1. www.usfunds.com 1.800.US.FUNDS U.S. Global Investors Searching for Opportunities, Managing Risk July 2009 09-471 What’s Driving Gold? Frank Holmes, CEO and Chief Investment Officer

2. www.usfunds.com July 2009 09-471 2 Fund Recognition Winner of 26 Lipper Fund Awards and certificates since 2000 Investment leadership results in performance

3. www.usfunds.com July 2009 09-471 3 Government Policy Model — Precursor for Change

4. www.usfunds.com July 2009 09-471 4 E7 Countries

5. www.usfunds.com July 2009 09-471 5 G7 Countries

6. www.usfunds.com July 2009 09-471 6 Holding T-bills Or Cash No Longer Generates Much Interest and, Unlike Gold, Still Bears Credit, Inflation, FX and Political Risk

7. www.usfunds.com July 2009 09-471 7 U.S. M2 Money Supply Biggest Economy in the World Source: U.S. Global Research

8. www.usfunds.com July 2009 09-471 8 China M2 Money Supply Most Populated Country In The World Source: U.S. Global Research

9. www.usfunds.com July 2009 09-471 9 High Correlation of Oil and Money Supply Government will continue to print money, like the recent bailout of Fannie Mae and Freddie Mac, to support the economy

10. www.usfunds.com July 2009 09-471 10 Narrow Money Supply Growth EXPLOSION Source: Weldononline.com

11. www.usfunds.com July 2009 09-471 11 Swiss Money Supply EXPLOSION Source: Weldononline.com

12. www.usfunds.com July 2009 09-471 12 Even Japanese Money Supply Growth is Accelerating Source: Weldononline.com

13. www.usfunds.com July 2009 09-471 13 Bank of England has Cut Rates to RECORD LOW, Shifting the Focus Towards Quantitative Easing. Bank of Canada Cut Rates to 0.50%, and Discusses Quantitative Easing Source: Weldononline.com

14. www.usfunds.com July 2009 09-471 14 Central Bank of China Cuts Rates to RECORD LOW Source: Weldononline.com

15. www.usfunds.com July 2009 09-471 15 Swiss Short Rates Back to Historic Lows at 0.50% Source: Weldononline.com

16. www.usfunds.com July 2009 09-471 16 Price Deflation Intensifying Beyond ‘Historic’ Levels Source: Weldononline.com

17. www.usfunds.com July 2009 09-471 17 Gold ‘Priced-in’ Rupee Flirting with 50,000 Rupee Per Ounce Source: Weldononline.com

18. www.usfunds.com July 2009 09-471 18 “Consumer Cocoon”… as Consumption Collapses Governments Panic to Reignite the Economy Source: Weldononline.com

19. www.usfunds.com July 2009 09-471 19 China — Massive Infrastructure Initiatives Take Hold Source: Weldononline.com

20. www.usfunds.com July 2009 09-471 20 China — Money Supply Accelerates Since November 2008 Source: Weldononline.com

21. www.usfunds.com July 2009 09-471 21 China — Money Supply Grows to New Levels Source: Weldononline.com

22. www.usfunds.com July 2009 09-471 22 Technical Spotlight: Gold Source: Weldononline.com

23. www.usfunds.com July 2009 09-471 23 Technical Spotlight: Gold Source: Weldononline.com

24. www.usfunds.com July 2009 09-471 24 Technical Spotlight: Silver Source: Weldononline.com

25. www.usfunds.com July 2009 09-471 25 Special Focus: U.S. Dollar Source: Weldononline.com

26. www.usfunds.com July 2009 09-471 26 Special Focus: U.S. Dollar Source: Weldononline.com

27. www.usfunds.com July 2009 09-471 27 Is Gold ‘Signaling’ That Commodities Provide ‘Value’ … or … Is Gold ‘Overvalued’ ??? Source: Weldononline.com What’s Driving Gold Webcast 03/05/09

28. www.usfunds.com July 2009 09-471 28 In Gold They ‘Trust’ … Versus ALL Paper Source: Weldononline.com

29. www.usfunds.com July 2009 09-471 29 Gold seasonality

30. www.usfunds.com July 2009 09-471 30 Gold 60-Day % Change (March 21, 1994 through March 19, 2009) Sources: Bloomberg, U.S. Global Research Volatility Rolling 60 Days Raise cash Invest cash Raise cash Invest cash

31. www.usfunds.com July 2009 09-471 31 Gold vs. Dollar 60-day % Change Oscillator (March 19, 1999 through March 19, 2009) Sources: Bloomberg, U.S. Global Research Oscillator Rolling 60 Days

32. www.usfunds.com July 2009 09-471 32 Gold/S&P 500 ratio Gold appears undervalued to the S&P 500.

33. www.usfunds.com July 2009 09-471 33 Right Time for Gold Mining Stocks? What’s Driving Gold Webcast 03/05/09

34. www.usfunds.com July 2009 09-471 34 Right Time for Gold Mining Stocks? Investor Alert Special Report 06/05/09

35. www.usfunds.com July 2009 09-471 35 Value Drivers for Superior Performance

36. www.usfunds.com July 2009 09-471 36 Higher Interest Rates Would Pose Risk to Gold Source: Weldononline.com

37. www.usfunds.com July 2009 09-471 37 The critical drivers for gold are pointing in the same direction. What’s Driving Gold?

38. www.usfunds.com July 2009 09-471 38 Come visit us at… Facebook: Search for U.S. Global Investors Twitter: www.twitter.com/usfunds Frank Talk: www.usfunds.com/franktalk Investor Alert: www.usfunds.com/alert

39. www.usfunds.com July 2009 09-471 39 Disclosures 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. The Toronto Stock Exchange Gold and Precious Minerals Index is a capitalization-weighted index designed to measure the performance of the gold and precious minerals sector of the TSX 300 Index. The U.S. Trade Weighted Dollar Index provides a general indication of the international value of the U.S. dollar. The Reuters/Jefferies CRB Index is an unweighted geometric average of commodity price levels relative to the base year average price. The Goldman Sachs Commodity Index is a composite index of commodity sector returns, representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities. None of U.S. Global Investors clients held any of the securities mentioned as of 3/31/09. 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.