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:         July 31, 1998
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

        None                    NASDAQ and Pacific Stock Exchange
       ------                   ---------------------------------

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 4,674,375 shares of Registrant's common stock, $.001 par
value per share.


























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                    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




























                            July 31, 1998
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                  GOLD STANDARD, INC. AND SUBSIDIARIES
                       CONSOLIDATED BALANCE SHEETS
                    July 31, 1998 and October 31, 1997


                                         July 31, 1998      October 31, 1997
                                         -------------      ----------------
                                          (Unaudited)
      ASSETS

CURRENT ASSETS
   Cash and cash equivalents             $   2,188,164        $   3,231,441
   Certificates of deposit                   1,242,587            1,197,222
   Accounts receivable                         726,092                 -
   Accrued interest                              8,034                9,039
   Prepaid expenses                              3,316                6,844
                                         --------------       --------------
         TOTAL CURRENT ASSETS                4,168,193            4,444,546

PROPERTY AND EQUIPMENT
   Equipment and leasehold
     improvements                              145,120              206,465
                                         --------------       --------------
                                               145,120              206,465
OTHER ASSETS
   Securities available for sale                  -                 252,998
   Equity investment                           256,500                 -
   Deposits                                      1,120                3,404
                                         --------------       --------------
                                               257,620              256,402
                                         --------------       --------------
                                         $   4,570,933        $   4,907,413
                                         ==============       ==============

















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      LIABILITIES AND EQUITY

CURRENT LIABILITIES
   Accounts payable - trade             $        7,723        $      85,890
   Accrued liabilities                          29,386               29,434
   Income tax payable                              100                  300
                                         --------------       --------------
         TOTAL CURRENT LIABILITIES              37,209              115,624

STOCKHOLDERS' EQUITY
   Common stock                                  4,674                4,674
   Additional paid-in capital               13,193,952           13,529,951
   Unrealized holding gain (loss) on
     securities available for sale                -                   6,149
   Accumulated deficit                      (8,664,902)          (8,748,985)
                                         --------------       --------------
                                                                   (509,134)
         TOTAL STOCKHOLDERS' EQUITY          4,533,724            4,791,789
                                         --------------       --------------
                                         $   4,570,933        $   4,907,413
                                         ==============       ==============
           See accompanying notes to consolidated financial statements.




























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                  GOLD STANDARD, INC. AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF OPERATIONS
                   Three and nine month periods ended
                   July 31, 1998 and October 31, 1997

                         Three months ended       Nine months ended
                               July 31,               July 31,
                       ----------------------- -----------------------
                          1998        1997        1998        1997
                       (Unaudited) (Unaudited) (Unaudited) (Unaudited)
                       ----------- ----------- ----------- -----------
INCOME FROM OPERATIONS
  Royalty income         $    -     $    -     $      -     $      -

 EXPENSES
   Depreciation             11,770     12,547       35,310       37,640
   Leasehold exploration
     and carrying costs    252,238    312,529      724,203    1,023,396
   General and
    administrative:
      Legal                  6,870      1,428       27,278       10,148
      Other                 72,084     71,037      256,109      272,355
    NET LOSS FROM        ---------- ---------- ------------ ------------
       OPERATIONS         (342,962)  (397,541)  (1,042,900)  (1,343,539)

 OTHER INCOME (EXPENSES)
   Interest income          43,431     58,682      122,376      175,773
   Gain (loss) on disposal
      of assets               -          -            -          (9,969)
   Gain (loss) on exchange    -          -         (10,000)        -
   Gain (loss) from
      investments             -          -        (101,409)     (11,503)
                         ---------- ---------- ------------ ------------
                          (299,531)  (338,859)  (1,031,933)  (1,189,238)

NET LOSS MINORITY INTEREST    -          -            -         101,902
                         ---------- ---------- ------------ ------------
NET INCOME (LOSS)        $(299,531) $(338,859) $(1,031,933) $(1,087,336)
                         ========== ========== ============ ============



Net income (loss)
  per common share       $   (0.06) $   (0.02) $     (0.22) $     (0.06)
                         ========== ========== ============ ============
           See accompanying notes to consolidated financial statements.




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                  GOLD STANDARD, INC. AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF CASH FLOWS
                   Three and nine month periods ended
                   July 31, 1998 and October 31, 1997

                              Three months ended        Nine months ended
                                    July 31,                 July 31,
                            ----------------------- -------------------------
                               1998        1997        1998         1997
                            (Unaudited) (Unaudited) (Unaudited)  (Unaudited)
CASH PROVIDED BY (USED IN)  ----------- ----------- ------------ ------------
 OPERATING ACTIVITIES
  Net income (loss)         $ (299,531) $ (338,859) $(1,031,933) $(1,087,336)
   Add (deduct) adjustments
    to cash basis:
    Depreciation                11,770      12,547       35,310       37,640
    Net investment
      (gains) losses              -           -            -          11,503
    Net exchange adjustment       -           -         793,500         -
    Net loss -
     minority interest            -           -            -        (101,902)
    Decrease (increase) in:
     Accrued interest           (7,697)      6,362        1,005        6,799
     Prepaid expenses           (1,465)     (1,491)       3,528       (3,810)
    Deposits                      -           -           2,284          (50)
    Deferred costs                -         (2,012)        -         (13,043)
   Increase (decrease) in:
    Accounts payable            (5,830)     (4,606)     (64,757)     (34,870)
    Income tax payable            -           -             (50)        -
    Accrued liabilities              2        -            (198)        (625)
                            ----------- ----------- ------------ ------------ 
     NET CASH PROVIDED BY
     (USED IN) OPERATING
     ACTIVITIES               (302,751)   (328,059)    (261,311)  (1,185,694)
















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CASH USED IN INVESTMENT ACTIVITIES
 Decrease (increase)
  in certificates
  of deposits                  (27,430)       -         (45,365)        -
 Equipment purchased              -           -          (7,007)     (50,262)
   Decrease (increase) in
    of securities                 -           -         252,998         -
   Increase in equity
    investments                   -           -        (982,592)        -
   Disposal of assets             -           -            -          27,468
                            ----------- ----------- ------------ ------------ 
     NET CASH USED IN INVEST-
     INVESTMENT ACTIVITIES     (27,430)       -        (781,966)     (22,794)

NET INCREASE 
  (DECREASE) IN CASH          (330,181)   (328,059)  (1,043,277)  (1,208,488)

CASH BALANCE AT
  BEGINNING OF PERIOD        2,518,345   5,197,892    3,231,441    6,078,321
                            ----------- ----------- ------------ ------------ 
CASH BALANCE AT
  END OF PERIOD             $2,188,164  $4,869,833  $ 2,188,164  $ 4,869,833
                            =========== =========== ============ ============ 

























           See accompanying notes to consolidated financial statements.

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                 GOLD STANDARD, INC. AND SUBSIDIARIES
              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                  July 31, 1998 and October 31, 1997
                             (Unaudited)


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      The Company's accounting policies reflect industry practices and con-
   form 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, 1997, 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 July 31, 1998, have been made. All such adjustments were
   of a normal, recurring nature.

   Principles of Consolidation
   ---------------------------
      The accompanying consolidated financial statements at July 31, 1998,
   include the accounts of Gold Standard, Inc., and its wholly owned
   subsidiaries, Gold Standard South and Gold Standard Minas, 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 transactions are eliminated.

      Big Pony Gold, Inc., a 64.4% owned subsidiary as of October 31, 1997
   was included in the consolidation for that period. As of July 31, 1998 the
   Company's ownership interest in Big Pony Gold, Inc. had declined to 35%.
   The investment in Big Pony Gold, Inc. is accounted for under the equity
   method for periods beginning after October 31, 1997.

      Gold Standard South, a Utah corporation, was organized for the express
   purpose of carrying on a property acquisition and gold exploration program
   in the country of Uruguay. The Company is presently conducting exploration
   work in Uruguay at properties assigned to it by Big Pony Gold, Inc. In
   March, 1998. Gold Standard Minas was organized for the purpose of carrying
   on a gold exploration program in the country of Brazil.

   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.

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   As of July 31, 1998, there were no geological areas under production.


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

   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.

   Foreign Currency Translation
   ----------------------------
      Substantially all assets and liabilities of the Company's international
   operations are translated at year-end exchange rates and the resulting
   adjustments are accumulated in stockholders' equity. Income and expenses 
   are translated at exchange rates prevailing during the period. Foreign
   currency transaction gains and losses are included in net income, except 
   for those relating to intercompany transactions of a long-term investment 
   nature, which are accumulated in stockholders' equity.

NOTE 2 - SECURITIES AVAILABLE FOR SALE

      In February, 1996, the Company entered into a non-monetary transaction
   exchanging rights to diamond potential properties located in Brazil for
   100,000 shares of American Mineral Fields stock (AMZ) which was trading
   at $4.00 per share. This transaction resulted in a net gain to the 
   Company of $300,000 ($400,000 less $100,000 paid to three geologists as
   bonuses on the transaction).

      During 1998 the Company sold the last 49,000 shares of AMZ stock at
   a loss of $101,409. The Company realized a net gain on sales of all AMZ 
   shares since 1996 in the amount of $50,947.

NOTE 3 - 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



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   equipment is provided on the straight-line method using the estimated
   lives shown below:

NOTE 3 - EQUIPMENT AND LEASEHOLD IMPROVEMENTS (Continued)

                                                   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.

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).

      The Company's leasehold exploration and carrying expenses for the
   three month period ended July 31, 1998 are summarized as follows:

                       Uruguay       $  94,147
                       Brazil          158,091
                                     ---------
                       Total         $ 252,238


NOTE 5 - EQUITY INVESTMENT

      Due to a number of considerations the Company's subsidiary Big Pony
   Gold, Inc. changed business strategies this year and has left the
   mining industry to enter the motor sports industry.

      In order to improve the Company's position as creditor and investor,
   the Company has returned 750,000 of their 3,316,667 shares of Big Pony 
   Gold stock and has received assignment of all the equipment and mineral
   rights held in Big Pony's name in Uruguay. As a result of this trans-
   action and the purchase of 3,000,000 shares of Big Pony Gold by other 
   investors, the Company's ownership interest in Big Pony Gold has been 
   reduced to 35%. The consolidated accounting method no longer applies to
   Big Pony Gold and the Company now carries its investment under the 
   equity method of accounting.  This change has resulted in an adjustment
   to shareholders' equity of $793,500.


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NOTE 6 - CAPITAL STOCK

      On March 2, 1998 the board of directors of the Company approved a one
   for four reverse stock split affecting all of the Company's common stock.
   The split was effected in order to meet NASDAQ's new listing require-
   ments. The split reduced the number of outstanding shares from 18,697,500 
   to 4,674,375. Par value after the split remained at $.001 per share 
   resulting in an adjustment on the balance sheet between common stock and 
   additional paid in capital of $14,024. This split has been shown for all 
   periods.

NOTE 7 - 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 1,275,000 shares at
   July 31, 1998. They carry a weighted average price of $1.50 per share and
   have a weighted average remaining life of two years.

NOTE 8 - 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 periods 
   ended July 31, 1998 and October 31, 1997 are as follows:

                           July 31,         October 31,
                             1998               1997
      Net loss            ------------      ------------
        As reported       $(1,031,933)      $(1,595,868)
        Pro forma         $(1,031,933)      $(1,595,868)

      Loss per share
        As reported              (.22)             (.34)
        Pro forma                (.22)             (.34)

      The pro forma effect on net loss for 1997 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.

NOTE 8 - WARRANTS ISSUED AS COMPENSATION (Continued)

      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; 


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   (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:

                                  July 31,               October 31,
                                    1998                    1997
                              ------------------     ------------------
                                           Avg.                   Avg.
                                        Exercise               Exercise
                              Shares      Price      Shares      Price
                              -------   --------     -------   --------
      Warrants outstanding
         beginning of period  225,000     $1.25      225,000     $1.25
            Granted              -          -           -          -
            Exercised            -          -           -          -  
            Canceled or expired  -          -           -          -  
      Warrants outstanding
         and exercisable,
         end of period        225,000     $1.25      225,000     $1.25


      The following table summarizes information about stock warrants
   outstanding and exercisable at July 31, 1998 and October 31, 1997:

                Exercise Price     Shares      Life
                --------------     -------     ----
                     $1.00          25,000      .2 yr
                      1.25         175,000     1.8
                      1.50          25,000     4.5
                                   -------
                                   225,000


NOTE 9 - RELATED PARTY TRANSACTIONS

      The Company has funded the majority of the operations of its
   subsidiaries Gold Standard South and Gold Standard Minas, and its former
   subsidiary Big Pony Gold, Inc. with unsecured non-interest bearing long 
   term cash advances. As of July 31, 1998, the Company had receivables 
   from these companies of $628,431, $1,260,806 and $726,092, respectively. 
   With the exception of the $726,092 advance to Big Pony Gold, all 
   intercompany transactions have been eliminated in consolidation.

      On March 14, 1996, the Company acquired 750,000 shares of the common
   stock of its subsidiary Big Pony Gold, Inc. in exchange for cancellation



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   of $10,000 in debt owed by the subsidiary to the Company and transfer by 
   the Company of all its interest in certain mineral rights and assets 
   pursuant to the cancellation of a joint venture agreement. These 
   properties were returned to the Company In March 1998 (see Note 5)

      In 1997, the Company converted cash advances to Gold Standard Minas,
   to equity in the amount of $817,652.

NOTE 10 - COMMITMENTS

      To guarantee future reclamation commitments in Uruguay, the Company
   has obtained a standby letter of credit in the amount of $1,000,000.  No 
   amounts had been drawn on this line as of July 31, 1998.

      A similar letter of credit under similar terms, in the amount of
   $100,000 has been obtained to guarantee commitments in Paraguay.  No 
   amounts had been drawn against the line as of July 31, 1998.

NOTE 11 - INCOME TAXES

      The Company has significant net operating loss and net capital loss
   carryforwards 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 carryforwards
   and investment tax credits at July 31, 1998 are detailed in the following
   summary:

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

      October 31, 1998     $     --      $    15,927     $    --
      October 31, 1999           --          674,075          --
      October 31, 2000           --             --         150,056
      October 31, 2002           --             --          18,503
      October 31, 2003      1,440,772           --            --
      December 31, 2003         1,391           --            --
      October 31, 2004        675,277           --            --
      December 31, 2004       332,153           --            --
      October 31, 2005      1,106,261           --            --
      December 31, 2005       408,740           --            --
      October 31, 2006        762,506           --            --
      October 31, 2007        568,726           --            --
      October 31, 2008         16,027           --            --


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      October 31, 2009        673,421           --            --
      October 31, 2010        185,357        185,057          --
      October 31, 2011        241,032        240,932          --
      October 31, 2012        790,574        790,274          --
                           ----------    -----------     ---------
                           $7,202,237    $ 1,906,265     $ 168,559

NOTE 12 - LITIGATION

      In 1986, the Company filed a lawsuit against American Barrick 
   Resources Corporation, Getty Oil Company, and Texaco, relative to party's
   interest on the Mercur gold mine located in Tooele County, Utah. The 
   lawsuit alleges breach of contract, breach of fiduciary duty and several
   other causes of action related to the operating agreement between the 
   Company and the defendants or their successors in interest to the Mercur 
   gold mine. Under the action, the Company sought the return of the Mercur 
   property, monetary damages and other appropriate relief.

      In April, 1993, the Company accepted an out-of-court cash settlement
   with American Barrick Resources Corporation, one of the defendants in
   the action, for a net of $5,225,000.

      The lawsuit against the other defendants went to trial in July, 1993.
   Following a seven week trial, the jury returned a verdict in favor of 
   the Company on September 3, 1993, and awarded the Company $404,164,000
   in damages. Subsequently, the judge set aside the jury verdict, thereby 
   denying the Company the jury's award. The Company appealed the judge's 
   decision to the Supreme Court of the State of Utah. On January 11, 1996, 
   the Supreme Court announced its decision to uphold the trial judge's 
   directed verdict for the defendants in the case. As a result of the un-
   successful appeal, in April 1998 the Company paid $58,000 in court costs.

      In May, 1996, the Company was notified that a Writ of Reconsideration
   filed with the Utah Supreme Court was denied. The Company has decided to
   no longer continue its efforts in the lawsuit.


Item 2.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations.
          -------------------------------------------------


                                INTRODUCTION

      Gold Standard, Inc. and its subsidiaries (the Registrant) are princi-
   pally engaged in the acquisition, exploration, and if warranted, develop-
   ment of producing or potentially productive gold properties.  Its 
   activities are concentrated, for the most part, in Uruguay, Brazil and
   Paraguay.

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      A significant factor  effecting the Registrant's operations for years 
   was its lawsuit against the operators and former operators of the Mercur 
   Gold Mine in Tooele County, Utah.  A January, 1996 ruling against the 
   Registrant, and a subsequent denial for reconsideration has ended the 
   Registrant's efforts in the case.

                            RESULTS OF OPERATIONS

      No revenue was generated through operations by the Registrant during 
   the three and nine month periods ended July 31, 1998 and it is not ex-
   pected that any operating revenue will be generated during 1998.  For 
   several years the Registrant was a partner in joint ventures in mining
   properties in Uruguay.  Royalty revenue was received from these proper-
   ties in 1996 and 1995.  At the present time all joint ventures have been
   dissolved.

      The Registrant's operating activities have been solely exploration
   related and have been concentrated on their Uruguay, Brazil, and 
   Paraguay.  Exploration related expenses for the nine month period ended 
   July 31, 1998 were $724,203 ($1,023,396 for the nine month period ended 
   July 31, 1997). Exploration costs incurred during the nine month period 
   ended July 31, 1998 are summarized as follows:

                        Uruguay        $  114,262
                        Brazil            603,858
                        Paraguay            6,083
                                        ----------
                                        $  724,203
                                        ==========

      Exploration expenses have been higher in 1998 than in 1997 at the
   Registrant's properties in Brazil.  This exploration activity is being
   conducted by the Registrant's subsidiary, Gold Standard Minas, S.A. 
   Prior to March, 1998, the Registrant's exploration activities at its 
   properties in Uruguay were being conducted through its subsidiary, Big 
   Pony Gold.  All rights to these properties have since been transferred
   to the Registrant and exploration activities are ongoing.

      The Registrant's general and administrative expenses, excluding legal
   expenses totaled $256,109 for the nine month period ended July 31, 1998
   ($272,355 for the nine month period ended July 31, 1997).  The two most
   significant general and administrative expense categories during the nine
   month period ended July 31, 1998 were (a) professional and consulting 
   fees $63,638 ($82,409 in 1997) and (b) wages and salaries $107,000 
   ($104,096 in 1997).   The balance of general and administrative expenses 
   includes office supplies and expenses, office rent, travel, etc.




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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 material capital commitments or agreements which
   would require significant outlays of capital during the remaining three
   months of the year.

      Expenses in the remaining three months of 1998 should remain close to 
   the level during in the first nine 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 and increased production 
   from its properties.

                               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 administra-
   tive 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
   $1,000,000 which is pledged as security against future potential reclama-
   tion costs of mineral properties under exploration in Uruguay. A similar 
   $100,000 letter of credit has been pledged as security for operations 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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                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 July 31, 1998.

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

























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                        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    10 September 1998          By:/s/ Scott L. Smith



                           Exhibit Index
                           -------------

Exhibit No.      Description
-----------      -----------

   27            Financial Data Schedule.