Gold is on a historic run. After hitting more than 50 new all-time highs last year, the yellow metal has surged to a new all-time high above $5,000 an ounce, a once-unthinkable amount. It's now doubled in value since SeptemberFrank Holmes is a Canadian-American investor, venture capitalist and philanthropist. He is CEO and chief investment officer of U.S. Global Investors, a publicly traded investment company based in San Antonio, TX, that oversees more than $4 billion in assets (Nasdaq: GROW). He is known ...

Core Insights - U.S. Global Investors, Inc. is transitioning its U.S. Global GO GOLD and Precious Metals Miner ETF (GOAU) from passive indexing to active management to enhance agility in a record-setting gold market [1][3][6] - The U.S. Global Technology and Aerospace & Defense ETF (WAR) is celebrating its first anniversary, focusing on defense spending and AI developments [2][8] Group 1: GOAU Transition to Active Management - The transition to active management for GOAU is driven by historic gold prices, which reached $4,421 per ounce on December 22, 2025, amid economic and geopolitical uncertainties [3][6] - The company believes that the current market environment necessitates greater selectivity and flexibility than traditional index-based strategies can provide [4][6] - CEO Frank Holmes emphasized that the new phase of the precious metals cycle requires a focus on security selection rather than broad exposure [6][7] Group 2: WAR ETF Performance - The WAR ETF has outperformed the market since its inception, utilizing a strategy that captures growth in defense and technology sectors [8][9] - The ETF invests in areas such as aerospace, defense, semiconductors, cybersecurity, and data centers, employing a Smart Beta 2.0 approach combined with fundamental analysis [8][9] - The strategy reflects the evolution of defense into an information technology business, with significant government investments in AI and related technologies [9] Group 3: Commitment to Thematic Investing - U.S. Global Investors is committed to thematic, high-conviction sectors, aiming to deliver innovative Smart Beta 2.0 strategies that provide differentiated opportunities across various markets [9][10] - The company focuses on thoughtfully managed products designed to navigate market cycles and create long-term value for shareholders [10]

Company Overview - U.S. Global Investors, Inc. is a registered investment advisory firm with expertise in gold mining stocks and the airline industry [1][8] - The company has a history of over 50 years, starting as an investment club and now providing investment advisory services [8] Dividend Announcement - The Board of Directors approved a monthly dividend of $0.0075 per share, starting January 2026 and continuing through March 2026 [2] - The record dates for the dividends are January 12, February 9, and March 16, with payment dates on January 26, February 23, and March 30 [2] - Based on the closing price of $2.43 on December 5, 2025, this dividend represents an annualized yield of 3.7% [2] Gold and Silver Market Performance - Gold has gained 61% year-to-date through November 2025, marking its best annual performance since 1979 [3] - Silver surpassed $60 for the first time on December 9, 2025, driven by economic uncertainty and strong demand [3][4] - The silver market is in deficit for the fifth consecutive year, with demand outpacing supply [4] Airline Industry Outlook - The global airline industry is entering 2026 with strong financial momentum, supported by historic travel demand [5] - TSA screened a record 3.13 million passengers in a single day during the 2025 Thanksgiving travel period, indicating robust consumer demand [5] - Total airline revenues are expected to exceed $1 trillion for the first time in 2026, with net profits projected at approximately $40 billion in 2025 and $41 billion in 2026 [5][6] Investment Opportunities - The U.S. Global Jets ETF (NYSE: JETS) offers targeted exposure to the global aviation ecosystem, focusing on efficient carriers [6] - The ETF tracks airline operators, aircraft manufacturers, airports, and related services, ranking companies based on fundamental factors [6]

Company Overview - U.S. Global Investors, Inc. is a registered investment advisory firm with expertise in gold mining stocks and the airline industry [1][8] - The company will continue its payment of monthly dividends, with a dividend of $0.0075 per share starting January 2026 [2] Dividend Information - The Board approved a monthly dividend of $0.0075 per share from January to March 2026, with record dates on January 12, February 9, and March 16, and payment dates on January 26, February 23, and March 30 [2] - Based on the closing price of $2.43 on December 5, 2025, this dividend represents an annualized yield of 3.7% [2] Gold and Silver Market Performance - Gold has gained 61% year-to-date through November 2025, marking its best annual performance since 1979 [3] - Silver surpassed $60 for the first time on December 9, 2025, driven by economic uncertainty and strong demand [3][4] - The silver market is in deficit for the fifth consecutive year, with demand outpacing supply [4] Airline Industry Outlook - The global airline industry is entering 2026 with strong financial momentum, supported by high travel demand [5] - A record 3.13 million passengers were screened in a single day during the 2025 Thanksgiving travel period, indicating robust consumer demand [5] - Total airline revenues are expected to exceed $1 trillion for the first time in 2026, with net profits projected at approximately $40 billion in 2025 and $41 billion in 2026 [5] Investment Opportunities - The U.S. Global Jets ETF offers targeted exposure to the global aviation ecosystem, focusing on efficient carriers [6] - The ETF tracks airline operators, aircraft manufacturers, and related services, ranking companies based on fundamental factors [6]

Group 1 - A conventional data center uses between 5,000 and 15,000 tons of copper, while a hyperscale data center, particularly those designed for artificial intelligence, can require up to 50,000 tons of copper [1] Group 2 - Frank Holmes is the CEO and chief investment officer of U.S. Global Investors, which manages over $4 billion in assets [1] - Holmes is recognized for his expertise in gold and precious metals and for launching unique investment products [1] - He also serves as executive chairman of HIVE Blockchain Technologies, the first publicly traded cryptocurrency mining company [1]

Group 1 - The article does not provide any specific content related to a company or industry [1]

Core Insights - The article discusses the importance of enabling Javascript and cookies in browsers to ensure proper functionality and access to content [1] Group 1 - The article emphasizes that users may face access issues if ad-blockers are enabled, suggesting the need to disable them for a better experience [1]

Company Overview - U.S. Global Investors is an innovative investment manager with extensive experience in global markets and specialized sectors [4] - The company employs a quantamental strategy to create thematic smart beta 2.0 products [4] - Founded as an investment club, U.S. Global became a registered investment adviser in 1968 and has a history of launching first-of-their-kind products, including the first no-load gold fund [4] Investment Focus - The company specializes in thematic investing, particularly in gold and precious metals, natural resources, airlines, and luxury goods [5]

Financial Data and Key Metrics Changes - Quarterly average assets under management were $1.4 billion, operating revenues were $2.25 million, and net income was $1.5 million, showing a significant increase from the previous year [27][30] - Operating revenues increased by $94,000 or 4% from the same quarter last year, primarily due to increases in advisory and administrative fees for equity mutual funds [28] - Net income after taxes for the quarter increased by $1.2 million compared to the same quarter last fiscal year, reaching $1.5 million or $0.12 per share [30] Business Line Data and Key Metrics Changes - Operating expenses increased by $50,000 or 2%, mainly due to a $101,000 increase in employee compensation and a $52,000 increase in advertising expenses related to expanded ETF marketing efforts [29] - Other income for the quarter was $2.4 million compared to $995,000 in the prior year, primarily due to higher net investment income from unrealized gains [30] Market Data and Key Metrics Changes - The company has maintained a strong balance sheet with approximately $24.6 million in cash and cash equivalents, and current investments totaling $9.7 million [31] - The current ratio stands at 20.5 to 1, indicating a strong liquidity position [31] Company Strategy and Development Direction - The company is focused on creating thematic products using Smart Beta 2.0 strategy, which involves rigorous backtesting and active money management [8][14] - A two-pillar strategy is in place to enhance shareholder value through dividends and stock buybacks, with a current share repurchase program purchasing 159,074 Class A shares for approximately $400,000 [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted that the worst impacts from the election and tariff battles are hopefully behind, with a rebound in assets and investment income [11][13] - The company remains optimistic about the gold market, highlighting that gold has outperformed the S&P 500 and is seen as a strong diversifier in investment portfolios [20][21] Other Important Information - The company has paid a monthly dividend since June 2007, with a current yield of 3.46% at a share price of $2.60 [10] - The company is actively engaging with shareholders through various marketing channels, including YouTube and social media, to provide insights and updates [32][34] Q&A Session Summary Question: What is the company's outlook on gold investments? - Management emphasized that gold has significantly outperformed the S&P 500 and is considered a crucial diversifier for investment portfolios, with recommendations to allocate 10%-15% in gold [20][21] Question: How is the company managing its stock buyback program? - The company utilizes an algorithm to buy back shares on flat and down days, believing the stock is undervalued, and aims to enhance shareholder value through this strategy [9][10]

Financial Data and Key Metrics Changes - Quarterly average assets under management were $1.4 billion, operating revenues were $2.25 million, and net income was $1.5 million, showing a significant increase from the previous year [28][31] - Operating revenues increased by $94,000 or 4% from the same quarter last year, primarily due to increases in advisory and administrative fees for equity mutual funds [29] - Net income after taxes for the quarter increased by $1.2 million compared to the same quarter last fiscal year [31] Business Line Data and Key Metrics Changes - Operating expenses increased by $50,000 or 2%, mainly due to a $101,000 increase in employee compensation and a $52,000 increase in advertising expenses [30] - Other income for the quarter was $2.4 million compared to $995,000 in the prior year, primarily due to higher net investment income [30] Market Data and Key Metrics Changes - The company has experienced a rebound in assets and investment income, which has helped turn the corner after being impacted by the tariff war [13] - Gold reached an all-time high of $4,300, although it has gone through a correction since October [19] Company Strategy and Development Direction - The company is focused on creating thematic products using Smart Beta 2.0 strategy, which requires rigorous backtesting and continuous management [7][8] - U.S. Global has been buying back stock using an algorithm on flat and down days, aiming to enhance shareholder value through dividends and stock repurchases [9][10] Management's Comments on Operating Environment and Future Outlook - Management believes the worst impacts from the election and tariff battles are behind them as they move forward [11] - The company remains optimistic about the travel industry, particularly in Europe and Asia, despite challenges in the U.S. market [16][17] Other Important Information - The company has maintained a strong balance sheet with high levels of cash and investments, including approximately $24.6 million in cash and cash equivalents [32] - The current yield at the share price of $2.60 is 3.46%, and the company has paid a monthly dividend since June 2007 [10] Q&A Session Summary Question: What is the company's outlook on gold investments? - Management highlighted that gold has outperformed the S&P 500 and is considered a crucial diversifier for a diversified portfolio, with recommendations to allocate 10%-15% in gold [20][23] Question: How is the company addressing the challenges in the airline industry? - Management noted that while the U.S. airline industry is facing sentiment challenges, the European and Asian markets are booming, indicating potential for recovery [16][17] Question: What are the company's plans for future product launches? - The company is focused on launching new thematic products, particularly in AI and defense sectors, which are expected to capture significant market interest [18][26]