UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 13F

                               Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: September 30, 2010

Check here if Amendment [ ]; Amendment Number: ________
This Amendment (Check only one.): [ ] is a restatement.
                                  [ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:    U.S. Global Investors, Inc.
Address: 7900 Callaghan Road
         San Antonio, TX 78229

Form 13F File Number: 28-________

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:  Susan B. McGee
Title: President
Phone: (210) 308-1234

Signature, Place, and Date of Signing:

/s/ Susan B. McGee            San Antonio, TX               11/15/10
---------------------         --------------------          ---------------
     [Signature]                 [City, State]                  [Date]

Report Type (Check only one.):

[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
      manager are reported in this report.)

[ ]   13F NOTICE. (Check here if no holdings reported are in this report, and
      all holdings are reported by other reporting manager(s).)

[ ]   13F COMBINATION REPORT. (Check here if a portion of the holdings for
      this reporting manager are reported in this report and a portion are
      reported by other reporting manager(s).)

List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]

      Form 13F File Number Name

      28-_______           __________________________
      [Repeat as necessary.]



Number of Other Included Managers                        0
Form 13F Information Table Entry Total                 357
Form 13F Information Table Total Value (x1000)   1,113,489

List of Other Included Managers



                           FORM 13F INFORMATION TABLE



            COLUMN 1                 COLUMN 2      COLUMN 3   COLUMN 4      COLUMN 5       COLUMN 6  COLUMN 7        COLUMN 8
-------------------------------- --------------- ----------- --------- ------------------ ---------- -------- ----------------------
                                                                       SHARES OR                                 VOTING AUTHORITY
                                                               VALUE   PRINCIPAL SH/ PUT/ INVESTMENT  OTHER   ----------------------
         NAME OF ISSUER           TITLE OF CLASS    CUSIP     (X$1000)   AMOUNT  PRN CALL DISCRETION MANAGERS SOLE   SHARED    NONE
-------------------------------- --------------- ----------- --------- --------- --- ---- ---------- -------- ---- --------- -------
                                                                                            
3M COMPANY                             COM        88579Y101       260      3,000  SH      Sole                         3,000
51JOB INC SP ADR /USD/            SP ADR REP COM  316827104       562     15,000  SH      Sole                        15,000
ACERGY SA-ADR                          ADR        00443E104      8487    460,000  SH      Sole                       460,000
ADVANCED AUTO PARTS INC                COM        00751Y106       528      9,000  SH      Sole                         9,000
AEGEAN MARINE PETROLEUM NETW           COM        Y0017S102       250     15,000  SH      Sole                        15,000
AEGEAN MARINE PETROLEUM NETW           COM        Y0017S102       333     20,000  SH      Sole                        20,000
AEROPOSTALE INC                        COM        007865108       279     12,000  SH      Sole                        12,000
AGNICO-EAGLE MINES LTD                 COM        008474108     11365    160,000  SH      Sole                       160,000
AGNICO-EAGLE MINES LTD                 COM        008474108     15257    214,800  SH      Sole                       214,800
AGNICO-EAGLE MINES LTD                 COM        008474108       213      3,000  SH      Sole                         3,000
AGNICO-EAGLE MINES LTD                 COM        008474108       249      3,500  SH      Sole                         3,500
AGNICO-EAGLE MINES LTD                 COM        008474108       426      6,000  SH      Sole                         6,000
AKAMAI TECHNOLOGIES                    COM        00971T101       502     10,000  SH      Sole                        10,000
ALEXION PHARMACEUTICALS INC            COM        015351109       644     10,000  SH      Sole                        10,000
ALLIED NEVADA GOLD                     COM        019344100      1325     50,000  SH      Sole                        50,000
ALMADEN MINERALS LTD /CAD              COM        020283107       284    100,000  SH      Sole                       100,000
ALPHA NATURAL RESOURCES INC            COM        02076X102      6584    160,000  SH      Sole                       160,000
ALTERA CORP                            COM        021441100       694     23,000  SH      Sole                        23,000
ALTISOURCE PORT SOLUTIONS SA           COM        L0175J104       701     22,500  SH      Sole                        22,500
ALTRA HOLDINGS INC                     COM        02208R106       516     35,000  SH      Sole                        35,000
AMERICA MOVIL SAB DE CV SERIES L  SPON ADR L SHS  02364W105       480      9,000  SH      Sole                         9,000
AMERICA MOVIL SAB DE CV SERIES L  SPON ADR L SHS  02364W105       213      4,000  SH      Sole                         4,000
AMERICAN TOWER CORP CL A               CL A       029912201       256      5,000  SH      Sole                         5,000
AMERICAN TOWER CORP CL A               CL A       029912201       359      7,000  SH      Sole                         7,000
AMERICAN WATER WORKS CO INC            COM        030420103       116      5,000  SH      Sole                         5,000
ANADARKO PETE CORP                     COM        032511107     20538    360,000  SH      Sole                       360,000
ANDERSONS INC                          COM        034164103       133      3,500  SH      Sole                         3,500
APACHE CORP                            COM        037411105     15153    155,000  SH      Sole                       155,000
APPLE INC                              COM        037833100       709      2,500  SH      Sole                         2,500
APPLE INC                              COM        037833100       851      3,000  SH      Sole                         3,000
AQUA AMERICA INC                       COM        03836W103       143      7,000  SH      Sole                         7,000
ARM HLDGS PLC                        SPON ADR     042068106       169      9,000  SH      Sole                         9,000
ARUBA NETWORKS INC                     COM        043176106       576     27,000  SH      Sole                        27,000
ASSURANT INC                           COM        04621X108       163      4,000  SH      Sole                         4,000
AT&T INC                               COM        00206R102       186      6,500  SH      Sole                         6,500
ATLAS ENERGY INC                       COM        049298102     12315    430,000  SH      Sole                       430,000
ATLAS ENERGY INC                       COM        049298102      8592    300,000  SH      Sole                       300,000
AUGUSTA RESOURCES CORP                 COM        050912203      2762    803,000  SH      Sole                       803,000
AUGUSTA RESOURCES CORP                 COM        050912203      2078    604,000  SH      Sole                       604,000
AUTONATION INC                         COM        05329W102       151      6,500  SH      Sole                         6,500
AUTOZONE INC                           COM        053332102       183        800  SH      Sole                           800
BABCOCK AND WILCOX CO                  COM        05615F102      4043    190,000  SH      Sole                       190,000
BABCOCK AND WILCOX CO                  COM        05615F102       213     10,000  SH      Sole                        10,000
BAIDU INC SPON ADR                SPON ADR REP A  056752108      1847     18,000  SH      Sole                        18,000
BAIDU INC SPON ADR                SPON ADR REP A  056752108      1026     10,000  SH      Sole                        10,000
BAIDU INC SPON ADR /              SPON ADR REP A  056752108       359      3,500  SH      Sole                         3,500
BANCO SANTANDER CHILE ADR         SP ADR REP COM  05965X109        97      1,000  SH      Sole                         1,000
BANK OF AMERICA CORP                   COM        060505104        66      5,000  SH      Sole                         5,000
BANK OF AMERICA CORP                   COM        060505104       590     45,000  SH      Sole                        45,000
BARRICK GOLD CORP COM                  COM        067901108     16146    348,800  SH      Sole                       348,800
BARRICK GOLD CORP COM                  COM        067901108      9147    197,600  SH      Sole                       197,600
BARRICK GOLD CORP COM                  COM        067901108      6555    141,600  SH      Sole                       141,600
BARRICK GOLD CORP COM                  COM        067901108     19020    400,000  SH CALL Sole                       400,000
BARRICK GOLD CORP COM                  COM        067901108     28530    600,000  SH CALL Sole                       600,000
BERKSHIRE HATHAWAY INC CLASS B         CL B       084670702       703      8,500  SH      Sole                         8,500
BHP BILLITON LIMITED ADR          SPONSORED ADR   088606108     15264    200,000  SH      Sole                       200,000





                                                                                            
BIOGEN IDEC INC                        COM        09062X103       168      3,000  SH      Sole                         3,000
BREITBURN ENERGY PARTNERS LP      COM UT LTD PTN  106776107       183     10,000  SH      Sole                        10,000
BRIGHAM EXPLORATION CO                 COM        109178103      1031     55,000  SH      Sole                        55,000
BRISTOL MYERS SQUIBB CO                COM        110122108       163      6,000  SH      Sole                         6,000
BROADCOM CORP CL A                     CL A       111320107       531     15,000  SH      Sole                        15,000
CAMECO CORP                            COM        13321L108       166      6,000  SH      Sole                         6,000
CAMPBELL SOUP                          COM        134429109       179      5,000  SH      Sole                         5,000
CANADIAN NATURAL RESOURCES             COM        136385101     23635    683,100  SH      Sole                       683,100
CANADIAN NATURAL RESOURCES             COM        136385101      1713     49,500  SH      Sole                        49,500
CAPITAL GOLD CORP                      COM        14018Y205       242     50,000  SH      Sole                                50,000
CARBO CERAMICS INC                     COM        140781105     10935    135,000  SH      Sole                       135,000
CATERPILLAR INC                        COM        149123101      6294     80,000  SH      Sole                        80,000
CERNER CORP                            COM        156782104       252      3,000  SH      Sole                         3,000
CF INDUSTRIES HOLDINGS INC             COM        125269100       191      2,000  SH      Sole                         2,000
CHEVRON CORP                           COM        166764100       162      2,000  SH      Sole                         2,000
CHINA AUTOMOTIVE SYS INC               COM        16936R105       382     25,000  SH      Sole                        25,000
CHINA MOBILE LTD /HKD/                 COM        Y14965100       922     90,000  SH      Sole                        90,000
CHINA MOBILE LTD /HKD/                 COM        Y14965100       102     10,000  SH      Sole                        10,000
CHINA MOBILE LTD SPONSORED ADR    SPONSORED ADR   16941M109       205      4,000  SH      Sole                         4,000
CHINA NEW BORUN CORP-ADR               ADR        16890T105       522     45,000  SH      Sole                        45,000
CHINA VALVES TECHNOLOGY INC            COM        169476207       116     15,000  SH      Sole                        15,000
CHINA WIND SYSTEMS INC                 COM        16945F209        44     10,000  SH      Sole                        10,000
CHINA WIND SYSTEMS INC                 COM        16945F209        22      5,000  SH      Sole                         5,000
CHIPOTLE MEXICAN GRILL INC             COM        169656105       172      1,000  SH      Sole                         1,000
CHIPOTLE MEXICAN GRILL INC             COM        169656105       860      5,000  SH      Sole                         5,000
CHUBB CORP                             COM        171232101       171      3,000  SH      Sole                         3,000
CIBT EDUCATION GROUP INC               COM        17163Y102       241    451,632  SH      Sole                       451,632
CIMAREX ENERGY CO                      COM        171798101      8273    125,000  SH      Sole                       125,000
CINCINNATI FINANCIAL CORP              COM        172062101       173      6,000  SH      Sole                         6,000
CITIGROUP INC                          COM        172967101       137     35,000  SH      Sole                        35,000
CITIGROUP INC                          COM        172967101       313     80,000  SH CALL Sole                        80,000
CITRIX SYSTEMS INC                     COM        177376100       171      2,500  SH      Sole                         2,500
CLAUDE RESOURCES INC /CAD/             COM        182873109      5147  3,395,000  SH      Sole                     3,395,000
CLAUDE RESOURCES INC /CAD/             COM        182873109      3108  2,050,000  SH      Sole                     2,050,000
CLIFFS NATURAL RESOURCES INC           COM        18683K101      6712    105,000  SH      Sole                       105,000
CNINSURE INC-ADR                  SPONSORED ADR   18976M103       351     15,000  SH      Sole                        15,000
CNINSURE INC-ADR                  SPONSORED ADR   18976M103        82      3,500  SH      Sole                         3,500
CNOOC LTD ADR                     SPONSORED ADR   126132109       583      3,000  SH      Sole                         3,000
COEUR D ALENE MINES CORP IDAHO         COM        192108504      3586    180,000  SH      Sole                       180,000
COEUR D ALENE MINES CORP IDAHO         COM        192108504      5378    270,000  SH      Sole                       270,000
COGNIZANT TECHNOLOGY
   SOLUTIONSCORP                       CL A       192446102       754     11,700  SH      Sole                        11,700
COMPANHIA BRASILEIRA DE
   DISTRIBUICAO ADR              SPN ADR PFD CL A 20440T201       138      2,000  SH      Sole                         2,000
COMPANHIA DE BEBIDAS SPONS
   ADR/REPS PFD                  SPN ADR PFD CL A 20441W203       619      5,000  SH      Sole                         5,000
COMPANHIA DE BEBIDAS SPONS
   ADR/REPS PFD                  SPN ADR PFD CL A 20441W203       347      2,800  SH      Sole                         2,800
CONCHO RESOURCES INC                   COM        20605P101       265      4,000  SH      Sole                         4,000
CONCHO RESOURCES INC                   COM        20605P101      1059     16,000  SH      Sole                        16,000
CONCUR TECHNOLOGIES INC                COM        206708109       124      2,500  SH      Sole                         2,500
CONOCOPHILLIPS                         COM        20825C104       172      3,000  SH      Sole                         3,000
CORE LABORATORIES N V                  COM        N22717107      7924     90,000  SH      Sole                        90,000
CORE LABORATORIES N V                  COM        N22717107       951     10,800  SH      Sole                        10,800
COSAN LTD CL A SHRS                    CL A       G25343107       145     12,500  SH      Sole                        12,500
CP RAILWAY LIMITED                     COM        13645T100       305      5,000  SH      Sole                         5,000
CPFL ENERGIA SA SP ADR            SPONSORED ADR   126153105       880     12,500  SH      Sole                        12,500
CPFL ENERGIA SA SP ADR            SPONSORED ADR   126153105        84      1,200  SH      Sole                         1,200
CREDICORP LTD                          COM        G2519Y108       114      1,000  SH      Sole                         1,000
CROWN CASTLE INTL CORP                 COM        228227104       331      7,500  SH      Sole                         7,500
CRYSTALLEX INTL CORP                   COM        22942F101       816  2,150,000  SH      Sole                     2,150,000
CRYSTALLEX INTL CORP                   COM        22942F101        87    230,000  SH      Sole                               230,000
CRYSTALLEX INTL CORP /CAD/             COM        22942F101         0     75,000  SH WTS  Sole                                75,000
CSX CORP                               COM        126408103       553     10,000  SH      Sole                        10,000
CTC MEDIA INC                          COM        12642X106      3291    150,000  SH      Sole                       150,000
CTRIP.COM INTERNATIONAL LTD      AMERICAN DEP SHS 22943F100       478     10,000  SH      Sole                        10,000
DIRECTV CLASS A                        CL A       25490A101       333      8,000  SH      Sole                         8,000
DIRECTV CLASS A                        CL A       25490A101       729     17,500  SH      Sole                        17,500





                                                                                            
DOLLAR TREE INC                        COM        256746108       622     12,750  SH      Sole                        12,750
DRDGOLD LTD SPONSORED ADR          SPON ADR NEW   26152H301      2606    502,155  SH      Sole                       502,155
DRDGOLD LTD SPONSORED ADR          SPON ADR NEW   26152H301       521    100,400  SH      Sole                       100,400
DU PONT /E I/ DE NEMOURS & CO          COM        263534109       178      4,000  SH      Sole                         4,000
DUKE ENERGY CORP                       COM        26441C105       159      9,000  SH      Sole                         9,000
DUN & BRADSTREET CORP                  COM        26483E100       171      2,300  SH      Sole                         2,300
EASTMAN CHEMICAL CO                    COM        277432100       185      2,500  SH      Sole                         2,500
EBIX INC                               COM        278715206       586     25,000  SH      Sole                        25,000
ECOPETROL SA                      SPONSORED ADS   279158109       104      2,500  SH      Sole                         2,500
EL PASO PIPELINE PARTNERS L P
   COM UNIT LPI                    COM UNIT LPI   283702108       321     10,000  SH      Sole                        10,000
EL PASO PIPELINE PARTNERS L P
   COM UNIT LPI                    COM UNIT LPI   283702108       449     14,000  SH      Sole                        14,000
ELDORADO GOLD CORP                     COM        284902103      6934    375,000  SH      Sole                       375,000
ELDORADO GOLD CORP                     COM        284902103      2234    120,800  SH      Sole                       120,800
ELDORADO GOLD CORP                     COM        284902103       222     12,000  SH      Sole                        12,000
ELDORADO GOLD CORP                     COM        284902103      4608    249,200  SH      Sole                       249,200
ELDORADO GOLD CORP                     COM        284902103       277     15,000  SH      Sole                        15,000
ELDORADO GOLD CORP                     COM        284902103       462     25,000  SH      Sole                        25,000
ELDORADO GOLD CORP                     COM        284902103       111      6,000  SH      Sole                         6,000
ELDORADO GOLD CORP                     COM        284902103      4220    228,325  SH      Sole                       228,325
ELDORADO GOLD CORP /CAD/               COM        284902103       160      8,437  SH      Sole                                 8,437
EMPRESA NACIONAL DE ELECTRICIDAD
   CHILE                          SPONSORED ADR   29244T101       162      3,000  SH      Sole                         3,000
ENERGY SELECT SECTOR SPDR
   FUNDETF                        SBI INT-ENERGY  81369Y506       168      3,000  SH      Sole                         3,000
ENERSIS S.A. SPONSORED ADR        SPONSORED ADR   29274F104       165      7,000  SH      Sole                         7,000
ENSCO PLC                              COM        29358Q109      8275    185,000  SH      Sole                       185,000
ENTREE GOLD INC /CAD/                  COM        29383G100      2186    755,000  SH      Sole                       755,000
ENTROPIC COMMUNICATIONS INC            COM        29384R105       192     20,000  SH      Sole                        20,000
ETFS PLATINUM TRUST ETF             SH BEN INT    26922V101      6600     40,000  SH      Sole                        40,000
ETFS PLATINUM TRUST ETF             SH BEN INT    26922V101       924      5,600  SH      Sole                         5,600
ETFS PLATINUM TRUST ETF             SH BEN INT    26922V101      1386      8,400  SH      Sole                         8,400
EXELON CORPORATION                     COM        30161N101       149      3,500  SH      Sole                         3,500
F5 NETWORKS INC                        COM        315616102       363      3,500  SH      Sole                         3,500
FAMILY DOLLAR STORES INC               COM        307000109       155      3,500  SH      Sole                         3,500
FERRO CORP                             COM        315405100       161     12,500  SH      Sole                        12,500
FIRSTENERGY CORP                       COM        337932107       385     10,000  SH      Sole                        10,000
FLOWSERVE CORPORATION                  COM        34354P105      9301     85,000  SH      Sole                        85,000
FRANKLIN RESOURCES INC                 COM        354613101       160      1,500  SH      Sole                         1,500
FREEPORT-MCMORAN COPPER
   & GOLDINC                           COM        35671D857      9393    110,000  SH      Sole                       110,000
FREEPORT-MCMORAN COPPER
   & GOLDINC                           COM        35671D857       427      5,000  SH      Sole                         5,000
FREEPORT-MCMORAN COPPER
   & GOLDINC                           COM        35671D857       137      1,600  SH      Sole                         1,600
FREEPORT-MCMORAN COPPER
   & GOLDINC                           COM        35671D857       299      3,500  SH      Sole                         3,500
FREEPORT-MCMORAN COPPER
   & GOLDINC                           COM        35671D857       102      1,200  SH      Sole                         1,200
FREEPORT-MCMORAN COPPER
   & GOLDINC                           COM        35671D857     12809    150,000  SH PUT  Sole                       150,000
FRONTIER COMMUNICATIONS CORP           COM        35906A108       174     21,320  SH      Sole                        21,320
GAMMON GOLD INC                        COM        36467T106      7010  1,000,000  SH      Sole                     1,000,000
GLOBAL X INTERBOLSA FTSE
   COLOMBIA 20 ETF                 BOLSA FTSE ETF  3795E204         35        800  SH      Sole                           800
GOLDCORP INC CW11 /CAD/          *W EXP 06/09/201 380956177      6590  1,304,041  SH      Sole                     1,304,041
GOLDCORP INC CW11 /CAD/          *W EXP 06/09/201 380956177      4897    968,984  SH      Sole                       968,984
GOLDCORP INC CW11 /CAD/          *W EXP 06/09/201 380956177     18124  3,586,402  SH      Sole                     3,586,402
GOLDEN STAR RES LTD                    COM        38119T104       494    100,000  SH      Sole                       100,000
GRAN TIERRA ENERGY INC                 COM        38500T101      5423    702,500  SH      Sole                       702,500
GREAT BASIN GOLD LTD /CAD/             COM        390124105      1215    500,000  SH      Sole                       500,000
GREAT BASIN GOLD LTD /CAD/             COM        390124105      4069  1,675,000  SH      Sole                     1,675,000
GRUPO AEROPORTUARIO DEL SURESTE
   SAB DE CV                         SPON ADR     40051E206       760     16,000  SH      Sole                        16,000
GRUPO TELEVISA SA DE              SP ADR REP ORD  40049J206       142      7,500  SH      Sole                         7,500
HARBINGER GROUP                        COM        41146A106        28      5,000  SH      Sole                                 5,000
HARMONY GOLD MINING CO LTD        SPONSORED ADR   413216300      2258    200,000  SH      Sole                       200,000
HERBALIFE LTD                          COM        G4412G101       754     12,500  SH      Sole                        12,500
HOME INNS AND HOTELS MANAGEMENT      SPON ADR     43713W107       396      8,000  SH      Sole                         8,000
HUNT J B TRANS SVCS INC                COM        445658107       312      9,000  SH      Sole                         9,000
HUNT J B TRANS SVCS INC                COM        445658107       416     12,000  SH      Sole                        12,000
I SHARES IBOXX H/Y CORP BOND ETF     POOLED
                                   INVESTMENTS    464288513       135      1,500  SH      Sole                         1,500
IAMGOLD CORPORATION                    COM        450913108      2952    166,700  SH      Sole                       166,700
IAMGOLD CORPORATION                    COM        450913108      4203    237,300  SH      Sole                       237,300
INTEGRYS ENERGY GROUP INC              COM        45822P105       208      4,000  SH      Sole                         4,000





                                                                                            
INTEL CORP                             COM        458140100       721     37,500  SH      Sole                        37,500
INTERCONTINENTALEXCHANGE INC           COM        45865V100      6807     65,000  SH      Sole                        65,000
INTERCONTINENTALEXCHANGE INC           COM        45865V100       419      4,000  SH      Sole                         4,000
INTUIT INC                             COM        461202103       263      6,000  SH      Sole                         6,000
ISHARES MSCI ALL PERU CAPPED
   INDEX FUND ETF                 MSCI PERU CAP   464289842        38        900  SH      Sole                           900
ISHARES MSCI CHILE INVESTABLE_
   MARKET INDEX                  MSCI CHILE INVES 464286640        37        500  SH      Sole                           500
ISHARES MSCI SINGAPORE FREE ETF   MSCI SINGAPORE  464286673        32      2,400  SH      Sole                         2,400
ISHARES MSCI THAILAND INDEX FUND
   ETF                              ISHARES INC
                                  MSCI THAILAND   464286624       124      2,000  SH      Sole                         2,000
ISHARES MSCI THAILAND INDEX FUND
   ETF                             ISHARES INC
                                  MSCI THAILAND   464286624        37        600  SH      Sole                           600
ISHARES MSCI TURKEY INDEX
   FUNDETF                        MSCI TURKEY FD  464286715        35        500  SH      Sole                           500
IVANHOE ENERGY INC /CAD/               COM        465790103      2128  1,000,000  SH      Sole                     1,000,000
IVANHOE ENERGY INC /CAD/               COM        465790103        41     18,750  SH      Sole                                18,750
IVANHOE ENERGY INC /CAD/               COM        465790103        25     50,000  SH WTS  Sole                                50,000
IVANHOE MINES LTD /CAD/                COM        46579N103     11730    500,000  SH      Sole                       500,000
IVANHOE MINES LTD /CAD/                COM        46579N103       241     10,000  SH      Sole                                10,000
JAGUAR MINING INC                      COM        47009M103      1625    250,000  SH      Sole                       250,000
JPMORGAN CHASE & COMPANY               COM        46625H100       457     12,000  SH      Sole                        12,000
KINROSS GOLD CORP                      COM        496902404      8456    450,000  SH      Sole                       450,000
KINROSS GOLD CORP                      COM        496902404      6965    370,650  SH      Sole                       370,650
KINROSS GOLD CORP                      COM        496902404      3765    200,350  SH      Sole                       200,350
KINROSS GOLD CORP /CAD/                COM        496902404         0          1  SH      Sole                             1
KINROSS GOLD CORP /CAD/                COM        496902404     15290    815,213  SH      Sole                       815,213
KINROSS GOLD CORP /CAD/                COM        496902404     36083  1,923,796  SH      Sole                     1,923,796
KINROSS GOLD CORP /CAD/                COM        496902404       283     15,113  SH      Sole                        15,113
KRATON PERFORMANCE POLYMERS            COM        50077C106       272     10,000  SH      Sole                        10,000
LAS VEGAS SANDS CORP                   COM        517834107       349     10,000  SH      Sole                        10,000
LEGGETT & PLATT INC                    COM        524660107       137      6,000  SH      Sole                         6,000
LEXMARK INTERNATIONAL INC
   CLASS A                             CL A       529771107        89      2,000  SH      Sole                         2,000
LINCOLN NATL CORP IND                  COM        534187109       239     10,000  SH      Sole                        10,000
MADDEN STEVEN LTD                      COM        556269108       739     18,000  SH      Sole                        18,000
MAG SILVER CORPORATION /CAD/           COM        55903Q104      4000    525,000  SH      Sole                       525,000
MAG SILVER CORPORATION /CAD/           COM        55903Q104       119     15,200  SH      Sole                                15,200
MARATHON OIL CORP                      COM        565849106       132      4,000  SH      Sole                         4,000
MARKET VECTORS ETF TR             GOLD MINER ETF  57060U100     20230    361,700  SH PUT  Sole                       361,700
MARKET VECTORS ETF TR             GOLD MINER ETF  57060U100     55276    988,300  SH PUT  Sole                       988,300
MARKET VECTORS ETF TR            JR GOLD MINERS E 57060U589     13360    400,000  SH PUT  Sole                       400,000
MARKET VECTORS ETF TR            JR GOLD MINERS E 57060U589     36740  1,100,000  SH PUT  Sole                     1,100,000
MARKET VECTORS INDONESIA INDEX
   ETF                            INDONESIA ETF   57060U753        30        350  SH      Sole                           350
MARKET VECTORS RUSSIA ETF           RUSSIA ETF    57060U506      3253    100,000  SH CALL Sole                       100,000
MARKET VECTORS VIETNAM ETF         VIETNAM ETF    57060U761        32      1,300  SH      Sole                         1,300
MC DONALDS CORP                        COM        580135101       149      2,000  SH      Sole                         2,000
MCDERMOTT INTL INC                     COM        580037109       296     20,000  SH      Sole                        20,000
MECHEL OAO PREFERRED               SPON ADR PFD   583840509      1235    150,000  SH      Sole                       150,000
MECHEL STEEL GROUP OAO            SPONSORED ADR   583840103     17430    700,000  SH      Sole                       700,000
MECHEL STEEL GROUP OAO            SPONSORED ADR   583840103       249     10,000  SH      Sole                        10,000
MECHEL STEEL GROUP OAO            SPONSORED ADR   583840103       125      5,000  SH      Sole                         5,000
MEDICIS PHARMACEUTICAL CORP CL A       CL A       584690309       297     10,000  SH      Sole                        10,000
MEDICIS PHARMACEUTICAL CORP CL A       CL A       584690309       474     16,000  SH      Sole                        16,000
MERCADOLIBRE INC                       COM        58733R102       505      7,000  SH      Sole                         7,000
MERCADOLIBRE INC                       COM        58733R102       195      2,700  SH      Sole                         2,700
MESABI TR CTF BEN INT              CTF BEN INT    590672101       163      4,500  SH      Sole                         4,500
MINES MANAGEMENT INC                   COM        603432105      1726    784,500  SH      Sole                       784,500
MINES MANAGEMENT INC /CAD              COM        603432105        92     40,900  SH      Sole                        40,900
MOBILE TELESYSTEMS OJSC           SPONSORED ADR   607409109      9607    452,500  SH      Sole                       452,500
MSCI INC-A                             COM        55354G100       465     14,000  SH      Sole                        14,000
NATIONAL BANK OF GREECE           SPONSORED ADR   633643408      2270  1,000,000  SH      Sole                     1,000,000
NATIONAL BANK OF GREECE           SPONSORED ADR   633643408       114     50,000  SH      Sole                        50,000
NATIONAL OILWELL VARCO INC             COM        637071101       356      8,000  SH      Sole                         8,000
NEOGEN CORP COM                        COM        640491106       203      6,000  SH      Sole                         6,000
NETAPP INC                             COM        64110D104       498     10,000  SH      Sole                        10,000
NEW GOLD INC                           COM        644535106       577     85,700  SH      Sole                        85,700
NEW GOLD INC                           COM        644535106        48      7,100  SH      Sole                         7,100





                                                                                            
NEW GOLD INC /CAD/                     COM        644535106       370     55,200  SH      Sole                        55,200
NEW GOLD INC /CAD/                     COM        644535106        68     28,500  SH WTS  Sole                                28,500
NEW GOLD INC /CAD/                     COM        644535106       144     59,950  SH WTS  Sole                                59,950
NEW GOLD INC /CAD/                     COM        644535106         3      5,750  SH WTS  Sole                                 5,750
NEW ORIENTAL EDUCATIO-SP /ADR/       SPON ADR     647581107       488      5,000  SH      Sole                         5,000
NEW ORIENTAL EDUCATIO-SP /ADR/       SPON ADR     647581107        68        700  SH      Sole                           700
NEWFIELD EXPLORATION CO                COM        651290108       517      9,000  SH      Sole                         9,000
NEWMONT MINING CORP                    COM        651639106     11475    182,700  SH      Sole                       182,700
NEWMONT MINING CORP                    COM        651639106     10182    162,100  SH      Sole                       162,100
NEWMONT MINING CORP                    COM        651639106      5980     95,200  SH      Sole                        95,200
NEXTERA ENERGY INC                     COM        65339F101       381      7,000  SH      Sole                         7,000
NOBLE ENERGY INC                       COM        655044105     13892    185,000  SH      Sole                       185,000
NORTH AMERN PALLADIUM LTD              COM        656912102      1440    347,800  SH      Sole                       347,800
NORTH AMERN PALLADIUM LTD              COM        656912102      4114    993,700  SH      Sole                       993,700
NOVAGOLD RESOURCES INC                 COM        66987E210      3933    450,000  SH      Sole                       450,000
NOVAGOLD RESOURCES INC                 COM        66987E210      4020    460,000  SH      Sole                       460,000
NUSTAR ENERGY LP                     UNIT COM     67058H102       617     10,000  SH      Sole                        10,000
NVIDIA CORP                            COM        67066G104        35      3,000  SH CALL Sole                         3,000
OCCIDENTAL PETROLEUM                   COM        674599105     23099    295,000  SH      Sole                       295,000
OCEANEERING INTNATL INC                COM        675232102      7271    135,000  SH      Sole                       135,000
OIL SERVICES HOLDRS TRUST         DEPOSTRY RCPT   678002106       396      3,500  SH      Sole                                 3,500
OIL STATES INTERNATIONAL INC           COM        678026105      6983    150,000  SH      Sole                       150,000
OMEGA HEALTHCARE INVS INC REIT         COM        681936100       146      6,500  SH      Sole                         6,500
PACIFIC RIM MINING CORP                COM        694915208       900  4,738,813  SH      Sole                     4,738,813
PACIFIC RIM MINING CORP /CAD/          COM        694915208       135    661,900  SH      Sole                       661,900
PANTRY INC                             COM        698657103       289     12,000  SH      Sole                        12,000
PETROCHINA CO LTD ADR                  COM        71646E104       407      3,500  SH      Sole                         3,500
PETROCHINA CO LTD ADR                  COM        71646E104       105        900  SH      Sole                           900
PFIZER INC                             COM        717081103       206     12,000  SH      Sole                        12,000
PHILIP MORRIS INTERNATIONAL            COM        718172109       168      3,000  SH      Sole                         3,000
PHILIPPINE LONG DISTANCE          SPONSORED ADR   718252604       299      5,000  SH      Sole                         5,000
PHILIPPINE LONG DISTANCE          SPONSORED ADR   718252604        60      1,000  SH      Sole                         1,000
PIONEER NATURAL RESOURCES CO           COM        723787107     12031    185,000  SH      Sole                       185,000
PLATINUM GROUP METALS /CAD/            COM        72765Q205      4684  2,000,000  SH      Sole                     2,000,000
PLATINUM GROUP METALS /CAD/            COM        72765Q205       106     44,000  SH      Sole                                44,000
PLATINUM UNDERWRITERS HLDG             COM        G7127P100       218      5,000  SH      Sole                         5,000
PLUM CREEK TIMBER CO INC REIT          COM        729251108      4288    121,485  SH      Sole                       121,485
POWERSHARES INDIA PORTFOLIO
   TRUST ETF                        INDIA PORT    73935L100        33      1,300  SH      Sole                         1,300
PRICESMART INC                         COM        741511109       102      3,500  SH      Sole                         3,500
RACKSPACE HOSTING INC                  COM        750086100       351     13,500  SH      Sole                        13,500
RACKSPACE HOSTING INC                  COM        750086100       779     30,000  SH      Sole                        30,000
RANDGOLD RESOURCES LTD ADR         COMMON STOCK   752344309     22829    225,000  SH      Sole                       225,000
RANDGOLD RESOURCES LTD ADR             ADR        752344309     24949    245,900  SH      Sole                       245,900
RANDGOLD RESOURCES LTD ADR             ADR        752344309     63382    624,700  SH      Sole                       624,700
RANDGOLD RESOURCES LTD ADR             ADR        752344309       203      2,000  SH      Sole                         2,000
RANDGOLD RESOURCES LTD ADR             ADR        752344309      1228     12,100  SH      Sole                        12,100
RANDGOLD RESOURCES LTD ADR             ADR        752344309       507      5,000  SH      Sole                         5,000
RAYTHEON COMPANY                       COM        755111507       137      3,000  SH      Sole                         3,000
RED HAT INC                            COM        756577102       369      9,000  SH      Sole                         9,000
REPUBLIC SERVICES INC_COM              COM        760759100       137      4,500  SH      Sole                         4,500
REYNOLDS AMERICAN INC                  COM        761713106       178      3,000  SH      Sole                         3,000
RICHMONT MINES INC COM                 COM        76547T106      3321    659,000  SH      Sole                       659,000
RIO TINTO PLC SPONSORED ADR 1     SPONSORED ADR   767204100     11746    200,000  SH      Sole                       200,000
RIVERBED TECHNOLOGY INC                COM        768573107       684     15,000  SH      Sole                        15,000
ROBBINS & MYERS INC                    COM        770196103      8886    331,800  SH      Sole                       331,800
ROYAL GOLD INC                         COM        780287108      4984    100,000  SH      Sole                       100,000
RUBICON MINERALS CORP /CAD/            COM        780911103     14014  3,409,200  SH      Sole                     3,409,200
RUBICON MINERALS CORP /CAD/            COM        780911103       190     45,000  SH      Sole                                45,000
RYDER SYSTEM INC                       COM        783549108       171      4,000  SH      Sole                         4,000
SHERWIN WILLIAMS                       COM        824348106       150      2,000  SH      Sole                         2,000
SILVER WHEATON CORP COM                COM        828336107      2665    100,000  SH      Sole                       100,000
SILVER WHEATON CORP COM /CAD/          COM        828336107        63      4,971  SH WTS  Sole                                 4,971
SILVERCORP METALS INC /CAD/            COM        82835P103      6002    730,000  SH      Sole                       730,000
SILVERCORP METALS INC /CAD/            COM        82835P103     10725  1,304,500  SH      Sole                     1,304,500





                                                                                            
SILVERCORP METALS INC /CAD/            COM        82835P103       440     53,500  SH      Sole                        53,500
SINA CORPORATION                       COM        G81477104       506     10,000  SH      Sole                        10,000
SKYWORKS SOLUTIONS INC                 COM        83088M102       310     15,000  SH      Sole                        15,000
SMART TECHNOLGIES INC - A              COM        83172R108       271     20,000  SH      Sole                        20,000
SOLITARIO EXPLORATION &
   ROYALTY /CAD/                       COM        8342EP107      2084    944,522  SH      Sole                       944,522
SOUTHWESTERN ENERGY CO                 COM        845467109     12206    365,000  SH      Sole                       365,000
SPDR GOLD TRUST ETF                  GOLD SHS     78463V107     10233     80,000  SH      Sole                        80,000
SPDR GOLD TRUST ETF                  GOLD SHS     78463V107      9043     70,700  SH      Sole                        70,700
SPDR GOLD TRUST ETF                  GOLD SHS     78463V107     15093    118,000  SH      Sole                       118,000
SPDR GOLD TRUST ETF                  GOLD SHS     78463V107       512      4,000  SH      Sole                         4,000
SPDR SERIES TRUST BRCLYS YLD ETF  BRCLYS YLD ETF  78464A417       160      4,000  SH      Sole                         4,000
SPROTT PHYSICAL GOLD TRUST ETF         UNIT       85207H104      2326    203,000  SH      Sole                       203,000
SPROTT PHYSICAL GOLD TRUST ETF         UNIT       85207H104      4779    417,000  SH      Sole                       417,000
TECO ENERGY INC                        COM        872375100       156      9,000  SH      Sole                         9,000
TELEKOMUNIKASI IND SPON ADR       SPONSORED ADR   715684106       826     20,000  SH      Sole                        20,000
TELEKOMUNIKASI IND SPON ADR       SPONSORED ADR   715684106       206      5,000  SH      Sole                         5,000
TELEKOMUNIKASI IND SPON ADR       SPONSORED ADR   715684106       206      5,000  SH      Sole                         5,000
THOMPSON CREEK METALS /CAD/            COM        884768102        36     10,000  SH WTS  Sole                                10,000
TIM PARTICIPACOES SA-ADR          SPONS ADR PFD   88706P106       165      5,000  SH      Sole                         5,000
TJX COS INC /NEW/                      COM        872540109       513     11,500  SH      Sole                        11,500
TRANSOCEAN LTD                         COM        H8817H100       129      2,000  SH CALL Sole                         2,000
TRAVELERS COS INC/THE                  COM        89417E109       156      3,000  SH      Sole                         3,000
URANIUM ENERGY CORP                    COM        916896103      1365    416,200  SH      Sole                       416,200
URANIUM ENERGY CORP                    COM        916896103       146     44,400  SH      Sole                        44,400
URANIUM ENERGY CORP                    COM        916896103       116     35,400  SH      Sole                                35,400
URS CORP                               COM        903236107       190      5,000  SH      Sole                         5,000
USANA HEALTH SCIENCES INC              COM        90328M107       202      5,000  SH      Sole                         5,000
VALEANT PHARMACEUTICALS INTERN         COM        91911K102       491     19,589  SH      Sole                        19,589
VANCEINFO TECHNOLOGIES INC ADR         ADR        921564100       647     20,000  SH      Sole                        20,000
VANCEINFO TECHNOLOGIES INC ADR         ADR        921564100       113      3,500  SH      Sole                         3,500
VANGUARD NATURAL RESOURCES           COM UNIT     92205F106        89      3,500  SH      Sole                                 3,500
VANTAGE DRILL WTS EXP 5/24/11    *W EXP 05/24/201 G93205121        50  2,461,400  SH      Sole                     2,461,400
VERISIGN INC                           COM        92343E106       206      6,500  SH      Sole                         6,500
VERIZON COMMUNICATIONS                 COM        92343V104       179      5,500  SH      Sole                         5,500
VIMPELCOM LTD SPONSORED ADR       SPONSORED ADR   92719A106      5393    363,157  SH      Sole                       363,157
VITAMIN SHOPPE INC                     COM        92849E105       480     17,500  SH      Sole                        17,500
VIVO PARTICIPACOES SA -ADR       SPON ADR PFD NEW 92855S200       272     10,000  SH      Sole                        10,000
VIVO PARTICIPACOES SA -ADR       SPON ADR PFD NEW 92855S200       163      6,000  SH      Sole                         6,000
VMWARE INC-CLASS A                 COMMON STOCK   928563402       297      3,500  SH      Sole                         3,500
WADDELL & REED FINL INC CL A           CL A       930059100       547     20,000  SH      Sole                        20,000
WESTERN UNION CO                       COM        959802109       177     10,000  SH      Sole                        10,000
WINDSTREAM CORP                        COM        97381W104       160     13,000  SH      Sole                        13,000
WORLD ACCEP CORP S C                   COM        981419104       773     17,500  SH      Sole                        17,500
XL GROUP PLC                           COM        G98290102       195      9,000  SH      Sole                         9,000
YAMANA GOLD                            COM        98462Y100      4692    400,000  SH CALL Sole                       400,000
YAMANA GOLD                            COM        98462Y100      7038    600,000  SH CALL Sole                       600,000
ZHONGPIN INC                           COM        98952K107       244     15,000  SH      Sole                        15,000
                                      GRAND                 1,113,489 69,911,606