Gold’s been making headlines again. What’s the cause of the recent rally, and what’s next for the yellow metal? Watch this webcast replay to learn the answers to these questions. Webcast dated: June 21, 2016

1. Approved for one hour of Continuing Education
credit through the CFP board.

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Today’s Speakers
Frank Holmes
U.S. Global Investors
CEO and CIO
Aram Shishmanian
World Gold Council
Chief Executive Officer
Lisa Aston
U.S. Global Investors
Marketing Leader
Moderator
2

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Be Sure to Participate in Our Polls
You Could Be a Winner!
24 Carat Gold Plated Horseshoe
3
Three opportunities to win:
We’ll select one person at
random from each poll
question.

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Poll Question #1
How is gold included in your portfolio?
4

5. 5

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Gold Just Had Its Best Quarter in 30 Years
6

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We’ll Address These Questions in
Our Webcast Today
• Why does gold have timeless appeal to investors?
• What are the “Fear Trade” and the “Love Trade” and how
do they drive gold demand?
• How do historical and seasonal patterns affect gold?
• Is the gold rally we have seen this year sustainable?
• How can gold and gold equities be an integral part of your
portfolio?
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8. 8

9. 9

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Driver: The Fear Trade
President Barack ObamaJanet Yellen, Chairman
of the Federal Reserve
Gold’s Fear Trade is driven by investor concerns over government policy.

11. 11
Governments
worldwide are
looking for
solutions to
monetary and
fiscal policies.
February 20 – 26, 2016

12. Nominal Interest Rates
Real Interest Rates
12
Real Interest Rate = Nominal Interest Rate – Inflation
Historically, when inflation has been greater than
nominal rates, real interest rates became negative,
and gold rose in value.
Inflation
Inflation Fears

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Gold Rebound Has Been Linked to Fall
in Interest Rates
13
Real Rates = Fed Funds Rate – CPI Inflation

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The Inverse Relation Between Real Interest
Rates and the Price of Gold
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The Great Tectonic Shift of Physical Gold
From West to East
15
China imports massive amounts of gold, much of it coming through Switzerland, as its Central Bank increases
its gold holdings to boost the strength of the country’s currency. China is today the world’s largest consumer of
gold, as the yellow metal carriers a special cultural significance among Chinese investors and consumers.

16. 16

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Mainland China Official Gold Bullion Imports
17
A price maker is an entity that holds a large amount of power over the price of the goods
it buys or sells. A price taker is an entity that must accept prevailing prices in a market,
lacking market share to influence price on its own.

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Central Bank Gold Buying: Deficit
to Surplus
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Driver: The Love Trade
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Gold Historically Follows a Seasonal Pattern
21
The seasonal pattern shows historical tendency of when the highest and lowest prices occurred, based on
analysis of daily prices collected over the last 5, 15 and 30 years by Moore Research Center, Inc.

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Seasonal Patterns of Gold’s Love Trade
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2016 Chinese New Year: Year of the Monkey
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24. 24
Why We Believe the Gold
Rally is Sustainable
See Slides 24-39

25. 25

26. 26

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Emerging World Holds 49% of the
Global Population, Just 24% of GDP
Past performance is no guarantee of future results.

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China Surpasses U.S. — Compare GDP in
Absolute Terms vs. GDP on Purchasing
Power Parity Valuation

29. 29

30. 30Universal Appeal of Gold

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Gold vs. Gold Miners
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Near-Record Gold ETF Inflows
in First Quarter
32
The price of gold is subject to substantial price fluctuations over short periods of time and may be affected by unpredicted
international monetary and political policies.

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Hefty ETF Inflows
First Quarter Physical Gold Investment
33
Tonnes Q1’15 Q1’16
Year-on-
year-change
Quarter-on-
quarter
change
World Total 252.2 253.9 1% -7%
India 40.9 28.8 -31% -53%
China 59.1 61.9 5% 23%
Source: World Gold Council. First Quarter 2016

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Physically-Backed Gold ETF AuM
by Region in Tonnes
34
Q1’15 Q2’15 Q3’15 Q4’15 Q1’16
Q1’16 vs
Q1’15
Tonnage
Change
Q1’16 vs
Q1’15 %
Change
North
America
1,068.6 1,044.8 1,012.3 955.9 1,186.9 118.3 11
Europe 612.0 618.6 583.9 570.2 690.5 78.5 13
Asia 43.3 41.0 42.9 46.0 54.1 10.8 25
Other 40.6 37.0 39.1 38.4 42.8 2.2 5
Global
Total
1,764.5 1,741.5 1,678.1 1,610.6 1,974.3 209.7 12
Source: World Gold Council. First Quarter 2016

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Top 10 Physically-Backed
Gold ETFs by AuM in Tonnes
35
Fund Country
Holdings as of
End of March
Q1’16 vs Q1’15
% Change
1 SPDR Gold Shares United States 819.3 11
2 iShares Gold Trust United States 186.3 13
3 ZKB Gold ETF Switzerland 137.7 -1
4 ETFS Physical Gold United Kingdom 113.9 2
5 Gold Bullion Securities United Kingdom 92.3 8
6 Source Physical Gold United Kingdom 73.7 51
7 Xetra-Gold Germany 70.7 28
8 Sprott Physical Gold Trust United States 54.8 39
9 Central Fund of Canada Ltd Canada 52.7 0
10 Julius Baer Physical Gold Fund Switzerland 44.2 -10
Global Total 1,974.3 12
Source: World Gold Council. First Quarter 2016
See Disclosures Pages for any holdings in the Gold and Precious Metals Fund or World Precious Minerals Fund.

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Indian Gold Bar and
Coin Investment
36

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Gold Jump and Market Disruption
Push India into Steep Discount
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Around a Third of Global Government
Debt Has Negative Yield
38
Source: World Gold Council

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Top 10 Reported Official Gold
Holdings
39
As of March 2016. Source: World Gold Council. First Quarter 2016
Country Tonnes % of Reserves
1 United States 8,133.5 75%
2 Germany 3,381.0 69%
3 International Monetary Fund 2,814.0 -
4 Italy 2,451.8 68%
5 France 2,435.7 63%
6 China 1,797.5 2%
7 Russia 1,460.4 15%
8 Switzerland 1,040.4 7%
9 Japan 765.2 2%
10 Netherlands 612.5 61%

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The Wealth Effect
The wealth effect is the premise that when the value of
stock portfolios rises due to escalating stock or gold prices,
investors feel more comfortable and
secure about their wealth, causing
them to spend more.
Source: Investopedia
40

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Wealth Effect: Chinese and Indian Markets
Have Lagged the U.S.
41
The gold market can be volatile, and subject to certain risks.
Please see page 77 for additional information.

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Gold’s Love Trade Has Declined
42

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Sharp Slowdown in New
Mine Start-Ups
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Increased Hedging Coupled with a Slight
Uptick in Mine Production Outweighed a
Marginal Decline in Recycling
44
Tonnes Q1’15 Q1’16
Year-on-year-
change
Quarter-on-
quarter change
Total Supply 1,081.0 1,134.9 5% 4%
Total Mine
Supply
717.7 774.0 8% -10%
Recycled Gold 363.2 360.9 -1% 53%
Source: World Gold Council. First Quarter 2016

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Gold’s Rise in the First Quarter Viewed by Some
Mining Companies as an Opportunity to Hedge
for Tactical Purposes
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7 Reasons We Believe Gold is Rising
• Unprecedented nominal negative interest rate
• Real negative interest rates
• Investors losing faith in central bank policy
• Central banks are now net buyers of gold
• Weakening U.S. dollar
• Greater scarcity: Gold production is rolling over
• China consuming huge amounts
46
Source: U.S. Global Investors, Paradigm Capital

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Will Gold Follow the Same Pattern
This Year As 2002-2003?
47
Past performance does not guarantee future results.

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Up-Cycles in Gold Price
48
Past performance does not guarantee future results. Source: Paradigm Capital Research
Strength
of Up-
Cycle
Super Ordinary Ordinary Weak Super ???
Timing of
Down Cycle
Sept. 1976 –
Nov 1980
June 1982 –
Feb 1983
Mar 1985 –
Mar 1988
Mar 1993 –
Feb 1996
Aug 2001-
Sept 2011
Dec 2015 - Present
Increase from
Trough to Peak
666% 70% 71% 27% 606% 22%
Main Drivers
for up-Cycles
Inflation Spiral
Interest Rates
Drop Sharply
Weaker US$,
Declining Real
Interest Rates
Less Central
Banks Sales, Less
Hedging, but
increasing Real
Interest Rates
Commodities
Super Cycle,
Weakling US$,
No Producer
Hedging
Negative Interest
Rates, Economic
Uncertainty, Central
Bank Buying,
Scarcity?

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Down-Cycles in Gold Price
That Followed
49
Past performance does not guarantee future results. Source: Paradigm Capital Research
Strength of
Down-Cycle
Super Average Moderate Moderate Average
Timing of Down
Cycle
Dec 1980 –
May 1982
Mar 1983 –
Feb 1985
Apr 1988 –
Apr 1992
Mar 1996 –
July 2001
Sep 2011 –
Dec 2015
Decrease from
Peak to Trough
-65% -43% -33% -35% -44%
Main Drivers for
Down-Cycle
Rising Interest
Rates
High Real
Interest Rates
Central Bank Sales,
Hedging, Growing
Mine Supply
High Real Interest Rates,
Producer Hedging, Central
Bank Sales
Strong US$,
Commodities
Collapse

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Amplitude of Up-Cycles in Gold Price
50
Past performance does not guarantee future results. Source: Paradigm Capital Research
Sep 1976 –
Nov 1980
Jun 1982 –
Feb 1983
Mar 1985 –
Mar 1988
Mar 1993 –
Feb 1996
Aug 2001 –
Sep 2011
Dec 2015 -
Present
Low Price (At
Close of Day)
$111 $297 $288 $328 $268 $1,050
High Price (At
Close of Day)
$850 $504 $492 $415 $1,892 $1,285
Average Price $292 $416 $392 $381 $701
Increase % from
Low to High
666% 70% 71% 27% 606% 22%

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Amplitude of Down-Cycles in
Gold Price
51
Past performance does not guarantee future results. Source: Paradigm Capital Research
Dec 1980 –
May 1982
Mar 1983 –
Feb 1985
Apr 1988 –
Apr 1992
Mar 1996 –
Jul 2001
Recent
Trough
Sep 2011 –
Dec 2015
Average
Decline %
of 4 Past
Downturns
Average
Decline %
of 3
Biggest
Downturns
Low Price (At
Close of Day)
$297 $288 $328 $268 $1,050
High Price at
Start of
Downturn
$850 $504 $492 $415 $1,892
Decline from
High to low
-65% -43% -33% -35% -44% -44% -37%
Implied Bottom Based on Previous Cycles $1,056 $1,188

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Cycle Duration in Gold Price
(Years, Starting with Up-Cycle)
52
Past performance does not guarantee future results. Source: Paradigm Capital Research
Sep 1976 –
May 1982
Jun 1982 –
Feb 1985
Mar 1985 –
Apr 1992
Mar 1993 –
Jul 2001
Aug 2001 –
Dec 2015
Duration of
4 Past
Cycles
Duration of
3 Major
Cycles
Up-Cycle Years
(Trough to Peak)
4.2 0.7 3.1 3.7 10.1 2.9 3.6
Down-Cycles
(Subsequent
Peak to Trough)
1.8 2.1 5 5.5 4.3 3.6 4.1
Total Cycle
Years
5.9 2.8 8.1 9.2 14.4

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Poll Question #2
What do you think the price of
gold will be by year end?
53

54. 54

55. 55
*Three Hedge Fund Managers’ Thoughts on Gold
*

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Managing Expectation — Cycles
DAY MONTH
ANNUAL
SEASONAL
PRESIDENTIAL
4-YEAR
LIFE CYCLE
OF MINE
8-YEAR
56

57. The Periodic Table of Commodity ReturnsThe Periodic Table of Commodity Returns
57

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Each Asset Class Has Its
Own DNA Volatility
58
Daily Rolling 1
Year
Gold Bullion ±1% ±20%
NYSE Arca Exchange Gold BUGS Index ±3% ±37%
S&P 500 Index (SPX) ±1% ±18%
Euro ±1% ±10%
Canadian Dollar ±1% ±10%
U.S. Dollar Index ±1% ±9%
Source: Bloomberg, U.S. Global Investors
Standard deviation based on 10-year daily data as of 3/31/2016
Past performance is no guarantee of future results.

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Gold’s Heartbeat: Gold’s Recent
Correction Has Taken It Back to the Mean
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Value Drivers for Superior Performance
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We Believe Royalty Companies Have
a Superior Business Model
61
Royalty companies
serve as specialized
financiers that help fund
miners’ exploration and
production projects. In
return, they receive
either royalties on
whatever the mine
produces or a “stream,”
which is a commitment
to an agreed-upon
number of ounces of
gold or other precious
metal per year.
See Disclosures pages
for any holdings in the
Gold and Precious
Metals Fund or World
Precious Minerals Fund.

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We Believe Royalty Companies Have
a Superior Business Model
62
See Disclosures pages for any
holdings in the Gold and
Precious Metals Fund or World
Precious Minerals Fund.

63. 63
Source: Dundee Capital Markets, U.S. Global Investors
Unlike royalty companies, producer companies operate mines.
See Disclosures pages for any holdings in the Gold and Precious Metals Fund or World Precious Minerals Fund.
Royalty averages include Silver Wheaton, Royal Gold, and Franco-Nevada.
Producer averages include Barrick Gold, Goldcorp, Kinross Gold, Agnico Eagles Mines, Eldorado Gold, Randgold Resources
and Yamana Gold.

64. 64
See Disclosures pages for any holdings in the Gold and Precious Metals Fund or World Precious Minerals Fund.

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Top 10 Performing Gold Stocks Year-to-Date
65
Source: Bloomberg
Past performance does not guarantee future results.
See Disclosures Pages for any holdings in the Gold and Precious Metals Fund or World Precious Minerals Fund.
Company Return YTD as of 6/5/2016
Golden Star Resources Ltd. (GSS) 252.31%
Kinross (KGC) 170.88%
Yamana Gold (AUY) 164.40%
Barrick (ABX) 153.32%
Buenaventura (BVN) 149.42%
Alamos Gold Inc. 121.33%
Newmont (NEM) 94.63%
Agnico Eagle (AEM) 90.13%
New Gold (NGD) 75.43%
Royal Gold (RGLD) 71.73%

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Gold Priced in Various World Currencies
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U.S. Global Investors Gold Funds (USERX &
UNWPX) Are Outperforming Their Benchmarks
67

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4 Stars Overall
68
Gold and Precious Metals Fund (USERX)

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Recognized by Lipper for Investment
Leadership Results in Performance
• 4 of the U.S. Global Investors Funds received Lipper performance awards from
2005 to 2008.
• 6 of the U.S. Global Investors Funds received certificates from 2000 to 2007
During the years mentioned, there were 13 U.S. Global Investors Funds, while currently the fund
family consists of 9 funds. See Disclosures pages for additional information.

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Poll Question #3
Do you plan on adding to your gold
allocation in the next 12 months?
70

71. 71

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Sharing Gold Insights with CNBC
and Bloomberg Television
72

73. Are you tuning in?
Don’t miss Frank Holmes’ weekly gold commentary
on Kitco News with Daniela Cambone!
73

74. 74

75. 75

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Frank Holmes’ Upcoming Events in 2016
76
Mines & Money Toronto
September 26Oxford Club’s Private Wealth Seminar
Stowe, VT | July 18 - 19
Mines & Money Australia
November 8-10
Mining & Investment Latin America 2016
Lima, Peru | October 24 - 25

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Disclosures
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. Foreside Fund
Services, LLC, Distributor. U.S. Global Investors is the investment adviser.
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.
All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be
appropriate to every investor.
Morningstar Ratings are based on risk-adjusted return.The 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.)
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Disclosures
Lipper Fund Awards are earned for a fund’s consistent performance over one or more time periods, based on Lipper’s
Consistent Return score. Consistent Return is a quantitative metric that incorporates two characteristics: risk-adjusted
return, and the strength of the fund's performance trend. The top-scoring Consistent Return fund within each classification
receives the awards. Lipper's Performance Achievement Certificates are awarded to funds with returns that topped their
Lipper category over one or more time periods. Lipper top rankings are achieved based on funds with returns that topped
their Lipper category over one or more time periods. Past performance does not guarantee future results.
Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy
is not guaranteed by Lipper. Users acknowledge that they have not relied upon any warranty, condition, guarantee, or
representation made by Lipper. Any use of the data for analyzing, managing, or trading financial instruments is at the
user's own risk. This is not an offer to buy or sell securities.
The FTSE Gold Mines Index Series encompasses all gold mining companies that have a sustainable and attributable gold
production of at least 300,000 ounces a year, and that derive 75% or more of their revenue from mined gold.
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 index benchmark value was 500.0 at the close of
trading on December 20, 2002.
The NYSE Arca Gold BUGS (Basket of Unhedged Gold Stocks) Index (HUI) is a modified equal dollar weighted index of
companies involved in gold mining. The HUI Index was designed to provide significant exposure to near term movements
in gold prices by including companies that do not hedge their gold production beyond 1.5 years.
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Disclosures
The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S.
companies.
The U.S. Trade Weighted Dollar Index provides a general indication of the international value of the U.S. dollar.
Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the
higher the deviation. Standard deviation is also known as historical volatility.
Fund portfolios are actively managed, and holdings may change daily. Holdings are reported as of the most recent quarter-
end. Holdings in the Gold and Precious Metals Fund (USERX) and World Precious Minerals Fund (UNWPX) as a
percentage of net assets as of 3/31/2016:
Agnico Eagle (USERX 2.13%); Alamos Gold Inc. (UNWPX 0.02%); Barrick (USERX 1.60%); Buenaventura 0.00%;
CenterraGold (USERX 1.09%); Central Fund of Canada Ltd 0.00%; China Gold 0.00%; Eldorado Gold 0.00%; ETFS
Physical Gold 0.00%; First Trust ISE Chindia Index Fund 0.00%; Franco Nevada (USERX 2.53%, UNWPX 1.13%); Gold
Bullion Securities 0.00%; Goldcorp (USERX 5.13%, UNWPX 1.27%); Golden Star Resources Ltd. (USERX 0.56%);
iShares Gold Trust 0.00%; Julius Baer Physical Gold Fund 0.00%; Kinross 0.00%; New Gold (UNWPX 0.02%); Newmont
0.00%; Primero 0.00%; Royal Gold Inc. (USERX 1.21%); Silver Wheaton 0.00%; Source Physical Gold 0.00%; SPDR Gold
Trust (GLD) 0.00%; Sprott Physical Gold Trust 0.00%; VanEck Vectors Gold Miners ETF (GDX) 0.00%; Xetra-Gold 0.00%;
Yamana Gold (USERX 1.13%, UNWPX 0.05%); ZKB Gold ETF 0.00%
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Total Annualized Returns as of 6/30/2016
Expense ratios as stated in the most recent prospectus. The expense cap is a voluntary limit on total fund operating
expenses (exclusive of any acquired fund fees and expenses, performance fees, extraordinary expenses, taxes,
brokerage commissions and interest) that U.S. Global Investors, Inc. can modify or terminate at any time, which may
lower a fund’s yield or return. Performance data quoted above is historical. Past performance is no guarantee of future
results. Results reflect the reinvestment of dividends and other earnings. For a portion of periods, the fund had expense
limitations, without which returns would have been lower. Current performance may be higher or lower than the
performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares,
when redeemed, may be worth more or less than their original cost. Performance does not include the effect of any
direct fees described in the fund’s prospectus (e.g., short-term trading fees of 0.05%) which, if applicable, would lower
your total returns. Performance quoted for periods of one year or less is cumulative and not annualized. Obtain
performance data current to the most recent month-end at www.usfunds.com or 1-800-US-FUNDS.
80
One-Year Five-Year Ten-Year
Gross Expense
Ratio
Expense
Cap
Gold and Precious Metals
Fund (USERX)
67.82% -8.04% -0.36% 2.20% 1.90%
World Precious Minerals
Fund (UNWPX)
87.51% -11.85% -2.90% 2.01% 1.90%
FTSE Gold Mines Index 69.90% -11.04% -1.72% N/A N/A
NYSE Arca Gold Miners
Index
58.34% -11.48% -2.09% N/A N/A