UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                           Washington, D.C.  20549


                               FORM 10-QSB

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

     For the quarterly period ended July 31, 2004

[ ]  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 offices)

                               (801) 328-4452
                               --------------
                        (Issuer's telephone number)

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

     Check whether the Company (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 Company was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.   Yes [X]
No [ ]

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

                              Not applicable.

                   APPLICABLE ONLY TO CORPORATE ISSUERS

     Indicate the number of shares outstanding of each of the Registrant's
classes of common stock, as of the latest practicable date:

                              July 31, 2004

                            10,458,864 shares

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

<PAGE>

                      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-QSB

<PAGE>
<TABLE>
               GOLD STANDARD, INC. AND SUBSIDIARIES
                   CONSOLIDATED BALANCE SHEET

                                                    July 31,
                                                     2004
                                                   (Unaudited)
<S>                                              <C>
              ASSETS
CURRENT ASSETS
Cash and cash equivalents                        $     110,110
Accounts receivable                                        100
Prepaid expenses                                         5,260
                                                 -------------
         TOTAL CURRENT ASSETS                          115,470


PROPERTY AND EQUIPMENT, AT COST
Equipment and leasehold improvements                    22,948
                                                 -------------
                                                        22,948

OTHER ASSETS
Available for sale securities                           81,749
                                                 -------------
                                                        81,749
                                                 -------------
                                                 $     220,167
                                                 =============

               LIABILITIES AND EQUITY

CURRENT LIABILITIES
 Accounts payable - trade                        $       7,480
 Income taxes payable                                        0
                                                 -------------
        TOTAL CURRENT LIABILITIES                        7,480

STOCKHOLDERS' EQUITY
 Common stock, par value $.001, authorized
  100,000,000 shares, issued and outstanding
  10,458,864 shares at July 31, 2004                    10,459
 Additional paid-in capital                         13,405,248
 Other comprehensive income                            (11,917)
 Accumulated deficit                               (13,191,103)
                                                   -----------
         TOTAL STOCKHOLDERS' EQUITY                    212,687
                                                   -----------
                                                   $   220,167
                                                   ===========
</TABLE>
See accompanying notes to consolidated financial statements.
                                3
<PAGE>
<TABLE>
<CAPTION>
               GOLD STANDARD, INC. AND SUBSIDIARIES
              CONSOLIDATED STATEMENTS OF OPERATIONS

                                Three months ended     Nine months ended
                                    July 31,              July 31,
                                 2004         2003     2004         2003
                              (Unaudited) (Unaudited)(Unaudited)(Unaudited)
<S>                           <C>        <C>          <C>        <C>
INCOME FROM OPERATIONS        $        0   $        0  $      0  $       0

EXPENSES
 Depreciation                      1,043        1,071     3,130      3,213
 Leasehold exploration and
   carrying costs                 55,682       86,323   203,962    241,997
 General and administrative:
   Legal                           7,205        6,604    23,271     17,531
   Other                          72,935       64,026   218,669    202,741
                              ----------   ----------  --------  ---------
    NET LOSS FROM OPERATIONS    (136,865)    (158,024) (449,032)  (465,482)

OTHER INCOME
 Interest income                       9          921     2,447      4,917
                              ----------   ----------  --------  ---------
      NET LOSS                $ (136,856)  $ (157,103)$(446,585) $(460,565)
                              ==========   ==========  ========  =========
Basic and diluted net loss
per common share              $    (0.01)  $    (0.02)$   (0.04) $   (0.05)
                              ==========   ==========  ========  =========
Weighted average number of
common shares outstanding     10,458,564   10,158,864  10,458,564 10,158,864

</TABLE>
See accompanying notes to consolidated financial statements.
                                4
<PAGE>
<TABLE>
<CAPTION>
               GOLD STANDARD, INC. AND SUBSIDIARIES
               CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                Nine months ended
                                                     July 31,
                                                 2004       2003
                                             (Unaudited)(Unaudited)
<S>                                          <C>        <C>
CASH FLOWS FROM OPERATING ACTIVITIES
 Net loss                                    $(446,585) $(460,565)
 Add (deduct) adjustments to
 cash basis:
  Depreciation                                   3,130      3,213
  Decrease in common stock and additional paid
   in capital from the recission of issued
   shares                                     (150,000)         0
  Decrease/(increase) in note receivable       147,943     (1,596)
  Increase (decrease) in:
    Accounts payable                             6,237        900
    Accrued liabilities                              0         36
    Income tax payable                            (100)      (100)
  Decrease (increase) in:
    Prepaid expenses                               812      1,540
                                              --------   --------
       NET CASH USED IN OPERATING ACTIVITIES  (438,563)  (456,572)

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of equipment                        (13,978)      (741)
                                             ---------  ---------
      NET CASH USED IN INVESTING ACTIVITIES    (13,978)      (741)

CASH FLOWS FROM FINANCING ACTIVITIES
  Increase in common stock and
  additional paid in capital from
  sale of additional shares                    250,000          0
                                             ---------  ---------
      NET CASH PROVIDED BY FINANCING
      ACTIVITIES                               250,000          0

NET DECREASE IN CASH                          (202,541)  (457,313)

CASH BALANCE AT BEGINNING OF PERIOD            312,651    893,021
                                             ---------  ---------
CASH BALANCE AT END OF PERIOD                $ 110,110  $ 435,708
                                             =========  =========
</TABLE>

See accompanying notes to consolidated financial statements.
                                5
<PAGE>
               GOLD STANDARD, INC. AND SUBSIDIARIES
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          July 31, 2004
                           (Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     A summary of significant accounting policies consistently applied in the
     preparation of the accompanying consolidated financial statements
     follows:

     Financial Statements
     In the opinion of management, all adjustments necessary to present fairly
     the financial position, results of operations and cash flows at July 31,
     2004, have been made.  All such adjustments were of a normal, recurring
     nature.

     Principles of Consolidation
     The accompanying consolidated financial statements include the accounts
     of Gold Standard, Inc., and its subsidiaries, Gold Standard South, Gold
     Standard Minas, S.A. and Tormin, S.A.  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
     balances and transactions are eliminated.

     Nature of Operations
     Gold Standard South, a Utah corporation, was organized for the purpose
     of carrying on a property acquisition and gold exploration programs in
     the United States and South America.

     In January 2004, the Company announced that the Brazilian Project is
     ready for drilling as the Pombo deposit has the potential of developing
     into a major gold-copper porphyry deposit.  The Company is preparing the
     drill sites on the Pombo claims for the commencement of drilling.  All
     drilling costs will be funded through joint ventures.  There are risks
     and uncertainties related to the Pombo Project in Brazil as the
     Company's effort to develop and commercialize the Pombo claims in Brazil
     may not be successful.
                                6
<PAGE>
               GOLD STANDARD, INC. AND SUBSIDIARIES
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          July 31, 2004
                           (Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

     Use of Estimates
     The preparation of financial statements in conformity with U.S.
     generally accepted accounting principles requires management to make
     estimates and assumptions that affect certain reported amounts of assets
     and liabilities and disclosure of contingent assets and liabilities at
     the date of the financial statements, and the reported amounts of
     revenues and expenses during the reported period.  Actual results could
     differ from those estimates.

     Revenue Recognition
     The Company has not generated any revenues through July 31, 2004.
     Expected future revenues, if any, will be generated from the sale of
     precious metals and will be recognized when the price is reasonably
     determinable, the product has been delivered, title has been transferred
     to the customer, and collection of the sales price is reasonably assured.

     Depreciation and amortization
     Depreciation and amortization are computed on the straight-line method
     over the following useful lives:

                                                   Years
               Furniture and equipment              5-7
               Transportation equipment              5
               Leasehold improvements            lease term

          Cash and Cash Equivalents and Interest Bearing Deposits
     Includes cash on hand, bank demand deposit accounts, money market
     accounts and instruments readily convertible to cash with a maturity of
     three months or less.  The carrying amounts reported in the balance
     sheet for cash and cash equivalents and interest bearing deposits
     approximate those assets' fair values.

     Marketable Securities
     Management determines the appropriate classification of its investments
     in marketable debt and equity securities at the time of each purchase
     and re-evaluates such determination at each balance sheet date.  At July
     31, 2004, the Company's investment portfolio consisted of marketable
     equity securities classified as available-for-sale.
                                7
<PAGE>
               GOLD STANDARD, INC. AND SUBSIDIARIES
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          July 31, 2004
                           (Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

     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 put into production, sold or abandoned.  As
     of July 31, 2004, there were no geological areas under production.

     Long-lived Assets
     When facts and circumstances indicate that the cost of long-lived assets
     may be impaired, an evaluation of the recoverability is preformed by
     comparing the carrying value of the assets to the estimated undiscounted
     future cash flows.  A forecast showing lack of long-term profitability,
     a significant decline in market share, and a current period operating or
     cash flow loss combined with a history of operating or cash flow losses
     are conditions, among others, that would trigger an impairment
     assessment of the carrying amount of long-lived assets.

     Upon indication that the carrying value of such assets may not be
     recoverable, the Company recognizes an impairment loss by a charge
     against current operations.  If there is an impairment, an impairment
     charge would be determined by comparing the carrying amount of the
     assets to the applicable estimated future cash flows, discounted at a
     risk-adjusted rate or market appraisals.  In addition, the remaining
     amortization period for the impaired asset would be reassessed and
     revised, if necessary.

     Loss Per Share
     The Company applies Statement of Financial Accounting Standards No. 128
     Earnings Per Share (SFAS No. 128), which requires the calculation of
     basic and diluted loss per share. Basic loss per share of common stock
     is computed based on the weighted-average number of common shares
     outstanding during the period.  Diluted loss per share is computed on
     the basis of the average number of common shares outstanding plus the
     dilutive effect of outstanding stock options and warrants using the
     "treasury stock" method.  The Company has common
                                8
<PAGE>
               GOLD STANDARD, INC. AND SUBSIDIARIES
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          July 31, 2004
                           (Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

     stock equivalents outstanding at July 31, 2004 in the form of stock
     warrants.  The following warrants were excluded in the calculation of
     diluted loss per share because their inclusion would have been
     anti-dilutive:

                                       Three months ended   Nine months ended
                                     July 31,     July 31, July 31,  July 31,
                                      2004          2003    2004       2003

Compensatory stock warrants
outstanding at end of period        960,000             0   960,000         0
Noncompensatory stock warrants
outstanding at end of period        580,000             0   580,000         0
                                  ---------        ------ ---------    ------
Total stock warrants outstanding
at end of period                  1,540,000             0 1,540,000         0

     Comprehensive Income
     The Company applies Statement of Financial Accounting Standards No. 130
     Reporting Comprehensive Income (SFAS No. 130).  Comprehensive income is
     defined as the change in equity of a business enterprise during a period
     from transactions and other events and circumstances from non owner
     sources.  It includes all changes in equity during a period except those
     resulting from investments by owners and distributions to owners.

     Income Taxes
     Deferred income taxes are provided for temporary differences between the
     financial reporting and tax basis of assets and liabilities using
     enacted tax laws and rates for the years when the differences are
     expected to reverse.

     Stock based compensation
     The Company applies Statement of Financial Accounting Standards No. 123,
     Accounting for Stock Based Compensation, (SFAS 123) which requires
     disclosure of the fair value and other characteristics of stock options.
     The Company has chosen under the provisions of SFAS 123 to continue
     using the intrinsic value method of accounting for employee stock based
     compensation in accordance with the Accounting Principles Board Option
     No. 25, Accounting for Stock Issued to Employees.

     The Company has issued compensatory stock warrants to officers,
     employees and consultants during the course of business.  No warrants
     were issued in 2003 and warrants issued in previous years expired
     without being exercised in 2003.  Additional stock warrants were issued
     to employees on January 30, 2004.  No compensation expense is recognized
     in the Company's financial statements in 2004 because the exercise price
     of the Company's employee stock options equals the market price of the
     Company's common stock on the date of the grant.
                                9
<PAGE>
               GOLD STANDARD, INC. AND SUBSIDIARIES
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          July 31, 2004
                           (Unaudited)


     If the Company determined compensation costs based on the fair value at
     the grant date for its stock options as required under SFAS 123, net
     earnings and earnings per share would have been reduced to the following
     pro forma amounts:


                               Three months ended         Nine months ended
                             July 31,     July 31,        July 31,  July 31,
                               2004          2003         2004       2003

      Net loss
        As reported        $(136,856)     $(157,103)    $(446,585) $(465,565)
        Pro forma           (346,971)      (157,103)     (656,705)  (465,565)

      Loss per share
        As reported        $   (0.01)     $   (0.01)    $   (0.04) $   (0.05)
        Pro forma              (0.03)         (0.01)        (0.06)     (0.05)

     The weighted-average fair values at date of grant for compensatory
     warrants were estimated using the Black-Scholes option pricing model
     using the following assumptions:  (1) no expected dividend yields; (2)
     an expected volatility rate of 280%; and (3) expected weighted average
     lives of 3.42 years.  The weighted-average risk-free interest rate
     applied was 1.875%.

     Stock warrant activity is summarized as follows:

                                                               Weighted
                                                               Average
                                                               Exercise
                                                   Shares       Price
    Warrants outstanding October 31, 2003                 -            -
          Granted                                  $960,000      $  0.22
          Cancelled or expired                            -            -
                                                   --------      -------
    Warrants outstanding July 31, 2004             $960,000      $  0.22
                                                   ========      =======

                                10
<PAGE>
               GOLD STANDARD, INC. AND SUBSIDIARIES
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          July 31, 2004
                           (Unaudited)


    All 960,000 warrants at July 31, 2004 were exercisable at $.22 per
    share and carried a weighted average remaining contractual life of
    3.42 years.

NOTE 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 $13,191,103.

    The above may indicate that the Company will be unable 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.
                                11
<PAGE>
               GOLD STANDARD, INC. AND SUBSIDIARIES
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
               July 31, 2004 and October 31, 2003
                           (Unaudited)


NOTE 2   REALIZATION OF ASSETS (Continued)

    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, to raise additional capital through the sale of
    capital stock, to obtain financing, and to attain profitable
    operations.

    Management has developed a plan that it believes will allow it to
    continue as a going concern by raising additional capital through the
    sale of its capital stock, by obtaining financing, and ultimately
    achieving profitable operations.

NOTE 3 - INVESTMENT IN AFFILIATED COMPANY

    On April 26, 2002, Pan American Motorsports (PAM) agreed in principal
    with an unrelated third party, Queench, Inc., (Queench) to issue
    7,000,000 shares of its stock.  At the same time, the PAMS president
    sold 1,000,000 shares of PAMS stock to Queench.  In addition, Gold
    Standard and its president and the PAMS president transferred voting
    rights for shares beneficially owned by each to Queench until April
    26, 2004.  As a result of these transactions, Gold Standard's
    ownership percentage in PAMS dropped from 21.6% to 11.6% effective
    with the closing date of the transactions of May 31, 2002.  Gold
    Standard now accounts for its investment in PAMS under FASB 115,
    Accounting for Certain Investments in Debt and Equity Securities.

    The aggregate fair value, cost basis and unrealized holding loss of
    Gold Standard's investment in PAMS at July 31, 2004 is as follows:


             Available for sale investment         $ 81,749

             Cost basis                              93,666
                                                   --------
             Unrealized holding loss included in
                other comprehensive income         $(11,917)
                                                   ========
                                12
<PAGE>
               GOLD STANDARD, INC. AND SUBSIDIARIES
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          July 31, 2004
                           (Unaudited)


NOTE 4 - MINING PROPERTIES

   The Company holds directly or through its subsidiaries, mineral and
   exploration rights to property located in the Dugway region of western
   Utah, southern Uruguay and Brazil. All exploration costs associated with
   these properties have been charged to operations as incurred, consistent
   with the Company's accounting policies.  No development costs have been
   capitalized on these properties through July 31, 2004.


NOTE 5   PROPERTY AND EQUIPMENT

   Property and equipment at July 31, 2004 is as follows:

        Cost
           Furniture and equipment              $119,954
           Transportation equipment              146,977
           Leasehold improvements                  3,201
                                                --------
              Total cost                         270,132
        Accumulated depreciation and
         Amortization                            247,184
                                                --------
              Net property and equipment        $ 22,948
                                                ========


NOTE 6 - 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 from the
   Company to the subsidiaries.  As of July 31, 2004, the Company had
   receivables from these companies of $513,936, $3,143,923 and $270,360,
   respectively.  All intercompany transactions have been eliminated in
   consolidation.

   In April 2000 the Company president exercised options to purchase
   800,000 shares of common stock at $.1875 per share. The shares were
   purchased with a non-interest bearing promissory note in the amount of
   $150,000.  The note was due on January 18, 2004.  The note was not paid
   per the terms of the agreement and consequently the $150,000 balance of
   the note was removed and the issuance of the 800,000 was rescinded.
                                13
<PAGE>
               GOLD STANDARD, INC. AND SUBSIDIARIES
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          July 31, 2004
                           (Unaudited)



NOTE 7   STOCKHOLDERS' EQUITY

   In May 2003, the Company approved an eight for one stock split which
   increased the common stock from 1,269,858 shares issued and outstanding
   to 10,158,864 shares issued and outstanding.  The par value remained
   unchanged at $0.001 per share with 100,000,000 shares of common stock
   authorized.  All share information and per share data have been
   retroactively restated for all periods presented to reflect the stock
   split.

   On December 19, 2003, the Company entered into a Stock Purchase
   Agreement with FCMI Financial Corporation (FCMI).  FCMI purchased
   1,100,000 shares of common stock with a $.001 par value for $250,000.
   The Company is subject to certain representations and warranties as
   provided by the Stock Purchase Agreement.


NOTE 8   NONCOMENSATORY STOCK WARRANTS

   On January 30, 2004, the Company issued warrants to outside Board of
   Directors as continued inducement of these parties to serve in the
   capacities in which they presently serve the Company.  Unexercised
   warrants aggregate 580,000 shares at July 31, 2004.  They carry a
   weighted average price of $.22 per share and have a weighted average
   remaining life of 3.42 years.


NOTE 9 - INCOME TAXES

   The Company has significant net operating loss and net capital loss
   carry forwards which 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.  There are no other
   timing differences which arise from recognizing income and expense in
   different periods for financial and tax reporting purposes.

                                14
<PAGE>
               GOLD STANDARD, INC. AND SUBSIDIARIES
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          July 31, 2004
                           (Unaudited)


NOTE 9 - INCOME TAXES (Continued)

   The Company has federal net operating losses of $5,100,000 which expire
   in the years 2004 through 2023.  State net operating losses total
   $1,680,000 and expire in the years 2009 through 2018.


NOTE 10   CONCENTRATION OF CREDIT RISK

   The Company maintains substantially all cash balances with various
   financial institutions located in the State of Utah. Accounts at the
   financial institutions are insured by the Federal Deposit Insurance
   Corporation up to $100,000 per institution.  At times the Company's cash
   in its bank exceeds the federally insured limits.


NOTE 11   SEGMENT INFORMATION

   The Company applies Statement of Financial Accounting Standards No. 131,
   Disclosures about Segments of an Enterprise and Related Information
   (SFAS No. 131).  This standard establishes standards for reporting
   information about operating segments in annual financial statements,
   selected information about operating segments in interim financial
   reports and disclosures about products and services, geographic areas
   and major customers.  This standard requires the Company to report
   financial information on the basis that is used internally for
   evaluating segment performance and deciding how to allocate resources to
   segments.

   The Company's only activity and, therefore, dominant business segment,
   is gold exploration and development.

   The Company had no revenues during the period ended July 31, 2004.  The
   following presents property and equipment, net of accumulated
   depreciation and amortization, based on the location of the asset:

                       United States       $   835
                       South America        22,113
                                           -------
                                           $22,948
                                           =======
                                15
<PAGE>
ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
     RESULTS OF OPERATIONS

   INTRODUCTION

   The Company's business involves acquiring, exploring and, if warranted,
developing gold mineralized properties.  Presently, the Company is conducting
only exploration activities.


   RESULTS AND PLAN OF OPERATIONS

   No revenue was generated by Company operations during the three and nine
months ended July 31, 2004 and 2003.

   The Company is focusing its exploration activities on its mineral
holdings in South America, primarily Brazil.  Exploration related expenses for
the three-month period ended July 31, 2004 were $55,682 compared to $86,323
for the three-month period ended July 31, 2003. Exploration related expenses
for the nine-month period ended July 31, 2004 were $203,962 compared to
$241,997 for the nine-month period ended July 31, 2003. The Company plans to
continue its present level of exploration activities on its Brazilian
properties.  The Company currently anticipates that exploration expenses will
continue at the level experienced in the first nine months for the remainder
of the current year.

   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 in December, 2003.  The Company does not anticipate receiving a material
amount of operating revenue within the foreseeable future, and as such, the
current trend in losses from operations is expected to continue.  Future
operating losses will be funded through cash, cash equivalents and
certificates of deposit on hand.

   The most significant component of expenses which has contributed to the
Company's net operating losses is exploration, representing approximately 41%
of expenses for the three-month period ended July 31, 2004 and approximately
55% of expenses for the three-month period ended July 31, 2003.  Exploration
expenses have represented approximately 45% of expenses for the nine-month
period ended July 31, 2004 and approximately 52% of expenses for the nine-
month period ended July 31, 2003.   The Company's general and administrative
expenses, excluding legal expenses totaled $72,935 for the three-month period
ended July 31, 2004 compared to $64,026 for the three-month period ended July
31, 2003.  General and administrative expenses, excluding legal expenses
totaled $218,669 for the nine-month period ended July 31, 2004 compared to
$202,741 for the nine-month period ended July 31, 2003.   The most significant
general and administrative expense category during the nine-month period ended
July 31, 2004 was wages and salaries in the amount of $117,000 ($117,000 in
2003).  The balance of general and administrative expenses includes
professional fees, office supplies and expenses, office rent, travel, and
other items.  Expenses for the remaining three months of the year, with the
exception of professional and consulting fees, should remain close to level in
the first nine months of the year.  With completion of year-end accounting
services, professional and consulting fees should decrease considerably during
the remaining three months of the year.    The Company's management has been
conscientious in striving to control general and administrative expenses.  The
continuing stability of general and administrative costs is a positive
reflection on management's cost control efforts.  The Company has neither
long-term debt nor material capital commitments which would require
significant outlays of cash during the remainder of the year.

LIQUIDITY AND CAPITAL RESOURCES

   The Company anticipates its working capital at July 31, 2004 will be
sufficient to fund its projected exploration activities in Brazil and to
maintain a level of corporate operations comparable with the past year for
the remaining three months of the year.  However, developments may cause an
increase in expenses that may shorten the period in which the Company can
continue to operate without seeking additional funding.  The Company hopes to
increase its working capital through the sale of its available-for-sale
securities, but there is no assurance the Company will be successful in
completing such sale or that it would realize the carrying value of its
available-for-sale securities upon a sale.  If the Company determines to
continue operations beyond that which can be supported with its current
working capital, it will need to obtain additional funding.  The Company has
no immediate plans to seek significant funding through additional equity
offerings or debt financing.

   Net cash flows used in operating activities were $438,563 for the nine
months ended July 31, 2004, compared to $454,976 for the comparable period in
2003.  Cash used by operations for the nine months ended July 31, 2004 and
2003 was used primarily in continued gold exploration activities in South
America.

   Net cash used in investing activities primarily used to fund property and
equipment purchases.  Net cash provided by financing activities for the nine
months ended July 31, 2004, when the Company obtained $250,000 from the sale
of its common stock.

   The Company's planned activities are dependent upon the Company's ability
to obtain adequate financing and there is no assurance that the Company will
generate any operating revenues in the near future or that any plans to raise
capital and fund operations will be successful.

   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 operating revenue.  Lower interest rates and higher gold
prices enhance the value of the Company's investments.

   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.
Management does not anticipate material increases in the inflation rate during
the immediate future.


   ENVIRONMENTAL RULES AND REGULATION

   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 the behalf of
Company.  The Company and its representatives may from time to time make
written or oral statements that are not "forward-looking," including
statements contained in this report and other filings with the Securities and
Exchange Commission and in reports to Company's stockholders.  Management
believes that all statements that express expectations and projections with
respect to future matters, as well as from developments beyond 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 types
or mix of business in which 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 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; and 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 is 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.

     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
effective in timely alerting them to material information required to be
included in our periodic Securities and Exchange Commission reports.  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.

                        PART II - OTHER INFORMATION

Item 1.   Legal Proceedings.

     None; not applicable.

Item 2.   Changes in Securities.

     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 and Reports on Form 8-K.

     (a) Exhibits.

         31.1 302 Certification of Scott L. Smith

         31.2 302 Certification of Bret C. Decker

         32 906 Certification

     (b) Reports on Form 8-K.

         None.

<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: 9/14/2004                          By:/s/Scott L. Smith
      ---------                             ------------------------
                                            Scott L. Smith
                                            President and Chief Financial
                                            Officer and Director

Date: 9/14/2004                          By:/s/Bret C. Decker
      ---------                             ------------------------
                                            Bret C. Decker, Secretary