N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number: 811-04316

MIDAS FUND, INC.

(Exact name of registrant as specified in charter)

11 Hanover Square, 12th Floor New York, NY	10005
(Address of principal executive offices)	(Zip Code)

John F. Ramírez, Esq.

Midas Fund, Inc.

11 Hanover Square

New York, NY 10005

(Name and address of agent for service)

Registrant's telephone number, including area code: 1-212-480-6432

Date of fiscal year end: 12/31

Date of reporting period: 9/30/10

Item 1.  Schedule of Investments

MIDAS FUND, INC.

SCHEDULE OF PORTFOLIO INVESTMENTS

September 30, 2010

(Unaudited)

Common Stocks (101.92%)
Shares			Cost		Value
		Major Precious Metals Producers (38.37%)
	100,000	AngloGold Ashanti Ltd. ADR (a)	$	4,479,423	$	4,624,000
	150,000	Barrick Gold Corp. (b)		6,187,628		6,943,500
	40,000	Freeport-McMoRan Copper & Gold Inc.		3,144,988		3,415,600
	291,453	Fresnillo plc (b)		587,289		5,704,139
	90,000	Goldcorp Inc.		3,796,193		3,916,800
	170,000	Impala Platinum Holdings Ltd. (b)		5,222,170		4,387,537
	319,370	Kinross Gold Corp. (a)		6,409,639		6,000,962
	263,291	Newcrest Mining Ltd. (a) (b)		4,550,229		10,113,144
				34,377,559		45,105,682
		Intermediate Precious Metals Producers (22.79%)
	919,000	Aquarius Platinum Ltd.		6,288,475		4,932,420
	375,000	Centerra Gold Inc. (b)		3,858,624		6,068,139
	850,000	Golden Star Resources Ltd. (a) (c)		3,999,471		4,199,000
	575,000	Northam Platinum Ltd.		1,552,969		3,791,671
	30,000	Randgold Resources Ltd.  ADR		2,403,978		3,043,800
	240,000	SEMAFO Inc. (c)		1,995,720		2,274,017
	300,000	Silvercorp Metals, Inc. (b)		1,941,192		2,484,000
				22,040,429		26,793,047
		Junior Precious Metals Producers (24.48%)
	200,000	Alamos Gold Inc. (b)		2,506,500		3,419,603
	135,000	Aurizon Mines Ltd. (a) (c)		787,838		936,900
	2,100,000	Avocet Mining PLC (c)		3,548,756		5,567,680
	600,000	CGA Mining Ltd. (a) (c)		895,814		1,602,574
	1,000,000	Great Basin Gold Ltd. (a) (c)		2,816,753		2,449,968
	800,000	Jaguar Mining, Inc. (c)		3,972,073		5,199,981
	15,700	Kirkland Lake Gold, Inc. (c)		122,706		132,689
	200,000	Minefinders Corporation Ltd. (b) (c)		2,142,792		1,962,000
	350,000	New Gold Inc. (a) (c)		1,992,375		2,355,500
	1,700,000	Northgate Minerals Corp. (a) (c)		4,869,660		5,151,000
				23,655,267		28,777,895
		Exploration and Project Development Companies (11.86%)
	250,000	Corvus Gold Inc. (a) (c)		290,236		207,145
	85,000	Detour Gold Corp. (b) (c)		1,266,311		2,462,543
	500,000	Geomark Exploration Ltd. (c)		174,406		511,771
	500,000	International Tower Hill Mines Ltd. (a) (c)		2,657,727		3,140,000
	37,699	Ivanhoe Nickel & Platinum Ltd. (c) (d)		0		0
	600,000	Northern Dynasty Minerals Ltd. (a) (c)		7,605,098		5,106,000
	150,000	Osisko Mining Corp. (c)		2,013,060		2,142,126
	81,600	Sabina Gold & Silver Corp. (c)		272,025		376,242
				14,278,863		13,945,827
		Other Natural Resources Companies (4.42%)
	6,815,000	Farallon Resources Ltd. (c)		4,812,369		2,956,256
	445,000	Forsys Metals Corp. (c)		2,112,343		849,950
	550,000	Mercator Minerals Ltd. (a) (c)		2,891,248		1,383,243
				9,815,960		5,189,449
Total common stocks				104,168,078		119,811,900
Warrants (0.48%) (c)
Units
	100,000	Kinross Gold Corp., expiring 9/07/11		-		131,210
	142,900	Kinross Gold Corp., expiring 9/03/13		577,052		397,003
	7,150	Kinross Gold Corp., expiring 9/17/14		-		30,667
Total warrants				577,052		558,880
Bullion Ounces (0.01%)
	10	Gold (c)		9,643		13,088
Securities held as Collateral on Loaned Securities (12.19%)
	14,330,067	State Street Navigator Securities Lending Prime Portfolio		14,330,067		14,330,067
Total investments (114.60%)			$	119,084,840		134,713,935
Liabilities in excess of other assets (-14.60%)						(17,166,304	)
Net assets (100.00%)					$	117,547,631
(a) All or a portion of this security was on loan. As of September 30, 2010, the value of securities and related collateral outstanding was $14,285,716 and $14,330,067, respectively.
(b) Fully or partially pledged as collateral on bank credit facility. As of September 30, 2010, the value of investments pledged as collateral was $39,193,029.
(c) Non-income producing.
(d) Illiquid and/or restricted security that has been fair valued.
ADR means "American Depositary Receipt."

Notes to Schedule of Portfolio Investments (Unaudited)

Valuation of Investments

Portfolio securities are valued by various methods depending on the primary market or exchange on which they trade. Most equity securities for which the primary market is the United State are valued at the official closing price, last sale price or, if no sales has occurred, at the closing bid price.  Most equity securities for which the primary market is outside the United States are valued using the official closing price or the last sale price in the principal market in which they are traded.  If the last sale price (on the local exchange) is unavailable, the last evaluated quote or closing bid price normally is used.  Gold and silver bullion is valued at 4:00 p.m. ET, at the mean between the last bid and asked quotations of the Bloomberg Composite (NY) Spot Price for that metal. Debt obligations with r emaining maturities of 60 days or less are valued at cost adjusted for amortization of premiums and accretion of discounts. Certain of the securities in which the Funds may invest are priced through pricing services that may utilize a matrix pricing system which takes into consideration factors such as yields, prices, maturities, call features, and ratings on comparable securities. Bonds may be valued according to prices quoted by a bond dealer that offers pricing services. Open end investment companies are valued at their net asset value. Foreign securities markets may be open on days when the U.S. markets are closed. For this reason, the value of any foreign securities owned by the Fund could change on a day when stockholders cannot buy or sell shares of the Fund. Securities for which market quotations are not readily available or reliable and other assets may be valued as determined in good faith by the Investment Manager under the direction of and pursuant to procedures established by the Fund’s Bo ard of Directors. Due to the inherent uncertainty of valuation, these values may differ from the values that would have been used had a readily available market for the securities existed. These differences in valuation could be material. A security’s valuation may differ depending on the method used for determining value. The use of fair value pricing by the Fund may cause the net asset value of its shares to differ from the net asset value that would be calculated using market prices.

Fair Value Measurements

The Fund uses a three level hierarchy for fair value measurements based on the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. An investment in its entirety is assigned a level based upon the inputs which are significant to the overall valuation. The hierarchy of inputs is summarize d below.

·   Level 1 - quoted prices in active markets for identical investments.

·   Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

·   Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).

The inputs or methodology used for valuing investments are not an indication of the risk associated with investing in those investments.

The following is a summary of the inputs used as of September 30, 2010 in valuing the Fund’s assets and liabilities carried at fair value. Refer to the Schedule of Portfolio Investments for detailed information on specific investments.

	Level 1		Level 2		Level 3		Total
Assets
Common stocks	$	119,811,900	$	-	$	0	$	119,811,900
Warrants		558,880		-		-		558,880
Bullion ounces		13,088		-		-		13,088
Securities held as collateral on loaned securities
Money market fund		14,330,067		-		-		14,330,067
Total investments	$	134,713,935	$	-	$	0	$	134,713,935

There were no transfers into or from Level 1 and Level 2 by the Fund during the nine months ended September 30, 2010.

There were no Level 3 investment purchases, sales, settlements, transfers in/out, or changes in unrealized appreciation/depreciation for the nine months ended September 30, 2010, except as follows: the Fund’s sole Level 3 investment consisted of Ivanhoe Nickel & Platinum Ltd. with a fair vale of $ 0 as of September 30, 2010 and December 31, 2009, respectively.

Cost for Federal Income Tax Purposes

At September 30, 2010, for federal income tax purposes the cost of investments was $119,084,840 and net unrealized appreciation aggregated $15,629,095 comprised of gross unrealized appreciation of $26,164,786 and gross unrealized depreciation of $10,535,691.

Illiquid and Restricted Securities

The Fund owns securities which have a limited trading market and/or certain restrictions on trading and, therefore, may be illiquid and/or restricted. Such securities have been valued at fair value. Due to the inherent uncertainty of valuation, these values may differ from the values that would have been used had a readily available market for the securities existed. These differences in valuation could be material. Illiquid and/or restricted securities owned at September 30, 2010, were as follows:

	Acquisition
	Date	Cost			Value
Ivanhoe Nickel & Platinum Ltd., common stock	4/30/97	$	0		$	0
Percent of net assets			0.0	%		0.0	%

Securities Lending

The Fund may lend their securities to qualified financial institutions. The Fund receives compensation in the form of fees, or retains a portion of the interest on the investment in any cash received as collateral. The Fund receives as collateral cash deposits, U.S. Government securities, or bank letters of credit valued greater than the value of the securities on loan. Cash deposits are invested in a registered money market fund. The value of the loaned securities is determined based upon the most recent closing prices and any additional required collateral is delivered to the Fund on the next business day. Any increase or decrease in the value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund has the right under the l ending agreement to recover the securities from the borrower on demand. As with other extensions of credit, the Fund bears the risk of delay on recovery or loss of rights in the collateral should the borrower of the securities default. The value of loaned securities and related collateral outstanding at September 30, 2010 was $14,285,716 and $14,330,067, respectively.

Item 2.  Controls and Procedures

(a)   The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

(b)   There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits

(a)   Certifications of the registrant's principal executive officer and principal financial officer as required by Rule 30a-2(a) under the 1940 Act.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the 1940 Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Midas Fund, Inc.

By: /s/ Thomas B. Winmill

Thomas B. Winmill, President

Date: November 29, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the 1940 Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Thomas B. Winmill

Thomas B. Winmill, President

Date: November 29, 2010

By: /s/ Thomas O'Malley

Thomas O'Malley, Chief Financial Officer

Date: November 29, 2010

Exhibit Index

(a) Certifications of the registrant's principal executive and principal financial officer as required by Rule 30a-2(a) under the 1940 Act. (EX-99.CERT)

EX-99.CERT

EX-99.CERT

CERTIFICATIONS

I, Thomas B. Winmill, certify that:

1. I have reviewed this report on Form N-Q of Midas Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 29, 2010	/s/ Thomas B. Winmill
	Thomas B. Winmill President

I, Thomas O'Malley, certify that:

1. I have reviewed this report on Form N-Q of Midas Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 29, 2010	/s/ Thomas O'Malley
	Thomas O'Malley Chief Financial Officer