UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                           Washington, D.C.  20549


                               FORM 10-QSB/A-1

[X]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

     For the quarterly period ended July 31, 2006

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

     For the transition period from ____________  to____________

                        Commission File No. 001-08397

                              GOLD STANDARD, INC.
                              -------------------
        (Exact name of small business issuer as specified in its charter)


             UTAH                                 87-0302579
             ----                                 ----------
(State or other jurisdiction of                (I.R.S. Employer I.D. No.)
incorporation or organization)

                      136 South Main Street, Suite #712
                         Salt Lake City, Utah 84101
                         --------------------------
                 (Address of principal executive office)

                               (801) 328-4452
                               --------------
             (Issuer's telephone number, including area code)

                                     N/A
                                     ---
            (Former name, former address and former fiscal year,
                       if changed since last report)

     Check whether the Issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the Issuer was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.   Yes [X]
No [ ]

     Indicate by check mark whether the Issuer is a shell company (as defined
in Rule 12b-2 of the Exchange Act).  Yes  X    No

            APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                PROCEEDINGS DURING THE PRECEDING FIVE YEARS

     None; Not applicable.

                   APPLICABLE ONLY TO CORPORATE ISSUERS

     Indicate the number of shares outstanding of each of the Issuer's
classes of common stock, as of the latest practicable date: November 29, 2006
- 1,307,358 shares of common stock.

     Transitional Small Business Disclosure Format (Check one):  Yes    No  X

<PAGE>

                      PART I - FINANCIAL INFORMATION

Item 1.   Financial Statements.

     The financial statements of Gold Standard, Inc., a Utah corporation (the
"Company," "we," "us," "our" or words of similar import) required to be filed
with this 10-QSB Quarterly Report were prepared by management, and commence on
the following page, together with related notes.  In the opinion of
management, the financial statements fairly present the financial condition of
the Company.
<PAGE>
               GOLD STANDARD, INC. AND SUBSIDIARIES
                   (An Exploration Stage Company)
           UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


                            July 31, 2006
<PAGE>
               GOLD STANDARD, INC. AND SUBSIDIARIES
                   (An Exploration Stage Company)
               UNAUDITED CONSOLIDATED BALANCE SHEET
                            July 31, 2006
                             (Restated)

              ASSETS
CURRENT ASSETS
Cash                                             $       2,429
Prepaid expenses                                         6,143
                                                 -------------
               TOTAL CURRENT ASSETS                      8,572

PROPERTY AND EQUIPMENT, at cost, net of
     accumulated depreciation and amortization             252

OTHER ASSETS
     Available for sale securities                           -
                                                 -------------
                                                             -
                                                 -------------
               TOTAL ASSETS                      $       8,824
                                                 =============


          LIABILITIES AND EQUITY (DEFICIT)

CURRENT LIABILITIES
     Accounts payable - trade                    $     100,261
     Accrued liabilities                                 4,872
     Warrants payable - Note 6                          42,000
     Note payable - officer                             81,000
                                                 -------------
               TOTAL CURRENT LIABILITIES               228,133

STOCKHOLDERS' EQUITY
     Common stock, par value $.001, authorized           1,307
        100,000,000 shares, issued and outstanding
        1,307,358 shares
     Additional paid-in capital                     13,584,400
     Accumulated deficit                           (13,805,016)
                                                  ------------
               TOTAL STOCKHOLDERS' EQUITY
                  (DEFICIT)                           (219,309)
                                                  ------------
               TOTAL LIABILITIES AND EQUITY
                  (DEFICIT)                       $      8,824
                                                  ============


See accompanying notes to consolidated financial statements.
                                F-2
<PAGE>
               GOLD STANDARD, INC. AND SUBSIDIARIES
                   (An Exploration Stage Company)
              CONSOLIDATED STATEMENTS OF OPERATIONS
     Three and nine month periods ended July 31, 2006 and 2005
        And Period November 1, 1996 through July 31, 2006


                         Three months ended  Nine months ended    November 1,
                             July 31,           July 31,         1996 Through
                        2006         2005     2006       2005    July 31, 2006
                    (Unaudited)(Unaudited)(Unaudited)(Unaudited) (Unaudited)
                    (Restated)            (Restated)             (Restated)
INCOME FROM OPERATIONS  $     -   $        -  $      -  $       -  $       -

EXPENSES
 Depreciation                42           91       125      2,258    234,183
 Leasehold
 exploration and
 carrying costs               -            -         -          -  3,678,317
 Cancelled warrants      42,000            -    42,000          -     42,000
 General and
 administrative          66,425       41,613   175,446    125,554  2,945,342
                     ----------   ----------  --------  --------- ----------
    NET LOSS FROM
    OPERATIONS         (108,467)     (41,704) (217,571)  (127,812)(6,899,842)

OTHER INCOME
 Interest income              -            -         -          -    789,565
 Loss on investments          -            -         -          -   (958,531)
 Gains and (losses)
  on sales of equipment     347       (9,405)      347     (9,015)   (13,493)
 Impairment on investment     -            -         -          -    (93,665)
 Income taxes                 -            -         -          -       (800)
                     ----------   ----------  --------  --------- ----------
      NET LOSS       $ (108,120)  $  (51,109)$(217,224) $(136,827)(7,176,766)
                     ==========   ==========  ========  ========= ==========
Net loss per common
share                $    (0.08)  $    (0.04)$   (0.17) $   (0.10)
                     ==========   ==========  ========  =========

Weighted average
number of outstanding
shares                1,307,358    1,307,358  1,307,358  1,307,358
                     ==========   ========== ========== ==========
See accompanying notes to consolidated financial statements.
                                F-3
<PAGE>
               GOLD STANDARD, INC. AND SUBSIDIARIES
                   (An Exploration Stage Company)
           UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
           Nine month period ended July 31, 2006 and 2005
         And Period November 1, 1996 through July 31, 2006

                                             Nine months ended    November 1,
                                                  July 31,        1996 Through
                                              2006       2005    July 31, 2006
                                          (Unaudited)(Unaudited) (Unaudited)
                                          (Restated)             (Restated)
CASH FLOWS FROM
OPERATING ACTIVITIES:
 Net loss                                   $(217,224)$(136,827)$(7,176,766)
 Adjustments to reconcile
 net loss to net cash used
 in operating activities:
  Depreciation                                    125     2,258     234,183
  Additional paid in
   capital from
   contributed services                        90,000         -     170,000
  Accretion of discount
   on note receivable                               -         -     (32,918)
  Losses on assets and
   investments                                   (347)    8,915   1,065,588
  Decrease (increase) in:
    Accrued interest                                -         -       5,696
    Prepaid expenses                             (676)       29      (6,143)
    Accounts receivable                             -       100         100
    Deposits                                        -         -         690
  Increase (decrease) in:
    Bank overdraft                               (795)        -           -
    Accounts payable                           34,876    57,304      24,886
    Accrued liabilities                        45,123      (190)     45,471
    Deferred liability                              -         -     (61,000)
                                            ---------   ------- -----------
    NET CASH USED IN
    OPERATING ACTIVITIES                      (48,918)  (68,411) (5,730,213)

CASH FLOWS FROM
FINANCING ACTIVITIES:
  Increase of common
  stock and additional
  paid in capital from
  the sale of additional
  shares                                            -         -     250,000
  Increase in note
  payable - officer                            51,000    15,000      81,000
                                            ---------   ------- -----------
    NET CASH PROVIDED BY
    FINANCING ACTIVITIES                       51,000    15,000     331,000

CASH FLOWS FROM
INVESTING ACTIVITIES:
  Purchase of equipment                             -         -    (158,607)
  Increase in additional
   paid in capital                                  -         -           -
  Available for sale
   securities                                       -         -     145,440
  Investment on affiliate                           -         -    (395,046)
  Exchange of stock                                 -         -      23,551
  Proceeds from sale of
   fixed assets                                   347     1,449     100,156
                                            ---------   ------- -----------
   NET CASH PROVIDED BY
   INVESTING ACTIVITIES                           347     1,449    (284,506)

NET DECREASE IN CASH                            2,429   (51,962) (5,683,719)

CASH, BEGINNING OF PERIOD                           -    51,880   5,686,148
                                            ---------   ------- -----------
CASH, END OF PERIOD                         $   2,429   $   (82)$     2,429
                                            =========   ======= ===========


See accompanying notes to consolidated financial statements.
                                F-4
<PAGE>
               GOLD STANDARD, INC. AND SUBSIDIARIES
                  (An Exploration Stage Company)
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

( 1 )     Summary of significant accounting policies

     The accompanying unaudited condensed financial statements have been
     prepared by the Company pursuant to the rules and regulations of the
     Securities and Exchange Commission.  Certain information and footnote
     disclosures normally included in financial statements prepared in
     accordance with generally accepted accounting principles have been
     condensed or omitted in accordance with such rules and regulations.  The
     information furnished in the interim condensed financial statements
     includes normal recurring adjustments and reflects all adjustments,
     which, in the opinion of management, are necessary for a fair
     presentation of such financial statements.  Although management believes
     the disclosures and information presented are adequate to make the
     information not misleading, it is suggested that these interim condensed
     financial statements be read in conjunction with the Company's most
     recent audited financial statements and notes thereto.  Operating
     results for the three and nine months ended July 31, 2006, are not
     necessarily indicative of the results that may be expected for the year
     ending October 31, 2006.

 ( 2 )    Realization of assets

     The accompanying financial statements have been prepared on a going
     concern basis, which contemplates the realization of assets and the
     satisfaction of liabilities in the normal course of business.  The
     Company has incurred operating losses since inception of $6,857,842.
     The Company has no revenues and no foreseeable future revenues.  At
     July 31, 2006, the Company has $2,429 cash available to fund operations.
     The Company has no lines of credit available to fund operations.  The
     Company cannot continue with operations in the foreseeable future unless
     it raises additional working capital.

     In December, 2004, the Company ceased all mining exploration activities
     in Brazil due to the lack of funds.  This situation and the matters
     discussed in the previous paragraph raise substantial doubt about the
     Company's ability to continue as a going concern.  The financial
     statements do not include any adjustments relating to the recoverability
     and classification of recorded asset amounts or the amount and
     classification of liabilities that might be necessary should the Company
     be unable to continue as a going concern.

     The Company's ability to continue as a going concern is dependent upon
     its ability to generate sufficient cash flows to meet its obligations on
     a timely basis.  The Company is attempting to raise additional funds,
     but it has been unsuccessful to date.  No assurance can be given that
     the Company will be able to obtain such financing on terms favorable to
     the Company or at all.  Any sale of additional common stock or
     convertible equity or debt securities would result in additional
     dilution to the Company's shareholders.  Should the Company fail to
     obtain financing then they will be required to cease operations.

                               F-5

<PAGE>
               GOLD STANDARD, INC. AND SUBSIDIARIES
                  (An Exploration Stage Company)
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

( 3 )     Related party transactions

     During the three months ended July 31, 2006 an officer and employees
     of the Company performed services without compensation.  The value of
     these services in the amount of $30,000 has been recorded as additional
     paid in capital.

( 4 )     Cash flow disclosures

     The following is a summary of supplemental cash flow information:

     Cash paid:

          Interest expense, net of amount capitalized       $       -
                                                            =========
          Income taxes                                      $       -
                                                            =========

( 5 )     Reverse Stock Split

     On July 5, 2006, by unanimous consent of the Board of Directors, the
     Company effected a reverse split of its outstanding common stock on a
     basis of 1 for 8, while retaining the current par value of one mill
     ($0.001) per share, with appropriate adjustments being make in the
     additional paid in capital and stated capital accounts of the Company.
     The financial statements have been retroactively adjusted to show the
     reverse split.

( 6 )     Warrant Cancellation

     On July 5, 2006, by unanimous consent of the Board of Directors, the
     Company resolved to cancel 420,000 warrants at $.10 per warrant, with the
     funds to be paid as soon as funds become available for such purpose.

( 7 )     Restatement

     These financial statements have been restated to include a one for eight
     reverse split and the cancellation of 420,000 warrants.

     The Balance sheet was restated by including a liability for the warrants
     payable in the amount of $42,000, reflecting the one for eight split in
     the stockholders' equity section and by making adjustments to the
     additional paid in capital account and accumulated deficit account.

     In our Statements of Operations we included an expense for the cancelled
     warrants which increased our net loss for the three months ended July 31,
     2006 from $(66,120) to $(108,120) and for the nine months ended July 31,
     2006 from $(175,224) to $(217,224).  The loss per share was also adjusted
     for the one for eight reverse split and the increase in the net loss,
     from $(0.01) to $(0.08) for the three months ended July 31, 2006 and from
     $(0.02) to $(0.17) for the nine months ended July 31, 2006.

                                F-6
<PAGE>

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

Overview.

     We are an exploration stage Company.  The Company's business involved
acquiring, exploring and, when warranted, developing gold mineralized
properties.  Presently, the Company is seeking a joint venture partner with
funds to participate in further exploration activities on its mining
properties.

     The Company held directly or through its subsidiaries, mineral and
exploration rights to properties located in the Dugway region of western Utah,
southern Uruguay and Brazil.  All past exploration costs associated with these
activities have been charged to operations as incurred.  There have been no
exploration costs during the three month period ended July 31, 2006, or
July 31, 2005.   No development costs have been capitalized on these
properties through July 31, 2006, because the Company has not found proven
mineral resources.

     The Company has funded its operations through equity financing, and with
settlement proceeds from a lawsuit that were received prior to 1996.  The
Company raised $250,000 through the sale of 1,100,000 shares of its common
stock on December 22, 2003.  There has been no other equity financing since
that time.  The Company will not receive operating revenue within the
foreseeable future, and as such, the current trend in losses from operations
is expected to continue.

     In the fiscal year ended October 31, 2005, the Company suspended
operations on it mining properties in Brazil, for lack of funding to continue
exploratory operations.  The office has been closed and the physical assets
that comprised that facility have been sold.

Results and Plan of Operations.

     No revenue was generated by the Company from operations for the three
month periods ended July 31, 2006, and 2005.

     Operating expenses increased to $66,425 for the three month period
ended July 31, 2006, compared to $41,613 for the three month period ended
July 31, 2005.

     No revenue was generated by the Company from operations for the nine
month periods ended July 31, 2006, and 2005.

     Operating expenses increased to $175,446 for the nine month period
ended July 31, 2006, compared to $125,554 for the nine month period ended
July 31, 2005.

Liquidity and Capital Resources.

     The Company has incurred a net loss since inception of $7,176,764.  The
Company has no revenues and no foreseeable future revenues.  At July 31, 2006,
the Company had $2,429 cash available to fund operations.  The Company has no
lines of credit available to fund operations.  The Company cannot continue
with operations in the foreseeable future unless it raises additional working
capital.

     In December, 2004, the Company curtailed all mining exploration
activities in Brazil due to the lack of funds.  This situation and the matters
discussed in the previous paragraph raise substantial doubt about the
Company's ability to continue as a going concern.  The financial statements do
not include any adjustments relating to the recoverability and classification
of recorded asset amounts or the amount and classification of liabilities that
might be necessary should the Company be unable to continue as a going
concern.

     The Company's ability to continue as a going concern is dependent upon
its ability to generate sufficient capital to meet its obligations on a timely
basis.  The Company is attempting to raise additional funds and is searching
for joint venture partners with which it can recommence operations, but it has
been unsuccessful to date in raising funds or finding a joint venture partner.
No assurance can be given that the Company will be able to obtain such
financing on terms favorable to the Company or at all.  Any sale of additional
common stock or convertible equity or debt securities would result in
additional dilution to the Company's shareholders.  Should the Company fail to
obtain financing in the near future, then they will be required to cease all
operations.

     The Company's anticipated capital requirements for the remaining three
months of the current fiscal year are as follows:

      Leasehold exploration and
        carrying costs                            $       0
      Other general and
        administrative expenses                      10,000
                                                  ---------
                                                  $  10,000

     The anticipated capital requirements above do not allow for mining and
exploration costs.  These activities would require additional capital.  The
Company has no material capital commitments or agreements which would require
significant outlays of capital during the remaining three months of 2006.

Inflation.

     The impact of inflation on the Company's operations will vary.  The
future price of gold, and the level of future interest rates could directly
affect the Company's share of any future operating revenue.  Lower interest
rates and higher gold prices may enhance the value of the Company's holdings.

     Because the Company does not have a source of revenue, serious increases
in inflation could increase the Company's general and administrative expenses
and make it difficult to remain within its budget.  However, the inflation
rate has remained relatively low, with only a minor impact on the Company
during fiscal 2005 and 2004.  Management does not anticipate material
increases in the inflation rate during the immediate future.

Environmental Rules and Regulations.

     The Company is not aware of any noncompliance with environmental rules
and regulations, nor has the Company been cited by any local, state or
national agency either in the United States or South America for noncompliance
with environmental rules and regulations.  The Company is not aware of any
potential reclamation costs in any of the areas in which it has conducted
exploration.

Forward-Looking Statements.

     The Private Securities Litigation Reform Act of 1995 (the "Act") provides
a safe harbor for forward-looking statements made by or on behalf of the
Company.  The Company and its representatives may from time to time make
written or oral statements that are "forward- looking," including statements
contained in this  Report and other filings with the Securities and Exchange
Commission and in reports to the Company's stockholders. Management believes
that all statements that express expectations and projections with respect to
future matters, as well as from developments beyond the Company's control
including changes in global economic conditions are forward-looking statements
within the meaning of the Act. These statements are made on the basis of
management's views and assumptions, as of the time the statements are made,
regarding future events and business performance. There can be no assurance,
however, that management's expectations will necessarily come to pass.
Factors that may affect forward- looking statements include a wide range of
factors that could materially affect future developments and performance,
including the following:

     Changes in Company-wide strategies, which may result in changes in the
types or mix of businesses in which the Company is involved or chooses to
invest; changes in U.S., global or regional economic conditions, changes in
U.S. and global financial and equity markets, including significant interest
rate fluctuations, which may impede the Company's access to, or increase the
cost of, external financing for its operations and investments; increased
competitive pressures, both domestically and internationally, legal and
regulatory developments, such as regulatory actions affecting environmental
activities, the imposition by foreign countries of trade restrictions and
changes in international tax laws or currency controls; adverse weather
conditions or natural disasters, such as hurricanes and earthquakes, labor
disputes, which may lead to increased costs or disruption of operations.

     This list of factors that may affect future performance and the accuracy
of forward-looking statements are illustrative, but by no means exhaustive.
Accordingly, all forward-looking statements should be evaluated with the
understanding of their inherent uncertainty.

Item 3.   Controls and Procedures.

     Our auditors have previously advised us of deficiencies in our Controls
and Procedures that relate to the fact that one person, our President, Scott
L. Smith, has sole check signing authority on our U. S. checking accounts;
the manager of our prior South American operations had sole check signing
authority for those operations; and that we do not have an audit committee.
We believe that with our current limited operations, our President's sole
check signing authority is not material because the check register is
reconciled by another related party (his daughter) and the monthly accounting
and preparation of financial statements is performed by an outside independent
contracting accountant who reviews all records and reconciliations.
Concerning our South American operations that have now ceased, the funds upon
which such manager could write checks were limited to the anticipated expenses
of those operations and advances that were made for those purposes.  We are
not required to have an audit committee, and with no current operations, that
is not deemed to be material.

     With this in mind, and as of the end of the period covered by this
Quarterly Report, we carried out an evaluation, under the supervision and with
the participation of our President and Chief Financial Officer, of the
effectiveness of our disclosure controls and procedures.  Based on this
evaluation, our President and Chief Financial Officer concluded that our
disclosure controls and procedures are effectively designed to ensure that
information required to be disclosed or filed by us is recorded, processed or
summarized, within the time periods specified in the rules and regulations of
the Securities and Exchange Commission.  It should be noted that the design of
any system of controls is based in part upon certain assumptions about the
likelihood of future events, and there can be no assurance that any design
will succeed in achieving its stated goals under all potential future
conditions, regardless of how remote.  In addition, we reviewed our internal
controls over financial reporting, and there have been no changes in our
internal controls or in other factors in the last fiscal quarter that has
materially affected or is reasonably likely to materially affect our internal
control over financial reporting.

     On November 8, 2006, we became aware that the financial statements for
our Quarterly Report for the quarter ended July 31, 2006, did not (i) account
for a one for eight reverse split that occurred during the quarter; or (ii)
report a liability of $42,000 for our repurchase of 420,000 warrants at $0.10
per warrant. Due to these omissions, we have concluded that these financial
statements should no longer be relied upon.  We have discussed this matter
with our independent accountants, HJ & Associates, LLC, and on November 8,
2006, they issued a letter noting a material weakness in the design or
operation of our internal controls, specifically in our critical accounting
routines.  They recommend that procedures be put into place to ensure all
accounts are reconciled in a timely manner (no later than 25 days after month
end) so as to provide reliable internal financial reporting to facilitate
expeditious annual audits and quarterly reviews.  We have implemented this
policy.  See our 8-K Current Report dated November 8, 2006.

                        PART II - OTHER INFORMATION

Item 1.   Legal Proceedings.

     None; not applicable.

Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds.

     None; not applicable.

Item 3.   Defaults Upon Senior Securities.

     None; not applicable.

Item 4.   Submission of Matters to a Vote of Security Holders.

     None; not applicable.

Item 5.   Other Information.

     None; not applicable.

Item 6.   Exhibits.

         31.1 302 Certification of Scott L. Smith

         31.2 302 Certification of Bret C. Decker

         32 906 Certification

<PAGE>

                                SIGNATURES

          In accordance with the requirements of the Exchange Act, the
Registrant has caused this Quarterly Report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                         GOLD STANDARD, INC.


Date: 12/12/2006                         By:/s/Scott L. Smith
      ----------                            ------------------------
                                            Scott L. Smith
                                            President and Chief Financial
                                            Officer and Director

Date: 12/12/2006                         By:/s/Bret C. Decker
      ----------                            ------------------------
                                            Bret C. Decker, Secretary