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Please note: The Frank Talk articles listed below contain historical material. The data provided was current at the time of publication. For current information regarding any of the funds mentioned in these presentations, please visit the appropriate fund performance page.

Follow the Leaders: Learning from ETFs, BCA and the New PM
October 26, 2015

Reggie Browne, the Goldfather of ETFs, gave the opening remarks at the ETF conference in Austin.Last Thursday I had the pleasure of attending an intensive daylong ETF conference in Austin, just up the road from our office in San Antonio. Hosted by Cantor Fitzgerald, the conference was designed for institutional investors.

Welcoming the group was Reginald “Reggie” Browne, the “Godfather of ETFs,” who now serves as the senior managing director at Cantor Fitzgerald. His celebrity and prominence are nearly as big as his six-foot-five frame—and with good reason. Reggie has been instrumental in building the ETF landscape over the last decade and convincing investors of the power of the exchange-traded fund.

One of the panels featured chief investment officers from the Texas Teacher Retirement System (TRS). Jase Auby, Lee Partridge and Tom Tull discussed potential shifts in asset allocation under a rising interest rate environment, among other topics.

The TRS, one of the largest pension funds in the U.S., makes significant use of gold in its investment strategy, holding the yellow metal in many forms over the years. The same is true for the $20 billion University of Texas endowment fund.

Bruce Zimmerman, chief investment officer for UTIMCO, told CNBC in 2011 that the $20 billion endowment holds gold as a diversifier and hedge against currencies. This is precisely what we tell investors, and it’s validating to see such huge funds put it in practice.

During the ETF panel, I asked Jase, Lee, Tom and moderator Ronnie Jung about their thoughts on real interest rates and their relationship with gold. Everyone’s speculating on when the Federal Reserve will hike interest rates, but real interest rates, as I shared with you this week, appear to have already risen. (As a reminder, real interest rates are what you get when you deduct the monthly rate of inflation from the 10-year Treasury yield.) A 10 percent upswing in the U.S. dollar is equivalent to the federal funds rate being hiked 100 basis points.

This has had a huge effect on the yellow metal. When real rates are negative, gold has tended to do well. Conversely, when they’re positive—and rising, as they are now—it’s been a headwind for gold. This relationship was confirmed by the research of Barry Bannister, chief equity strategist for Stifel, who visited our office last week.

I also appreciated the TRS group’s bullishness on China. Their position is that, because everyone is negative on China right now, all sorts of investment opportunities open up from a contrarian point of view.

The World’s Second-Largest Economy in Flux

I’ve commented before that China has been moving away from a manufacturing-based economy and instead focusing more on services—financials, real estate, insurance, ecommerce and the like.

China's Services Industry Surpasses 50 Pecent GDP
click to enlarge

While the country’s purchasing managers’ index (PMI) reading has been in contraction mode since March of this year, these service industries are ever-expanding. The problem is that the transformation has not been fast enough to offset the massive size of the manufacturing sector.

But investment opportunities in this sector still exist. Anyone who’s traveled more than 100 miles inland knows that China is under-urbanized. Ever since Deng Xiaoping created special tax-free zones along the eastern Chinese coastline in 1978, most of the country’s growth has been concentrated in these few regions and municipalities. The interior provinces, on the other hand, have remained largely rural.

You can see this for yourself in the chart below, provided by Marko Papic, chief geopolitical strategist for BCA Research, who briefed our investments team this week. BCA is an influential, independent investment strategy firm with more than 65 years of experience conducting excellent macroeconomic research.

Chinese Interior Provinces Still Need Investment-Led Growth
click to enlarge

We just learned that the People’s Bank of China cut both lending and saving rates 0.25 percent, to 4.35 percent and 1.50 percent respectively. This will cause negative real rates in China to fall even lower, which is good for gold demand.

It will also likely add to the Fed’s list of doubts about raising its own rates. In a world where every other major country is stimulating its economy by cutting rates and devaluing its currency, it makes less and less sense for the U.S. to hike rates.

BCA’s Marko Papic stressed the need to see further stimulus in China. Without it, commodities and global growth in general are at risk. Some economists believe we might be headed for a global recession.

Difference of Opinion When It Comes to Defining Global Recession

Depending on who you ask, there are different ideas of what global recession looks like. The generally accepted one in the U.S. is two consecutive quarterly declines in real GDP. The International Monetary Fund (IMF), however, uses a different measure. Among other economic conditions, annual GDP must fall below 3 percent, a high benchmark and one that requires much stimulus.

Global growth for 2015 is at 3.3 percent, the IMF calculates, precariously close to the 3 percent threshold. 

BCA Research: The Trans-Pacific Partnership Is Needed to Fast-Track Global Growth

This is where the Trans-Pacific Partnership (TPP) comes into play, which is the stance BCA also takes. The landmark trade agreement, involving 12 nations, was signed earlier this month. Although it still requires ratification, the TPP could boost the world economy by an incredible $223 billion by 2025, according to the Peterson Institute for International Economics.

The 12 Apostles of the Historic Trans-Pacific Partnership
click to enlarge

Like Father, Like Son: Canada Elects a New Leader

I feel blessed to have had the chance to meet Prime Minister Pierre Trudeau in 1978. I'm second from the right.

One of the TPP’s biggest supporters was outgoing Canadian Prime Minister Stephen Harper. But the newly elected Justin Trudeau, member of the Liberal party, has also come out in support of free trade agreements. The hope is that he will continue to take this position where the TPP is concerned.

Although Trudeau earned his degree in education from the University of British Columbia and taught as a school teacher for many years, he is by no means a stranger to politics. He’s served as a Member of Parliament since 2008, and his father, Pierre Trudeau, served as Canada’s prime minister for 15 years.

Back in the 1970s, in fact, I campaigned for Pierre Trudeau alongside Dr. John Evans, a Rhodes Scholar. This was during Trudeau’s first stint in office, before being voted out in 1979 and then returning to serve again in 1984.

His son, only 43, ran on a campaign of hope and change—sound familiar?—and promised that, if elected, he would help the economy by increasing infrastructure spending. Unlike some other world leaders, he wants to put people to work instead of establishing a welfare state. Trudeau plans to raise revenue by taxing recreational marijuana—if he succeeds at legalizing it, that is.

Justin Trudeau boxes his way to center stage

One of the main criticisms of Trudeau the Younger is that he’s inexperienced politically. But here in the U.S., take a look at who’s currently topping the polls in the Republican field: business magnate Donald Trump, neurosurgeon Dr. Ben Carson and former Hewlett-Packard CEO Carly Fiorina. Accomplished though they are, none of them has been elected to office. This goes to show that voters have grown fed up with career politicians who lack accountability.

 

Next Stop, the Big Easy

Former Federal Reserve Chair Alan Greenspan one of the many distinguished speakers at the New Orleans Investment ConferenceThis week will kick off my short conference road trip, beginning with the 2015 New Orleans Investment Conference, happening October 28 – 31. For 41 years, this event has attracted some of the world’s most distinguished speakers—from Margaret Thatcher to Steve Forbes to Norman Schwarzkopf—and this year’s no exception. I look forward to speaking again this year alongside some of the brightest minds in the industry at what some call the “World’s Greatest Investment Event.”

After that, I’ll head to Peru for the Mining & Investment Latin America Summit, November 4 – 5, and wrap things up in Melbourne, Australia, at the International Mining and Resources Conference.

I hope you’ll join me!

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.

Fund portfolios are actively managed, and 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 of U.S. Global Investors Funds as of 9/30/2015: Hewlett-Packard Co. 0.00%.

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will 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.

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The “Oprah Effect” and Gold
October 22, 2015

Oprah bought 10 percent of weight watchersMany short sellers of Weight Watchers no doubt felt too down to look in the mirror this week after company stock unexpectedly ballooned nearly 170 percent.

You can thank (or blame) Oprah. The influential former talk show hostess bought a 10 percent stake in the weight management company, sending its shares up from $6.79 to $18.25 in as few as two trading sessions.

This is hardly the first time one of Oprah’s endorsements, whether verbal or monetary, has lifted a struggling business or product. There’s even a name for it: the Oprah Effect.

No matter your opinion of Oprah—her politics, her tastes—you have to admit that she’s a phenomenally savvy businesswoman, whose rags-to-riches success has helped make her one of the most powerful women in not just the U.S. but the world. As such, it’s important for investors to pay attention to her and other such “smart money” influencers. Their decisions often have the power to move markets.

So what’s moving gold right now?

Quite a lot, actually, from widespread doubts of a 2015 interest rate hike, to strong seasonal demand in India and China, to Russia’s military action in Syria. Gold also received a huge endorsement recently from billionaire Paul Singer, CEO of Elliott Management Corp., who said that the precious metal “should be a part of every investment portfolio, maybe five to 10 percent.”

(I always recommend 10 percent: 5 percent in gold stocks, 5 percent in bullion, then rebalance every year.)

But as I discuss in a previous Frank Talk, perhaps the most significant mover of gold right now is the weakening of the strong U.S. dollar against other world currencies. Gold and the dollar share an inverse relationship, and for the past year, the greenback has been putting pressure on the yellow metal, not to mention other commodities and natural resources.

Now that the dollar is showing signs that it’s starting to turn, however, gold is starting to turn heads.

Watch my video below for further insight into what’s moving gold.

None of U.S. Global Investors Funds held any of the securities mentioned in this article as of 9/30/2015. All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will 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.

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Life Is Uncertain and So Are Interest Rates
September 14, 2015

US-Global-Will-Never-Forget 9-11

Last Friday was an emotional day for Americans. In an instant, on a beautiful blue sky morning 14 years ago, all of our lives changed forever. 

September 11 is a day when we pause and reflect on where we were when—when the towers came crumbling down, when our nation’s capital came under attack, when so many lives were cut short, when so many heroes rushed in. 

I was in Manhattan with colleagues that day, attending a financial industry conference uptown. At the time, we didn’t know how fortunate we were that our meeting had been changed from 9:00 a.m. to 11:00 a.m. I was en route when everything stopped, and soon after, I saw all the people covered in dust and walking home across the bridge. The cell phones in the city stopped working, but because mine had a San Antonio area code, I was able to get through to the office to let everyone know we were safe. 

Nancy-Holmes

I was there with two of my company executives and the magnificent Nancy Holmes (no relation, though she often joked that I was her adopted son), who was working with me as a marketing strategist, at the age of 82. Nancy led one of the most interesting and full lives I have ever known. A code clerk for the U.S. Army, a model in Paris for Balmain, a photojournalist for Columbia Pictures, a bestselling author and magazine editor, including editor-at-large for Worth magazine, which she retired from to move to San Antonio and spend time with her granddaughters and be a consultant to U.S. Global. In fact, she was larger than life and filled with enthusiasm for life. She was a fellow traveler of the world, but like the rest of us, in that dark hour we all just wanted to go home, to Texas.

The city was shut down that night. The cabs disappeared and the subways weren’t running. The airports would remain closed for many days.

But the next morning I found a driver to take us to New Jersey where I had reserved one of the last rental cars left in the area. The four of us loaded into a Ford Expedition and began the long ride home and an unforgettable bonding experience. My adrenaline rush enabled me to drive us straight through for 30 hours. Early on we turned off the car radio because the nonstop coverage of the tragedy was too much to take. Instead, Nancy entertained us with stories of her incredible trail blazing life including her close friendships with the rich and famous, from Joan Collins and Elizabeth Taylor to Sean Connery and former hedge fund manager Julian Robertson. Nancy was a bright light on that dark day.

For the last 14 years on this day, I remember all the people who didn’t get to return home that fateful day, and I give thanks that I did, along with these special colleagues and friends.

I found myself back in New York on Friday, an unplanned diversion when my flight out of Portland, Maine was cancelled. And once again, I was trying to get home. Rain grounded the midsize regional plane I was scheduled to take, an effective reminder that no matter how well you think you’re in control, uncertainty has a habit of stepping in the way.

Will They or Won't They?

Right now, a lot of investors are wondering about the uncertainty of rising interest rates—the causes, effects and possible ramifications. Many people have been saying for weeks and months now that a rate hike is imminent and that September is the anticipated takeoff.

I’ve been skeptical of this, and now a chart from highly-respected market analyst Jeff deGraaf confirms my skepticism. In his words, “the market anticipates >70 percent probability of the Fed NOT raising rates.”

SP500-Index-vs-Probability-25-bps-Fed-Funds-through-September-Meeting click to enlarge

The Fed will convene this Thursday, and according to deGraaf, the most bullish outcome would be if Chair Janet Yellen held off raising rates and also took a more dovish tone. A more bearish outcome would be if she announced a rate hike and assumed a hawkish tone. I could see a rate hike fast-tracking QE4.

Indeed, if rates were allowed to stay where they are, the bond market could very well see a rally, which would be a boon for our Near-Term Tax Free Fund (NEARX). Another beneficiary would be dividend-paying stocks, such as those found in our All American Equity Fund (GBTFX).

Low Energy Prices Offer Companies Delayed Gratification

Speaking of the S&P 500, many investors might worry that falling energy stocks are creating havoc for the index. In reality, the S&P isn’t affected by a drop in energy as much as some believe. Currently, energy is only 7 percent of the index, and its position is dropping. As recently as December 2014, it was 9 percent.

Part of the reason it’s falling is because the market cap for energy stocks has collectively declined 32 percent for the 12-month period. Do the math. The point is that, as the fourth-smallest sector in the S&P following telecommunications services (2.4 percent), materials (2.9 percent) and utilities (3 percent), energy has a minimal impact on the overall index.

Everyone knows that when energy prices drop, oil specifically, companies within the sector are hurt, including producers, refiners and the like. The winners are consumers, who save at the pump and benefit when companies pass along energy savings.

What many people might not know, however, is that it often takes a few quarters before these benefits are realized. Take the airline industry. Domestic carriers reported their first-ever $5-billion quarter in July, which is exactly a year after oil prices started to plummet from more than $90 per barrel.

The longer fuel prices stay low, the more likely it is that airlines will continue to perform beyond expectations. Irish low-cost carrier Ryanair, for instance, recently hit a 52-week high. If prices were to plunge to $20 per barrel, as Goldman Sachs claim is a possibility, the savings would be even larger.

However, with a growing global population over seven billion people, , it will not be much longer before the oil supply at these prices tightens and prices rise to the $60-per-barrel level. This will have many benefits for both consumers as well as the energy space.

As always, investors should consider their tolerance level based on risk and age to help balance their investments between short-term bonds and equities.

Manufacturing and the Velocity of Money

Here’s a final thought I want to leave you with. According to new data released by the Bureau of Labor Statistics, government employees outnumber workers in the manufacturing sector 1.8 to 1—nearly double. What if it were the other way around? The economy would likely be stronger and more vibrant, as I see it.

Think of home construction. When a house is built, money touches so many people, from surveyors to architects, from plumbers to landscapers, from lawyers to accountants. All of these people are creating wealth for themselves and for others. For every dollar invested, housing returns between $12 and $14.

That’s not the case with government workers, for whom taxes must be raised to pay for their wellbeing. Don’t get me wrong. We need such people to run the government. But the ratio between the two types of workers is out-of-balance for a vibrant economy.

It’s classic macroeconomics on money supply growth and velocity. Different industries and sectors have different values for each dollar spent. The private sector is higher than the public sector, and housing is highest. 

To my Jewish friends, L'shanah tovah! For a good year!

Please consider carefully a 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.

Bond funds are subject to interest-rate risk; their value declines as interest rates rise. Though the Near-Term Tax Free Fund seeks minimal fluctuations in share price, it is subject to the risk that the credit quality of a portfolio holding could decline, as well as risk related to changes in the economic conditions of a state, region or issuer. These risks could cause the fund’s share price to decline. Tax-exempt income is federal income tax free. A portion of this income may be subject to state and local taxes and at times the alternative minimum tax. 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. Stock markets can be volatile and share prices can fluctuate in response to sector-related and other risks as described in the fund prospectus.

Fund portfolios are actively managed, and holdings may change daily. Holdings are reported as of the most recent quarter-end. Holdings in the Near-Term Tax Free Fund and the All American Equity Fund as a percentage of net assets as of 06/30/2015: Ryanair Ltd 0.00%.

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.

The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies.

There is no guarantee that the issuers of any securities will declare dividends in the future or that, if declared, will remain at current levels or increase over time.

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Feeling Old Yet? Incoming College Freshmen Have Always Known Google
August 27, 2015

I use Google every day, and yet I still marvel at how amazing a tool it is. Part of this amazement stems from the fact that most of my life was spent in the dark ages before the search giant changed human knowledge forever. I appreciate it in a way 19th-century, transcontinental travelers must have appreciated steam locomotives’ ability to shave days and weeks from their covered-wagon travel time. Except Google is more like a rocket ship than a locomotive.

This year’s incoming college freshmen, on the other hand, have never not known the wonders of Google. To them, all human thought—whether in words, images or videos—has always been easily and instantaneously accessible. They’ve only ever known the rocket ship, never the covered wagon.

Google-Original-Homepage

This factoid is just one among many that appear on Beloit College’s latest Mindset List.

Published each August since 1998, the Mindset List was initially designed to provide professors with a snapshot of incoming freshmen and help them understand new students’ beliefs and values. It also inadvertently challenges the idea behind the encouraging expression “You’re only as old as you feel.”

Below are a few of my favorites from the list. They say a lot about how this particular cohort, the graduating class of 2019, perceives the world:

Hybrid automobiles have always been mass produced.

The therapeutic use of marijuana has always been legal in a growing number of American states.

They have grown up treating Wi-Fi as an entitlement.

Hong Kong has always been under Chinese rule.

Cell phones have become so ubiquitous in class that teachers don’t know which students are using them to take notes and which ones are planning a party.

TV has always been in such high definition that they could see the pores of actors and the grimace of quarterbacks.

They’re such simple facts, but they help us understand the behaviors and thought patterns of our future business leaders, politicians and investors. Being familiar with the world they grew up in sheds light on why they invest in, or will eventually invest in, certain companies and industries.

College-Graduating-Calls-2019-Hong-Kong-Always-Under-Chinese-Rule

Millennials, as you might imagine, are more likely to put their money in companies and brands that are important to their particular lifestyles. According to TD Ameritrade, some of the hottest companies for younger investors include Apple (an average 11.4 percent of their equity portfolios), Facebook (2.6 percent), Alibaba (1.5 percent) and Tesla (1.3 percent). Apple represents 6.3 percent of millennials’ first stock trade after opening a new account with the broker; Google is 1.2 percent.

Baby boomers, of course, invest heavily in these companies as well, but they tend to place more emphasis on tried-and-true stalwarts such as AT&T, Exxon Mobil, and Johnson & Johnson—what some millennials might describe as “boring.”

Young investors are also more likely to be attracted to “socially responsible” companies, as well as mutual funds that invest in such companies—those that treat not just their shareholders well but also employees, suppliers, customers and local communities. Between 1995 and 2014, total assets invested in these companies increased 11-fold, from $0.6 trillion to $6.6 trillion, according to the Forum for Sustainable and Responsible Investment. Millennial investors are largely to thank for this.

Finally, this group is surprisingly more willing to work with a financial advisor than boomers and more accepting of nontraditional asset categories, including exchange-traded funds (ETFs), hedge funds and commodities. That’s according to Natixis Global Asset Management, which conducted a survey earlier this year of 750 Americans with more than $200,000 in investible assets.

Check out the entire Mindset List, then take the poll below.

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will 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.

Fund portfolios are actively managed, and 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 of U.S. Global Investors Funds as of 6/30/2015: Apple Inc., AT&T Inc., Exxon Mobil Corp., Facebook Inc., Johnson & Johnson.

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These Self-Made Billionaires Prove Piketty Wrong about Wealth
June 3, 2015

Capital in the Twenty-First CenturyMany of us are aware that 400 billionaires appear on Forbes’ list of the wealthiest Americans. But if you had to guess what percentage of them is self-made, what would you say? A quarter? A third?

Before I give you the answer, let me posit which way Thomas Piketty might lean.

If you’re unfamiliar with the name, Piketty is the socialist economist whose book Capital in the Twenty-First Century was published a little over a year ago. It was an instant bestseller and elicited much debate not just in academic circles but also the popular media.

In the book, Piketty argues that capitalist societies naturally incubate wealth inequality, leading to a scenario in which a small minority of the population owns most of the wealth. Because rich families can assume a greater amount of investment risk, their return on capital multiplies at a much faster clip than the general economic growth rate. To offset the effects of what he sees as rising inequality around the globe, Piketty—in typical socialist fashion—therefore prescribes a global wealth tax, with rates as steep as 80 percent.

So back to the initial question: What percentage of American billionaires are self-made? Piketty might guess only a very small fraction, pointing to the progenies of vast family fortunes—the Waltons, the Koch brothers, the Mars family. With so much wealth accumulated at the very top of the pyramid, he might say, there’s no room left for new money.

He would be sorely mistaken.

On the contrary, 70 percent of those who show up on Forbes’ 2014 list created their own wealth. Nearly three out of every four billionaires, then, are self-made entrepreneurs and innovators, far from being born with a silver spoon in their mouths.

What’s more, this figure is actually up from 1984, when fewer than half were self-made. If Piketty’s theory held any water, we would expect to see the same powerful families dominating the Forbes 400 decade after decade—the Rockefellers, the Carnegies, the Vanderbilts—with few new entrants.

But that’s not the case. Among the most recent newcomers is 31-year-old Elizabeth Holmes, CEO of Theranos, a health care technology company she founded at the age of only 19. The tenth-wealthiest person is cofounder and CEO of Facebook Mark Zuckerberg, also age 31.

Seventy percent of the people on the Forbes 400 are self-made, including Facebook CEO Mark Zuckerberg and Theranos CEO Elizabeth Holmes

Indeed, success in America is an equal opportunity player, blind to gender, race, age and background. Some of the wealthiest, most powerful people come from poverty and overwhelming hardships. Think Starbucks CEO Howard Schultz, who grew up poor in the Brooklyn projects. Think investor George Soros, who emigrated from war-torn Hungary as a penniless young man. Think media mogul Oprah Winfrey, who was raised in such dire impoverishment that she often had to wear a potato sack to school. Like countless others, they proved socialist thinkers like Piketty wrong and attained the American Dream.

But how?

High performers seek to strenghten their networks with other successful peopleIt’s not just about intelligence, not just about unique talents, not just about luck—though these certainly help. Instead, as Richard Koch and Greg Lockwood point out in their 2010 book Superconnect: Harnessing the Power of Networks and the Strength of Weak Links, what high performers share above all else is a relentless propensity to connect with others in high places and foster such relationships. Pursuing the attention of and surrounding yourself with successful people helps build the scaffolds that can raise you up to the next level. Today, this is made even more achievable with social networking platforms such as Facebook and LinkedIn.

None of this is to take away from the fact that many people in the U.S. and elsewhere continue to struggle in poverty. Piketty is commended for trying to address this problem, but his solution doesn’t square with reality. No country has ever succeeded at taxing itself into prosperity. As Winston Churchill observed, that would be like a man standing in a bucket and trying to lift himself up by the handle.

Instead, it should be part of the role of business to drive prosperity, as it did for 70 percent of the Forbes 400. Doing so is not only morally right, but it also represents a huge opportunity to build a new demographic of consumers and investors.          

Fund portfolios are actively managed, and 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 of U.S. Global Investors Funds as of 3/31/2015: Facebook Inc., Starbucks Corp.

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will 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.

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Net Asset Value
as of 11/22/2017

Global Resources Fund PSPFX $5.97 0.03 Gold and Precious Metals Fund USERX $7.36 No Change World Precious Minerals Fund UNWPX $5.76 0.03 China Region Fund USCOX $12.18 0.03 Emerging Europe Fund EUROX $7.09 0.04 All American Equity Fund GBTFX $24.06 -0.05 Holmes Macro Trends Fund MEGAX $21.36 -0.06 Near-Term Tax Free Fund NEARX $2.21 -0.01 U.S. Government Securities Ultra-Short Bond Fund UGSDX $2.00 No Change