocks. The Russell 2000 Index® is a U.S. equity index measuring the performance of the 2,000 smallest companies in the Russell 3000®, a widely recognized small-cap index.

The Hang Seng Composite Index is a market capitalization-weighted index that comprises the top 200 companies listed on Stock Exchange of Hong Kong, based on average market cap for the 12 months. The Taiwan Stock Exchange Index is a capitalization-weighted index of all listed common shares traded on the Taiwan Stock Exchange. The Korea Stock Price Index is a capitalization-weighted index of all common shares and preferred shares on the Korean Stock Exchanges.

The Philadelphia Stock Exchange Gold and Silver Index (XAU) is a capitalization-weighted index that includes the leading companies involved in the mining of gold and silver. The U.S. Trade Weighted Dollar Index provides a general indication of the international value of the U.S. dollar. The S&P/TSX Canadian Gold Capped Sector Index is a modified capitalization-weighted index, whose equity weights are capped 25 percent and index constituents are derived from a subset stock pool of S&P/TSX Composite Index stocks. The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies involved primarily in the mining for gold and silver. The S&P/TSX Venture Composite Index is a broad market indicator for the Canadian venture capital market. The index is market capitalization weighted and, at its inception, included 531 companies. A quarterly revision process is used to remove companies that comprise less than 0.05% of the weight of the index, and add companies whose weight, when included, will be greater than 0.05% of the index.

The S&P 500 Energy Index is a capitalization-weighted index that tracks the companies in the energy sector as a subset of the S&P 500. The S&P 500 Materials Index is a capitalization-weighted index that tracks the companies in the material sector as a subset of the S&P 500. The S&P 500 Financials Index is a capitalization-weighted index. The index was developed with a base level of 10 for the 1941-43 base period. The S&P 500 Industrials Index is a Materials Index is a capitalization-weighted index that tracks the companies in the industrial sector as a subset of the S&P 500. The S&P 500 Consumer Discretionary Index is a capitalization-weighted index that tracks the companies in the consumer discretionary sector as a subset of the S&P 500. The S&P 500 Information Technology Index is a capitalization-weighted index that tracks the companies in the information technology sector as a subset of the S&P 500. The S&P 500 Consumer Staples Index is a Materials Index is a capitalization-weighted index that tracks the companies in the consumer staples sector as a subset of the S&P 500. The S&P 500 Utilities Index is a capitalization-weighted index that tracks the companies in the utilities sector as a subset of the S&P 500. The S&P 500 Healthcare Index is a capitalization-weighted index that tracks the companies in the healthcare sector as a subset of the S&P 500. The S&P 500 Telecom Index is a Materials Index is a capitalization-weighted index that tracks the companies in the telecom sector as a subset of the S&P 500. The Consumer Price Index (CPI) is one of the most widely recognized price measures for tracking the price of a market basket of goods and services purchased by individuals. The weights of components are based on consumer spending patterns. The Purchasing Manager’s Index is an indicator of the economic health of the manufacturing sector. The PMI index is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment. Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

The U.S. dollar index (USDX) is a measure of the value of the U.S. dollar relative to a basket of foreign currencies.

The Nasdaq 100 Index is a basket of the 100 largest, most actively traded U.S companies listed on the Nasdaq stock exchange.

The S&P Global Luxury Index is comprised of 80 of the largest publicly-traded companies engaged in the production or distribution of luxury goods or the provision of luxury services that meet specific investibility requirements.

Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by clicking here or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Foreside Fund Services, LLC, Distributor. U.S. Global Investors is the investment adviser.

Bond funds are subject to interest-rate risk; their value declines as interest rates rise. Tax-exempt income is federal income tax free. A portion of this income may be subject to state and local income taxes, and if applicable, may subject certain investors to the Alternative Minimum Tax as well. The Near-Term Tax Free Fund may invest up to 20% of its assets in securities that pay taxable interest. Income or fund distributions attributable to capital gains are usually subject to both state and federal income taxes. The tax free funds may be exposed to risks related to a concentration of investments in a particular state or geographic area. These investments present risks resulting from changes in economic conditions of the region or issuer. Gold, precious metals, and precious minerals funds may be susceptible to adverse economic, political or regulatory developments due to concentrating in a single theme. The prices of gold, precious metals, and precious minerals are 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 5% to 10% of your portfolio in these sectors. Foreign and emerging market investing involves special risks such as currency fluctuation and less public disclosure, as well as economic and political risk. By investing in a specific geographic region, a regional fund’s returns and share price may be more volatile than those of a less concentrated portfolio. The Emerging Europe Fund invests more than 25% of its investments in companies principally engaged in the oil & gas or banking industries. The risk of concentrating investments in this group of industries will make the fund more susceptible to risk in these industries than funds which do not concentrate their investments in an industry and may make the fund’s performance more volatile. Because the Global Resources Fund concentrates its investments in a specific industry, the fund may be subject to greater risks and fluctuations than a portfolio representing a broader range of industries. Stock markets can be volatile and share prices can fluctuate in response to sector-related and other risks as described in the fund prospectus.

Morningstar Ratings are based on risk-adjusted return. The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance does not guarantee future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating? based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

Each of the mutual funds or services referred to in the U.S. Global Investors, Inc. website may be offered only to persons in the United States. This website should not be considered a solicitation or offering of any investment product or service to investors residing outside the United States. Certain materials on the site may contain dated information. The information provided was current at the time of publication. For current information regarding any of the funds mentioned in such materials, please visit the fund performance page. Some link(s) above may be directed to a third-party website(s). U.S. Global Investors does not endorse all information supplied by this/these website(s) and is not responsible for its/their content. All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.

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