U.S. Global Investors Q3 2025: Contradictory Insights on Bitcoin, Gold, and Market Dynamics

Strategic investment in Bitcoin, regulatory compliance and Bobby Duncan's role, apathy towards the airline industry, performance of gold vs gold stocks, and stock price fluctuations and market conditions are the key contradictions discussed in U.S. Global Investors' latest 2025Q3 earnings call.



Market Volatility and Asset Performance:
- U.S. Global Investors' volatility was aligned with the S&P 500 and bullion, with GROW's volatility being less than the Dow Jones U.S. Asset Managers Index over 10 days.
- This was due to changes in capital markets, ETFs, and arbitrage activities, which have altered volatility patterns over time.

Aerospace and Travel Industry Optimism:
- Despite some concerns, airlines like United saw a 130% increase in stock price in the past year.
- The airline industry is now characterized as a growth business rather than cyclical, driven by AI integration and pent-up demand for travel.

Gold and Precious Metals Outlook:
- Gold mining stocks outperformed physical gold, with gold reaching all-time highs, despite some market apathy.
- This trend is attributed to the modern monetary theory, increased geopolitical risks, and Basel III regulations favoring physical gold over ETFs.

Bitcoin and Crypto Adoption:
- U.S. Global Investors is planning to increase exposure to the Bitcoin ecosystem through a dollar-cost averaging program.
- This shift is due to the administration's pro-Bitcoin stance, regulatory clarity, and the potential for Bitcoin to become a regulated industry.

Stock Buybacks and Shareholder Value:
- The company executed a stock buyback program, repurchasing approximately 187,987 Class A shares using cash.
- The decision to buy back stock is based on the company's belief that its stock is undervalued, aiming to enhance shareholder value.