SECURITIES AND EXCHANGE COMMISSION

		      Washington, D.C.  20549

			      FORM 10-Q

	     Quarterly Report Pursuant to Section 13 or 15(d) of
		   the Securities Exchange Act of 1934

For the Quarter Ended:     January 31, 1999
Commission File No. 0-9496

       
			    GOLD STANDARD, INC.
			    -------------------                  

	 (Exact name of registrant as specified in its charter)

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


Suite 712 Kearns Building, Salt Lake City, Utah            84101
-----------------------------------------------          ---------
   (Address of principal executive offices)              (Zip Code)

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







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Securities registered pursuant to Section 12(b) of the Act:

Title of each class         Name of each exchange on which registered

Common Stock, $.001 par value        Pacific Exchange, Inc.
Common Stock, $.001 par value        NASDAQ

Securities registered pursuant to Section 12(g) of the Act:

	       Common Stock, par value  $.001 per share
	       ----------------------------------------
			   (Title of class)

     Indicate by check mark whether Registrant (1) has filed all 
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that Registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.
Yes  X  No  
    ---    ---

As of the close of the period covered by this report there were
outstanding 1,168,594 shares of Registrant's common stock, $.001 par
value per share.


























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                  GOLD STANDARD, INC. AND SUBSIDIARIES
		       CONSOLIDATED BALANCE SHEETS
		  January 31, 1999 and October 31, 1998


		      PART I.  FINANCIAL INFORMATION


Item 1.  Financial Statements.
	 --------------------
















	       GOLD STANDARD, INC. AND SUBSIDIARIES

	    UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 
		 FOR INCLUSION IN QUARTERLY REPORT
			    ON FORM 10-Q

















			   January 31, 1999

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                  GOLD STANDARD, INC. AND SUBSIDIARIES
		       CONSOLIDATED BALANCE SHEETS
		  January 31, 1999 and October 31, 1998

				  January 31, 1999   October 31, 1998
				  ----------------   ---------------- 
				     (Unaudited)          
	  ASSETS                         
				   
CURRENT ASSETS                                   
     Cash and cash equivalents      $   1,670,612      $   1,940,615 
     Certificates of deposit            1,274,045          1,252,723 
     Accounts receivable                    5,844              4,312 
     Accrued interest                       9,227              9,789 
     Prepaid expenses                       2,803              4,094 
				    --------------     --------------  
	      TOTAL CURRENT ASSETS      2,962,531          3,211,533 
				   
PROPERTY AND EQUIPMENT                                   
     Equipment and leasehold                              
       improvements                       120,023            131,956 
				    --------------     ---------------
					  120,023            131,956 
OTHER ASSETS                                   
     Investment in affiliate              351,943            351,943 
     Deposits                               1,087              1,087 
				    --------------     --------------
					  353,030            353,030 
				    --------------     --------------  
  
				    $   3,435,584      $   3,696,519
				    ==============     ==============  


















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LIABILITIES AND EQUITY                         
				   
CURRENT LIABILITIES                                   
     Accounts payable - trade       $      51,281      $      67,309 
     Accrued liabilities                      469             18,518 
     Income tax payable                       100                100   
				    --------------     --------------
	 TOTAL CURRENT LIABILITIES         51,850             85,927   
			   
								 
STOCKHOLDERS' EQUITY                                                   
	     
     Common stock                           1,169              1,169   
			   
     Additional paid-in capital        13,197,456         13,197,456   
     Accumulated deficit               (9,814,891)        (9,588,033) 
				     --------------     -------------- 
	   TOTAL STOCKHOLDERS' EQUITY   3,383,734          3,610,592 

				    --------------      --------------
     
				    $   3,435,584      $   3,696,519   
				    ==============     ============== 
								 
See accompanying notes to consolidated financial statements.

























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                  GOLD STANDARD, INC. AND SUBSIDIARIES
		  CONSOLIDATED STATEMENTS OF OPERATIONS
	  Three month periods ended January 31, 1999 and 1998



					       Three months ended
						January 31, 1999
					  --------------------------
					      1999            1998 
					  -----------     ----------- 
					  (Unaudited)     (Unaudited)

INCOME FROM OPERATIONS                    $         -     $        -

EXPENSES
  Depreciation                                 13,575         14,130 
  Leasehold exploration
    and carrying costs                        168,968        391,368 
  General and administrative:
    Legal                                       3,461          2,589 
    Other                                      80,437         81,267 
					  ------------    -----------
	NET INCOME/(LOSS) FROM OPERATIONS    (266,441)      (489,354)

OTHER INCOME (EXPENSES)
  Interest income                              39,363         49,799 
  Miscellaneous income                            218              -
					  ------------    -----------
		NET INCOME/(LOSS)           ($226,860)     ($439,555)
					  ============    ===========

Net income/(loss) per common share             ($0.19)        ($0.38)
					  ============    ===========








See accompanying notes to consolidated financial statements.







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		 GOLD STANDARD, INC. AND SUBSIDIARIES
		 CONSOLIDATED STATEMENTS OF CASH FLOWS
	  Three months periods ended January 31, 1999 and 1998

					       Three months ended
						January 31, 1999 
					  ---------------------------  
					      1999           1998
					  ------------   ------------
					   (Unaudited)    (Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                       $ (226,860)    $ (439,555)
    Add (deduct) adjustments
     to cash basis:
       Depreciation                            13,575         14,130 
       Unrealized loss on securities                -        (12,965)
       Increase (decrease) in:
	 Accounts payable                     (16,027)       (11,962)
	 Accrued liabilities                  (18,048)          (230)
       Decrease (increase) in:
	 Accrued interest                         562          8,718 
	 Prepaid expenses                       1,291          2,220
	 Accounts receivable                   (1,532)             - 
	 Securities available for sale              -         12,965 
					  ------------    -----------  
 
NET CASH PROVIDED BY/(USED IN) 
OPERATING ACTIVITIES                         (247,039)      (426,679)

CASH FLOWS FROM INVESTMENT ACTIVITIES:
   Property and equipment purchased            (1,642)             -
   Increase in certificates of deposit        (21,322)       (13,309)
					  -------------   ------------

NET CASH USED IN INVESTMENT ACTIVITIES        (22,964)       (13,309)

NET INCREASE (DECREASE) IN CASH              (270,003)      (439,988)

CASH BALANCE AT BEGINNING OF PERIOD         1,940,615      3,231,441   
					  ------------    -----------

CASH BALANCE AT END OF PERIOD              $1,670,612     $2,791,453 
					  ============    ===========


See accompanying notes to consolidated financial statements.


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                 GOLD STANDARD, INC. AND SUBSIDIARIES
	      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
		January 31, 1999 and October 31, 1998
			     (Unaudited)


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	 The Company's accounting policies reflect industry practices 
	 and conform to generally accepted accounting principles.  The
	 following policies are considered to be significant:

	 Financial Statements
	 --------------------

	 The financial information provided in the Consolidated
	 Balance Sheet for the year ended October 31, 1998, has been
	 taken from the audited financial statements at that date.  In
	 the opinion of management, all adjustments necessary to
	 present fairly the financial position, results of operations
	 and cash flow at January 31, 1999, have been made.  All such
	 adjustments were of a normal, recurring nature.

	 Principles of Consolidation
	 ---------------------------

	 The accompanying consolidated financial statements at January
	 31, 1999, include the accounts of Gold Standard, Inc., and
	 its subsidiaries, Gold Standard South, Gold Standard Minas,
	 S.A. and Tormin, S.A.  A former subsidiary, Pan American
	 Motor Sports, Inc. (PAMS) (formerly Big Pony Gold, Inc.) is
	 no longer included in the consolidated financial statements
	 but is being reported as an equity investment.  As used
	 herein, references to Gold Standard, Inc., the Registrant, or
	 the Company refers to Gold Standard, Inc. and its 
	 consolidated subsidiaries.  All significant intercompany
	 transactions are eliminated.

	 Gold Standard South, a Utah corporation, was organized for
	 the purpose of carrying on a property acquisition and gold
	 exploration program in the country of Uruguay.  Gold Standard
	 Minas was organized for the purpose of carrying on a gold
	 exploration program in the country of Brazil.  Tormin S.A.
	 holds certain mineral exploration concessions in Uruguay and
	 is conducting exploration work on these properties.





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         Investment in Mining Properties
	 -------------------------------
 
	 Prospecting and exploration costs incurred in the search for
	 new mining properties are charged to expense as incurred.
	 Direct costs associated with the development of identified
	 reserves are capitalized until the related geological areas
	 are either put into production, sold or abandoned.  As of
	 January 31, 1999, there were no geological areas under
	 production.
 
	 Earnings (Loss) Per Share
	 -------------------------

	 Earnings (loss) per share of common stock is computed on the
	 weighted-average number of shares outstanding during the
	 period.

	 Cash Equivalents
	 ----------------

	 For purposes of the statement of cash flows, the Company
	 considers all highly liquid debt instruments and investments
	 readily convertible into cash, or purchased with a maturity
	 of three months or less, to be cash equivalents.
	      
NOTE 2 - EQUIPMENT AND LEASEHOLD IMPROVEMENTS

	 Equipment and leasehold improvements are stated at cost.
	 Maintenance, repairs, and renewals which neither materially
	 add to the value of the property nor appreciably prolong its 
	 life are charged to expense as incurred.  Gains or losses on
	 dispositions of property and equipment are included in
	 earnings.  Depreciation and amortization of property and
	 equipment is provided on the straight-line method using the
	 estimated lives shown below:
								       
						     Years
						    -------
		 Furniture and equipment               5-7
		 Transportation equipment               5
		 Leasehold improvements             lease term

	 Amortization of leasehold improvements is calculated using
	 the straight-line method over the term of the lease
	 agreement.




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NOTE 3 - INVESTMENT IN AFFILIATE

	 During 1998 the Company changed its method of accounting for
	 and reporting its investment in PAMS from the consolidated to
	 the equity method due to the decline in their ownership
	 interest from 64.4% to 20%.  The Company adjusted the
	 carrying value of the investment balance for the exchange of
	 stock for assets, conversion of debt to equity, recognition
	 of the cumulative losses to be reported under the equity
	 method of accounting, and the recognition of losses for the
	 current year since the effective date of the change in
	 entity.

NOTE 4 - MINING PROPERTIES

	 The Company holds directly or through its subsidiary
	 companies, mineral and exploration rights to property located
	 in Western Utah, Southern Uruguay, Brazil and other South
	 American locations.  All exploration costs associated with
	 these properties have been charged to operations as incurred,
	 consistent with the Company's accounting policies (see Note
	 1).  No development costs have been capitalized on these
	 properties through January 31, 1999.

NOTE 5 - STOCK WARRANTS

	 In connection with issuance of its common stock, the Company
	 has issued warrants to others for the purchase additional
	 shares at specified prices in the future.  Unexercised
	 warrants aggregate 368,750 shares at January 31, 1999.  They
	 carry a weighted average price of $24 per share and have a
	 weighted average remaining life of 1.2 years.

NOTE 6 - WARRANTS ISSUED AS COMPENSATION

	 The Company has issued compensatory stock warrants to
	 officers, employees and consultants during the coarse of
	 business.  No compensation expense has been recorded for
	 these warrants.

	 Reported and pro forma net loss and loss per share for the
	 period ended January 31, 1999 are as follows:

		  Net loss
		    As reported            $ (226,860)
		    Pro forma              $ (190,425)




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                  Loss per share
		     As reported                 (.19)                
		     Pro forma                   (.16)                

	 The pro forma effect on net loss may not be representative of
	 the pro forma effect on net income or loss for future years
	 because the SFAS No. 123 method of accounting for pro forma
	 compensation expense has not been applied to warrants granted
	 prior to January 1, 1995.

	 The weighted-average fair values at date of grant for
	 compensatory warrants were estimated using the Black-Scholes
	 option pricing model, based on the following assumptions: (1)
	 no expected dividend yields; (ii) an expected volatility rate
	 o 104%; and (iii) expected weighted average lives of 1.9
	 years.  The weighted-average risk-free interest rate applied
	 was 6.20%.
 
	 Stock warrant activity is summarized as follows:
								       
								      
							Avg.
						     Exercise
					 Shares        Price
					--------    ----------
	 Warrants outstanding
	   beginning of
	   period                        50,000        $20.50    
	     Granted                         -             -          
	     Exercised                       -             -
	     Canceled or
	       expired                       -             -      
					---------   

	 Warrants outstanding
	    and exercisable,
	    end of period                50,000        $20.50    
					========

	The following table summarizes information about stock
	warrants outstanding and exercisable at January 31, 1999:

	     Exercise Price        Shares                 Life  
	     --------------       --------               ------
		$20.00             43,750                 .6 yr
		 24.00              6,250                4.3 yrs
				  -------- 
				   50,000
				  ========

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NOTE 7 - RELATED PARTY TRANSACTIONS

	 The Company has funded the majority of the operations of its
	 subsidiaries Gold Standard South, Gold Standard Minas, and
	 Tormin S.A. with unsecured non-interest bearing long term
	 cash advances.  As of January 31, 1999, the Company had
	 receivables from these companies of $513,936, $1,537,553 and
	 $219,665, respectively.  All intercompany transactions have
	 been eliminated in consolidation.

NOTE 8 - COMMITMENTS

	 To guarantee future reclamation commitments in Paraguay, the
	 Company has obtained a standby letter of credit in the amount
	 of $100,000. This letter of credit is secured with a $100,000
	 certificate of deposit.
	      
NOTE 9 - INCOME TAXES

	 The Company has significant net operating loss and net
	 capital loss carry forwards which should give rise to a
	 deferred tax asset.  Because the Company has no assurance
	 that the tax benefit from the net operating loss and net
	 capital loss will ever be realized, a valuation allowance has
	 been provided equal to the deferred tax asset.

	 The amounts and expiration dates of net operating loss carry
	 forwards and investment tax credits at January 31, 1999 are
	 detailed in the following summary:

				Federal         State         Net
			     Net Operating  Net Operating   Capital
	 Expiration Date         Loss           Loss          Loss   
	 ---------------     -------------  -------------   -------

	 October 31, 1999    $      --      $   614,409    $    -- 
	 October 31, 2000           --              --        150,056
	 October 31, 2002           --              --         74,928
	 October 31, 2003      1,441,272            --        153,468
	 October 31, 2004        675,277            --            --
	 October 31, 2005      1,106,261            --            --
	 October 31, 2006        545,495            --            --
	 October 31, 2007        478,137            --            --
	 October 31, 2009        613,656            --            --
	 October 31, 2010        124,338        124,138           --
	 October 31, 2012         63,410         63,210           --
	 October 31, 2013        246,065        245,865           --
			      -----------   ------------   -----------
			      $5,293,911    $ 1,047,622     $ 378,452
			      ===========   ============= ===========
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Item 2.   Management's Discussion and Analysis of
Financial                       

	  Condition and Results of Operations.
	  ------------------------------------

			   INTRODUCTION

     Gold Standard, Inc. and its subsidiaries (the Registrant) are
principally engaged in the acquisition, exploration, and if warranted,
development of oil and gas and gold mineralized properties.  Its
activities are concentrated, for the most part, in Uruguay, Brazil and
Paraguay.

		      RESULTS OF OPERATIONS

     No revenue was generated through operations by the Registrant
during the three month periods ended January 31, 1999 and 1998 and it
is not expected that any operating revenue will be generated during
1999. 
      The Registrant's operating activities have been solely
exploration related and have been concentrated on their Uruguay,
Brazil, and Paraguay properties.  Exploration related expenses for the
three month period ended January 31, 1999 were $168,968 ($391,368 for
the three month period ended January 31, 1998).  Exploration costs for
the Registrant's Paraguay and Brazil properties have remained
constant, however expenses for the Uruguay property have decreased
significantly, contributing to the overall decrease in exploration
expenses during the current year.  Exploration expenses are expected
to remain at approximately the same level for the remaining nine
months of the current year.
     
     The Registrant's general and administrative expenses, excluding
legal expenses totaled $80,437 for the three month period ended
January 31, 1999 ($81,267 for the three month period ended January 31,
1998).  The two most significant general and administrative expense
categories during the three month period ended January 31, 1999 were
(a) professional and consulting fees $13,055 ($20,800 in 1998) and (b)
wages and salaries $39,000 ($38,000 in 1998).   The balance of general
and administrative expenses includes office supplies and expenses,
office rent, travel, etc.

     The Registrant's management has been conscientious in striving to
control general and administrative expenses.  These expenses are
expected to remain at approximately the same level for the remaining
nine months of the current year.




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                 LIQUIDITY AND CAPITAL RESOURCES

     In the absence of income from operations the Registrant will
continue to rely on funds received in prior years for its operations. 
These funds include royalty revenues, lawsuit settlements, equity
funding, and proceeds from sales of securities.  The Registrant has no
immediate plans to seek significant additional funding from any of
these sources during 1999.

     The Registrant has no material capital commitments or agreements
which would require significant outlays of capital during the
remaining nine months of the year.

     Expenses in the remaining nine months of 1999 should remain close
to the level during in the first three months of the year.  In the
short term, the Registrant has sufficient cash reserves to fund
operations.  In the long-term there can be no assurance that cash on
hand will be sufficient for all operating costs.  However, if
necessary the Registrant will look to the issuance of additional
equity capital.  Based on past experience, the Registrant believes  it
has the ability to generate additional funds as needed.

			    INFLATION

     The impact of inflation on the Registrant's operations will vary. 
The future price of gold and the level of future interest rates could
directly effect the Registrant's future operating revenue.

     Serious increases in inflation could increase general and
administrative expenses for the Registrant and make it difficult to
remain within budget.  However, management does not expect any
material increases in the inflation rate during the near future.

	       ENVIRONMENTAL RULES AND REGULATIONS

     The Registrant is not aware of any noncompliance with
environmental rules and regulations, nor has the Registrant 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 Registrant has obtained a standby letter of credit in the
amount of $100,000 which is pledged as security against future
potential reclamation costs of mineral properties under exploration in
Paraguay.  Furthermore, the Registrant is not aware of any potential
reclamation costs.  Except for the above, the Registrant
has no actual or potential involvement in environmental remediation
activities.


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                           YEAR 2000

     Gold Standard has addressed its requirements regarding Year 2000
issues, which generally refers to the inability of hardware, software,
and control systems to correctly identify two digit references to
specific years, beginning with the year 2000.  The Company has minimal
reliance on computer systems that produce financial information.

     Although Gold Standard believes that its review will adequately
address Year 2000 issues and prevent significant business disruptions,
there can be no assurances that compliance-related failures will not
occur.  Such compliance-related failures, including those of material
third-party suppliers and financial institutions in South America,
could result in temporary delays in Gold Standard's ability to
maintain its operations.  Contingency plans are being developed to
mitigate any such temporary delays.  However, if such delays occur,
they are not reasonably likely to have a material adverse effect on
Gold Standard's financial condition or results of operations.
































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            PART II - OTHER INFORMATION

ITEM 1.     LEGAL PROCEEDINGS.  Not Applicable

ITEM 2.     CHANGES IN SECURITIES.  Not Applicable

ITEM 3.     DEFAULTS UPON SENIOR SECURITIES.  Not Applicable

ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
	    No items were presented for a vote of security holders during the 
	    period ended January 31, 1999.

ITEM 5.     OTHER INFORMATION.  Not Applicable

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K.  

      (a)   List of Exhibits
	    
	    27.0     Financial Data Schedule
	 
      (b)   Reports on Form 8-K
	    
	    Not applicable

			       SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the 
Registrant has duly caused this report to be signed on its behalf by the 
undersigned thereunto duly authorized.  


				  Gold Standard, Inc.


Date   15 March 1999              By:/s/ Scott L. Smith


			     Exhibit Index

Exhibit No.     Description
-----------     -----------
27   Financial Data Schedule.









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