Clearing Up CNBC’s Haze
Yesterday on CNBC, I was asked about my investment firm’s previous investment in Uranium One, “Were you in a position to benefit from approval of this deal at the same time that you were writing checks to the Clinton Foundation?”
My answer was clear. I said, “No.”
It would be unusual for any Chief Investment Officer to recall from memory the specific dates of ownership of an individual security among thousands of investments over a decade-long time period. I was not asked to provide this detailed information in advance. Nevertheless, while I was being bombarded with questions from three different anchors, what I said was absolutely correct: U.S. Global Investors invested in Uranium One early and sold it long before the events in question by CNBC and other media sources. The graphic that CNBC showed on-screen during my interview included a single, incomplete factoid.
These are the facts and the timeline:
- U.S. Global Investors, a firm that specializes in commodities and natural resources, first invested in Uranium One’s predecessor, UrAsia Energy Ltd. in 2005.
- UrAsia was acquired by Uranium One in 2007.
- U.S. Global Investors sold all positions in Uranium One in 2007.
- U.S. Global Investors did not hold any positions in Uranium One in 2008, 2009 or 2010, the year the Uranium One acquisition by ARMZ was approved by the Committee on Foreign Investment in the United States.
- U.S. Global Investors re-invested in the company in the first quarter of 2011 and sold all positions before the end of the second quarter of 2011. We exited the position when uranium prices began to decline after news of the Japanese nuclear tragedy.
- As one can see from the charts below, our investments in uranium reflect the historical price movements of the heavy metal.
When I give educational workshops to investors I always talk about the importance of gratitude. Giving back to those less fortunate is how I demonstrate gratitude. Gratitude is the single driving force behind U.S. Global’s charitable contributions. We have a long history of charitable contributions to many organizations. The Clinton Foundation is only one on a long and varied list.
As I said during my appearance on CNBC, our donations to Clinton charitable organizations and our investments in Uranium One are separate events. One has nothing to do with the other. Any claims to the contrary are not only offensive, but patently false.
Anyone can access public filings of our fund holdings and can confirm the facts for themselves. https://www.sec.gov/edgar/searchedgar/mutualsearch.htm
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December 8, 2021Learn More