<SEC-DOCUMENT>0000950123-18-008804.txt : 20180814
<SEC-HEADER>0000950123-18-008804.hdr.sgml : 20180814
<ACCEPTANCE-DATETIME>20180814151100
ACCESSION NUMBER:		0000950123-18-008804
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180630
FILED AS OF DATE:		20180814
DATE AS OF CHANGE:		20180814
EFFECTIVENESS DATE:		20180814

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U S GLOBAL INVESTORS INC
		CENTRAL INDEX KEY:			0000754811
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				741598370
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-02220
		FILM NUMBER:		181016708

	BUSINESS ADDRESS:	
		STREET 1:		7900 CALLAGHAN RD
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78229
		BUSINESS PHONE:		2103081234

	MAIL ADDRESS:	
		STREET 1:		7900 CALLAGHAN ROAD
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78229

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED SERVICES ADVISORS INC /TX/
		DATE OF NAME CHANGE:	19950321
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>true</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
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      <filer>
        <credentials>
          <cik>0000754811</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>06-30-2018</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>06-30-2018</reportCalendarOrQuarter>
      <filingManager>
        <name>U S Global Investors Inc</name>
        <address>
          <ns1:street1>7900 Callaghan Road</ns1:street1>
          <ns1:city>San  Antonio</ns1:city>
          <ns1:stateOrCountry>TX</ns1:stateOrCountry>
          <ns1:zipCode>78229</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-02220</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Lisa Callicotte</name>
      <title>CFO</title>
      <phone>210-308-1294</phone>
      <signature>/s/ Lisa Callicotte</signature>
      <city>San Antonio</city>
      <stateOrCountry>TX</stateOrCountry>
      <signatureDate>08-14-2018</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>175</tableEntryTotal>
      <tableValueTotal>219921</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
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       <nameOfIssuer>AMGEN INC</nameOfIssuer>
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       <value>498</value>
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           <sshPrnamt>2700</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <votingAuthority>
           <Sole>0</Sole>
           <Shared>2700</Shared>
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       <nameOfIssuer>ARCH COAL INC</nameOfIssuer>
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       <cusip>039380407</cusip>
       <value>1114</value>
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           <sshPrnamt>14200</sshPrnamt>
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           <Shared>14200</Shared>
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       <nameOfIssuer>SELECT SECTOR SPDR</nameOfIssuer>
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           <None>0</None>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>95000</Shared>
           <None>0</None>
       </votingAuthority>
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       <nameOfIssuer>COSTCO WHSL CORP NEW</nameOfIssuer>
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       <votingAuthority>
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           <Shared>65000</Shared>
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       <cusip>25460E844</cusip>
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       <cusip>25490K273</cusip>
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       <cusip>25460E851</cusip>
       <value>1706</value>
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           <sshPrnamt>125000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <cusip>25460E851</cusip>
       <value>2048</value>
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           <sshPrnamt>150000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>150000</Shared>
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       <nameOfIssuer>DXC TECHNOLOGY CO</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
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           <sshPrnamt>4300</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <votingAuthority>
           <Sole>0</Sole>
           <Shared>4300</Shared>
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       <nameOfIssuer>ENERGIZER HLDGS INC NEW</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>29272W109</cusip>
       <value>1284</value>
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           <Shared>20400</Shared>
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       <titleOfClass>COM</titleOfClass>
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       <value>1021</value>
       <shrsOrPrnAmt>
           <sshPrnamt>14600</sshPrnamt>
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       <votingAuthority>
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           <Shared>14600</Shared>
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       <value>514</value>
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           <sshPrnamt>3600</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <votingAuthority>
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           <Shared>3600</Shared>
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       <cusip>35671D857</cusip>
       <value>74</value>
       <shrsOrPrnAmt>
           <sshPrnamt>700</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <putCall>Call</putCall>
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       <votingAuthority>
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           <Shared>700</Shared>
           <None>0</None>
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       <titleOfClass>CL B</titleOfClass>
       <cusip>35671D857</cusip>
       <value>22</value>
       <shrsOrPrnAmt>
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           <sshPrnamtType>SH</sshPrnamtType>
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       <putCall>Call</putCall>
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       <votingAuthority>
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       <titleOfClass>CL B</titleOfClass>
       <cusip>35671D857</cusip>
       <value>8</value>
       <shrsOrPrnAmt>
           <sshPrnamt>300</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <putCall>Call</putCall>
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       <votingAuthority>
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       <nameOfIssuer>FRANCO NEVADA CORP</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>351858105</cusip>
       <value>20</value>
       <shrsOrPrnAmt>
           <sshPrnamt>150</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <putCall>Call</putCall>
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           <None>0</None>
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       <nameOfIssuer>GLOBAL X FDS</nameOfIssuer>
       <titleOfClass>MSCI GREECE ETF</titleOfClass>
       <cusip>37950E366</cusip>
       <value>0</value>
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           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
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       <cusip>78463X541</cusip>
       <value>113</value>
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           <sshPrnamtType>SH</sshPrnamtType>
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       <putCall>Call</putCall>
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       <cusip>78463X541</cusip>
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           <sshPrnamtType>SH</sshPrnamtType>
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       <putCall>Call</putCall>
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       <cusip>78463X541</cusip>
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           <sshPrnamtType>SH</sshPrnamtType>
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       <putCall>Call</putCall>
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       <titleOfClass>COM</titleOfClass>
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       <value>70</value>
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       <value>193</value>
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       <titleOfClass>COM</titleOfClass>
       <cusip>493267108</cusip>
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       <titleOfClass>COM</titleOfClass>
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       <nameOfIssuer>LOUISIANA PAC CORP</nameOfIssuer>
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       <cusip>546347105</cusip>
       <value>1051</value>
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       <nameOfIssuer>LUXOFT HLDG INC ORD SHS</nameOfIssuer>
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       <nameOfIssuer>MALLINCKRODT PUB LTD CO</nameOfIssuer>
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       <titleOfClass>COM</titleOfClass>
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       <nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
       <titleOfClass>TR UNIT</titleOfClass>
       <cusip>78462F103</cusip>
       <value>107</value>
       <shrsOrPrnAmt>
           <sshPrnamt>98</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>98</Shared>
           <None>0</None>
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       <nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
       <titleOfClass>TR UNIT</titleOfClass>
       <cusip>78462F103</cusip>
       <value>280</value>
       <shrsOrPrnAmt>
           <sshPrnamt>256</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>256</Shared>
           <None>0</None>
       </votingAuthority>
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   <infoTable>
       <nameOfIssuer>SSR MNG INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>784730103</cusip>
       <value>987</value>
       <shrsOrPrnAmt>
           <sshPrnamt>100000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>100000</Shared>
           <None>0</None>
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   <infoTable>
       <nameOfIssuer>TAUBMAN CTRS INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>876664103</cusip>
       <value>1634</value>
       <shrsOrPrnAmt>
           <sshPrnamt>27800</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>27800</Shared>
           <None>0</None>
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   <infoTable>
       <nameOfIssuer>TECK RESOURCES LTD</nameOfIssuer>
       <titleOfClass>CL B</titleOfClass>
       <cusip>878742204</cusip>
       <value>458</value>
       <shrsOrPrnAmt>
           <sshPrnamt>18000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>18000</Shared>
           <None>0</None>
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       <nameOfIssuer>TEXAS INSTRS INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>882508104</cusip>
       <value>485</value>
       <shrsOrPrnAmt>
           <sshPrnamt>4400</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>4400</Shared>
           <None>0</None>
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   <infoTable>
       <nameOfIssuer>TOTAL S A</nameOfIssuer>
       <titleOfClass>SPONSORED ADR</titleOfClass>
       <cusip>89151E109</cusip>
       <value>143</value>
       <shrsOrPrnAmt>
           <sshPrnamt>600</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <putCall>Call</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>600</Shared>
           <None>0</None>
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       <nameOfIssuer>TOTAL SYS SVCS INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>891906109</cusip>
       <value>431</value>
       <shrsOrPrnAmt>
           <sshPrnamt>5100</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>5100</Shared>
           <None>0</None>
       </votingAuthority>
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       <nameOfIssuer>TPI COMPOSITES INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>87266J104</cusip>
       <value>1366</value>
       <shrsOrPrnAmt>
           <sshPrnamt>46700</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>46700</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>UNITED PARCEL SERVICE INC</nameOfIssuer>
       <titleOfClass>CL B</titleOfClass>
       <cusip>911312106</cusip>
       <value>1827</value>
       <shrsOrPrnAmt>
           <sshPrnamt>17200</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>17200</Shared>
           <None>0</None>
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       <nameOfIssuer>VALE S A</nameOfIssuer>
       <titleOfClass>ADR</titleOfClass>
       <cusip>91912E105</cusip>
       <value>1192</value>
       <shrsOrPrnAmt>
           <sshPrnamt>93000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>93000</Shared>
           <None>0</None>
       </votingAuthority>
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   <infoTable>
       <nameOfIssuer>VALERO ENERGY CORP NEW</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>91913Y100</cusip>
       <value>576</value>
       <shrsOrPrnAmt>
           <sshPrnamt>5200</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>5200</Shared>
           <None>0</None>
       </votingAuthority>
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   <infoTable>
       <nameOfIssuer>VERIZON COMMUNICATIONS INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>92343V104</cusip>
       <value>423</value>
       <shrsOrPrnAmt>
           <sshPrnamt>8400</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>8400</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>VISA INC COM</nameOfIssuer>
       <titleOfClass>CL A</titleOfClass>
       <cusip>92826C839</cusip>
       <value>556</value>
       <shrsOrPrnAmt>
           <sshPrnamt>4200</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>4200</Shared>
           <None>0</None>
       </votingAuthority>
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       <nameOfIssuer>WHEATON PRECIOUS METALS CORP</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>962879102</cusip>
       <value>1103</value>
       <shrsOrPrnAmt>
           <sshPrnamt>50000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>50000</Shared>
           <None>0</None>
       </votingAuthority>
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   <infoTable>
       <nameOfIssuer>WHEATON PRECIOUS METALS CORP</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>962879102</cusip>
       <value>2206</value>
       <shrsOrPrnAmt>
           <sshPrnamt>100000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>100000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>WYNN RESORTS LTD</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>983134107</cusip>
       <value>1958</value>
       <shrsOrPrnAmt>
           <sshPrnamt>11700</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>11700</Shared>
           <None>0</None>
       </votingAuthority>
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   <infoTable>
       <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>30231G102</cusip>
       <value>15</value>
       <shrsOrPrnAmt>
           <sshPrnamt>300</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <putCall>Call</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>300</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>YAMANA GOLD INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>98462Y100</cusip>
       <value>1740</value>
       <shrsOrPrnAmt>
           <sshPrnamt>600000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>600000</Shared>
           <None>0</None>
       </votingAuthority>
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   <infoTable>
       <nameOfIssuer>ZIONS BANCORPORATION</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>989701107</cusip>
       <value>506</value>
       <shrsOrPrnAmt>
           <sshPrnamt>9600</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>9600</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ZOETIS INC</nameOfIssuer>
       <titleOfClass>CL A</titleOfClass>
       <cusip>98978V103</cusip>
       <value>477</value>
       <shrsOrPrnAmt>
           <sshPrnamt>5600</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>5600</Shared>
           <None>0</None>
       </votingAuthority>
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   <infoTable>
       <nameOfIssuer>ALASKA AIR GROUP INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>011659109</cusip>
       <value>3697</value>
       <shrsOrPrnAmt>
           <sshPrnamt>61213</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>61213</Shared>
           <None>0</None>
       </votingAuthority>
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   <infoTable>
       <nameOfIssuer>ALLEGIANT TRAVEL CO</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>01748X102</cusip>
       <value>3712</value>
       <shrsOrPrnAmt>
           <sshPrnamt>26715</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>26715</Shared>
           <None>0</None>
       </votingAuthority>
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   <infoTable>
       <nameOfIssuer>AMERICAN AIRLS GROUP INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>02376R102</cusip>
       <value>10486</value>
       <shrsOrPrnAmt>
           <sshPrnamt>276233</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>276233</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>BOEING CO</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>097023105</cusip>
       <value>2803</value>
       <shrsOrPrnAmt>
           <sshPrnamt>8354</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>8354</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>DELTA AIR LINES INC DEL</nameOfIssuer>
       <titleOfClass>COM NEW</titleOfClass>
       <cusip>247361702</cusip>
       <value>10943</value>
       <shrsOrPrnAmt>
           <sshPrnamt>220889</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>220889</Shared>
           <None>0</None>
       </votingAuthority>
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   <infoTable>
       <nameOfIssuer>FORTUNA SILVER MINES INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>349915108</cusip>
       <value>358</value>
       <shrsOrPrnAmt>
           <sshPrnamt>63071</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>63071</Shared>
           <None>0</None>
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   <infoTable>
       <nameOfIssuer>FORTUNA SILVER MINES INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>349915108</cusip>
       <value>119</value>
       <shrsOrPrnAmt>
           <sshPrnamt>20926</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>20926</Shared>
           <None>0</None>
       </votingAuthority>
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   <infoTable>
       <nameOfIssuer>GENERAL DYNAMICS CORP</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>369550108</cusip>
       <value>2763</value>
       <shrsOrPrnAmt>
           <sshPrnamt>14820</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>14820</Shared>
           <None>0</None>
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   <infoTable>
       <nameOfIssuer>GOLD FIELDS LTD NEW</nameOfIssuer>
       <titleOfClass>SPONSORED ADR</titleOfClass>
       <cusip>38059T106</cusip>
       <value>452</value>
       <shrsOrPrnAmt>
           <sshPrnamt>126535</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>126535</Shared>
           <None>0</None>
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       <nameOfIssuer>GOLD FIELDS LTD NEW</nameOfIssuer>
       <titleOfClass>SPONSORED ADR</titleOfClass>
       <cusip>38059T106</cusip>
       <value>145</value>
       <shrsOrPrnAmt>
           <sshPrnamt>40501</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>40501</Shared>
           <None>0</None>
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       <nameOfIssuer>HAWAIIAN HOLDINGS INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>419879101</cusip>
       <value>2740</value>
       <shrsOrPrnAmt>
           <sshPrnamt>76211</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>76211</Shared>
           <None>0</None>
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   <infoTable>
       <nameOfIssuer>JETBLUE AIRWAYS CORP</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>477143101</cusip>
       <value>3685</value>
       <shrsOrPrnAmt>
           <sshPrnamt>194153</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>194153</Shared>
           <None>0</None>
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   <infoTable>
       <nameOfIssuer>KINROSS GOLD CORP</nameOfIssuer>
       <titleOfClass>COM NO PAR</titleOfClass>
       <cusip>496902404</cusip>
       <value>491</value>
       <shrsOrPrnAmt>
           <sshPrnamt>130608</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>130608</Shared>
           <None>0</None>
       </votingAuthority>
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   <infoTable>
       <nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>780287108</cusip>
       <value>1213</value>
       <shrsOrPrnAmt>
           <sshPrnamt>13063</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>13063</Shared>
           <None>0</None>
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   <infoTable>
       <nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>780287108</cusip>
       <value>402</value>
       <shrsOrPrnAmt>
           <sshPrnamt>4334</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>4334</Shared>
           <None>0</None>
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   </infoTable>
   <infoTable>
       <nameOfIssuer>RYANAIR HLDGS PLC</nameOfIssuer>
       <titleOfClass>SPONSORED ADR NE</titleOfClass>
       <cusip>783513203</cusip>
       <value>923</value>
       <shrsOrPrnAmt>
           <sshPrnamt>8082</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>8082</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>SKYWEST INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>830879102</cusip>
       <value>3684</value>
       <shrsOrPrnAmt>
           <sshPrnamt>70983</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>70983</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>SOUTHWEST AIRLS CO</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>844741108</cusip>
       <value>11132</value>
       <shrsOrPrnAmt>
           <sshPrnamt>218783</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>218783</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>SPIRIT AIRLS INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>848577102</cusip>
       <value>3772</value>
       <shrsOrPrnAmt>
           <sshPrnamt>103768</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>103768</Shared>
           <None>0</None>
       </votingAuthority>
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