UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K/A
 (Amendment No.1)
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the Fiscal Year Ended December 31, 2009
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission File Number 000-53764
 SUPERFUND GOLD, L.P.
  DELAWARE
    
    98-0574019 (Series A); 98-0574020 (Series B)(State or other jurisdiction of 
incorporation or organization)
    
    (IRS Employer Identification Number)
 SUPERFUND OFFICE BUILDINGP.O. BOX 1479GRAND ANSEST. GEORGES, GRENADAWEST INDIES
    
    Not applicable(Address of principal executive offices)
    
    (Zip Code)
 (473) 439-2418
 None
  Units of Limited Partnership Interest
  o þ
  o þ
  þ o
  o o
 o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ(do not check if a smaller reporting company)
  o þ
  Not applicable.




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##### 



EXPLANATORY NOTE
   2




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##### 



Item 9A. Controls And Procedures.
 Controls and Procedures
  Changes in Internal Control over Financial Reporting
  Managements Annual Report on Internal Control over Financial Reporting
  
 
 
     3




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##### 



Item 15. Exhibits, Financial Statement Schedules.
 (a)
    
    The Following documents are filed as part of this report:
 (1)
    
    Financial Statements beginning on page 7 hereof.(2)
    
    Financial Statement Schedules:
  (3)
    
    Exhibits as required by Item 601 of Regulation S-K.The following exhibits are included herewith.
 ExhibitNumber
    
    Description of Document31.1
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer31.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer32.1
    
    Section 1350 Certification of Principal Executive Officer32.2
    
    Section 1350 Certification of Principal Financial Officer
  3.02
    
    Form of Second Amended and Restated Limited Partnership Agreement of the Registrant.10.02
    
    Form of Subscription Agreement.
  3.01
    
    Certificate of Limited Partnership of the Registrant.10.01
    
    Form of Administration Agreement between the Registrant and the Administrator.
 4




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##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
     
 5




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##### 



SUPERFUND GOLD, L.P.
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2009 and December 31, 2008
 December 31, 2009
    
    
    December 31, 2008ASSETSUS Government securities, at fair value,
(amortized cost $5,999,748 as of December 31, 2009)$
    5,999,748
    
    
    $
    Due from brokers
    
    
    6,301,154
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    81,845
    
    
    
    Cash
    
    
    2,672,099
    
    
    
    4,000Total assets
    
    
    15,054,846
    
    
    
    4,000LIABILITIESUnrealized depreciation on open forward contracts
    
    
    154,871
    
    
    
    Futures contracts purchased
    
    
    818,974
    
    
    
    Futures contracts sold
    
    
    7,812
    
    
    
    Subscriptions received in advance
    
    
    1,864,130
    
    
    
    Redemptions payable
    
    
    9,890
    
    
    
    Management fees payable
    
    
    22,891
    
    
    
    Fees payable
    
    
    22,346
    
    
    
    Total liabilities
    
    
    2,900,914
    
    
    
    NET ASSETS
    
    $
    12,153,932
    
    
    $
    4,000
  6




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##### 



SUPERFUND GOLD, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2009
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 25, 2010
(amortized cost $5,999,748), securities are held in margin
accounts as collateral for open futures and forwards$
    6,000,000
    
    
    
    49.4
    %
    
    $
    5,999,748Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.7
    
    
    
    81,845Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.7
    
    
    
    81,845Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (1.3
    )
    
    
    (154,871
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.3
    )
    
    
    (154,871
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.6
    )
    
    
    (73,026
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    (0.8
    )
    
    
    (96,686
    )Energy
    
    
    
    
    
    
    0.5
    
    
    
    57,516Financial
    
    
    
    
    
    
    (0.8
    )
    
    
    (93,811
    )Food & Fiber
    
    
    
    
    
    
    1.3
    
    
    
    152,043Indices
    
    
    
    
    
    
    2.1
    
    
    
    257,035Metals104 contracts of CMX Gold expiring February 2010
    
    
    
    
    
    
    (8.8
    )
    
    
    (1,069,890
    )Other
    
    
    
    
    
    
    (0.2
    )
    
    
    (25,181
    )Total Metals
    
    
    
    
    
    
    (9.0
    )
    
    
    (1,095,071
    )Total futures contracts purchased
    
    
    
    
    
    
    (6.7
    )
    
    
    (818,974
    )Futures contracts soldEnergy
    
    
    
    
    
    
    0.0
    *
    
    
    (5,650
    )Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (17,813
    )Indices
    
    
    
    
    
    
    0.0
    *
    
    
    (3,170
    )Livestock
    
    
    
    
    
    
    (0.1
    )
    
    
    (9,190
    )Financial
    
    
    
    
    
    
    0.2
    
    
    
    28,011Total futures contracts sold
    
    
    
    
    
    
    (0.1
    )
    
    
    (7,812
    )Total futures contracts, at fair value
    
    
    
    
    
    
    (6.8
    )
    
    
    (826,786
    )Futures and forward contracts by country compositionAustralian
    
    
    
    
    
    
    0.1
    
    
    
    17,853European Monetary Union
    
    
    
    
    
    
    (0.4
    )
    
    
    (45,043
    )Great Britain
    
    
    
    
    
    
    0.1
    
    
    
    14,810Japan
    
    
    
    
    
    
    0.3
    
    
    
    37,973United States
    
    
    
    
    
    
    (7.8
    )
    
    
    (953,468
    )Other
    
    
    
    
    
    
    0.2
    
    
    
    28,063Total futures and forward contracts by country
    
    
    
    
    
    
    (7.4
    )%
    
    $
    (899,812
    )
 
 *
    
    Due to rounding  7




---



##### 



SUPERFUND GOLD, L.P.
STATEMENT OF OPERATIONS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009
 Investment income,interest
    
    $
    3,801Total income
    
    $
    3,801ExpensesIncentive fee
    
    
    55,524Brokerage commissions
    
    
    178,170Management fees
    
    
    139,136Selling commission
    
    
    91,937Operating expenses
    
    
    46,379Other
    
    
    2,369Total expenses
    
    
    513,515Net investment loss
    
    
    (509,714
    )Realized and unrealized gain (loss) on investmentsNet realized gain on futures
and forward contracts
    
    
    1,608,470Net change in unrealized depreciation
on futures and forward contracts
    
    
    (899,812
    )Net gain on investments
    
    
    708,658Net increase in net assets from operations
    
    $
    198,944
  8




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##### 



SUPERFUND GOLD, L.P.
STATEMENT OF CHANGES IN NET ASSETS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009
 2009Increase in net assets from operationsNet investment loss
    
    $
    (509,714
    )Net realized gain on futures and forward contracts
    
    
    1,608,470Net change in unrealized depreciation on futures and
forward contracts
    
    
    (899,812
    )Net increase in net assets from operations
    
    
    198,944Capital share transactionsIssuance of shares
    
    
    11,993,334Redemption of shares
    
    
    (38,346
    )Redemption of non unitized capital balance
    
    
    (4,000
    )Net increase in net assets from capital share transactions
    
    
    11,950,988Net increase in net assets
    
    
    12,149,932Net assets, beginning of period
    
    
    4,000Net assets, end of period
    
    $
    12,153,932
  9




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##### 



SUPERFUND GOLD, L.P.
STATEMENT OF CASH FLOWS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009
 Cash flows from operating activitiesNet increase in net assets from operations
    
    $
    198,944Adjustments to reconcile net increase in net assets from
operations to net cash used in operating activities:Changes in operating assets and liabilities:Purchases of U.S. government securities
    
    
    (11,097,763
    )Sales and maturities of U.S. government securities
    
    
    5,100,000Amortization of discounts and premiums
    
    
    (1,985
    )Due from brokers
    
    
    (6,301,154
    )Unrealized appreciation on open forward contracts
    
    
    (81,845
    )Unrealized depreciation on open forward contracts
    
    
    154,871Futures contracts purchased
    
    
    818,974Futures contracts sold
    
    
    7,812Management fee
    
    
    22,891Fees payable
    
    
    22,346Net cash used in operating activities
    
    
    (11,156,909
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    13,857,464Redemptions of non unitized capital balance
    
    
    (4,000
    )Redemptions, net of redemption payable
    
    
    (28,456
    )Net cash provided by financing activities
    
    
    13,825,008Net increase in cash
    
    
    2,668,099Cash, beginning of year
    
    
    4,000Cash, end of year
    
    $
    2,672,099
  10




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##### 



SUPERFUND GOLD, L.P.  SERIES A
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2009 and December 31, 2008
 December 31, 2009
    
    
    December 31, 2008ASSETSUS Government securities, at fair value
(amortized cost $1,549,939 as of December 31, 2009)
    
    $
    1,549,939
    
    
    $
    Due from brokers
    
    
    1,794,485
    
    
    
    Cash
    
    
    1,739,581
    
    
    
    2,000Total assets
    
    
    5,084,005
    
    
    
    2,000LIABILITIESFutures contracts purchased
    
    
    278,229
    
    
    
    Futures contracts sold
    
    
    3,078
    
    
    
    Subscriptions received in advance
    
    
    1,355,500
    
    
    
    Management fees payable
    
    
    6,463
    
    
    
    Fees payable
    
    
    6,380
    
    
    
    Total liabilities
    
    
    1,649,650
    
    
    
    NET ASSETS
    
    $
    3,434,355
    
    
    $
    2,000Superfund Gold, L.P. Series A-1 Net Assets
    
    $
    2,524,291
    
    
    $
    Number of Units outstanding
    
    
    2,388.395
    
    
    
    Superfund Gold, L.P. Series A-1 Net Asset Value per
Unit
    
    $
    1,056.90
    
    
    $
    Superfund Gold, L.P. Series A-2 Net Assets
    
    $
    910,064
    
    
    $
    Number of Units outstanding
    
    
    818.846
    
    
    
    Superfund Gold, L.P. Series A-2 Net Asset Value per
Unit
    
    $
    1,111.40
    
    
    $
    
  11




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##### 



SUPERFUND GOLD, L.P.  SERIES A
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2009
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 25, 2010
(amortized cost $1,549,939), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    1,550,000
    
    
    
    45.1
    %
    
    $
    1,549,939Futures Contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    (0.4
    )
    
    
    (15,097
    )Energy
    
    
    
    
    
    
    (0.0
    )*
    
    
    (1,336
    )Financial
    
    
    
    
    
    
    (0.3
    )
    
    
    (8,773
    )Food & Fiber
    
    
    
    
    
    
    0.5
    
    
    
    18,003Indices
    
    
    
    
    
    
    0.5
    
    
    
    15,844Metals35 contracts of CMX Gold expiring February 2010
    
    
    
    
    
    
    (6.8
    )
    
    
    (263,040
    )Other
    
    
    
    
    
    
    (1.6
    )
    
    
    (23,830
    )Total Metals
    
    
    
    
    
    
    (8.4
    )
    
    
    (286,870
    )Total futures contracts purchased
    
    
    
    
    
    
    (8.1
    )
    
    
    (278,229
    )Futures Contracts SoldEnergy
    
    
    
    
    
    
    (0.0)
    *
    
    
    (780
    )Financial
    
    
    
    
    
    
    0.0
    *
    
    
    845Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (2,063
    )Livestock
    
    
    
    
    
    
    (0.0)
    *
    
    
    (1,080
    )Total futures contracts sold
    
    
    
    
    
    
    (0.1
    )
    
    
    (3,078
    )Total futures contracts, at fair value
    
    
    
    
    
    
    (8.2
    )
    
    
    (281,307
    )Futures contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    (0.4
    )
    
    
    (14,015
    )United States
    
    
    
    
    
    
    (8.1
    )
    
    
    (277,640
    )Other
    
    
    
    
    
    
    0.3
    
    
    
    10,348Total futures contracts by country
    
    
    
    
    
    
    (8.2
    )%
    
    $
    (281,307
    )
 
 *
    
    Due to rounding  12




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##### 



SUPERFUND GOLD, L.P.  SERIES A
STATEMENT OF OPERATIONS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009
 Investment income,interest
    
    $
    1,039Total income
    
    $
    1,039ExpensesIncentive fee
    
    
    55,524Management fee
    
    
    34,624Selling commission
    
    
    25,361Brokerage commissions
    
    
    19,190Operating expenses
    
    
    11,541Other
    
    
    294Total expenses
    
    
    146,534Net investment loss
    
    
    (145,495
    )Realized and unrealized gain (loss) on investmentsNet realized gain on futures
and forward contracts
    
    
    695,686Net change in unrealized depreciation
on futures and forward contracts
    
    
    (281,307
    )Net gain on investments
    
    
    414,379Net increase in net assets from operations
    
    $
    268,884Net increase in net assets from operations per Unit
(based upon weighted average number of Units
outstanding during period) for Series A-1
    
    $
    128.07Net increase in net assets from operations per Unit
(based upon change in net asset value per Unit during
period) for Series A-1
    
    $
    137.40Net increase in net assets from operations per Unit
(based upon weighted average number of Units
outstanding during period) for Series A-2
    
    $
    154.06Net increase in net assets from operations per Unit
(based upon change in net asset value per Unit during
period) for Series A-2
    
    $
    191.90
  13




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##### 



SUPERFUND GOLD, L.P.  SERIES A
STATEMENT OF CHANGES IN NET ASSETS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009
 Increase in net assets from operations:Net investment loss
    
    $
    (145,495
    )Net realized gain on futures and forward contracts
    
    
    695,686Net change in unrealized depreciation on futures
and forward contracts
    
    
    (281,307
    )Net increase in net assets from operations
    
    
    268,884Capital share transactionsIssuance of Units
    
    
    3,184,030Redemption of Units
    
    
    (18,559
    )Redemption of non unitized capital balance
    
    
    (2,000
    )Net increase in net assets from capital share transactions
    
    
    3,163,471Net increase in net assets
    
    
    3,432,355Net assets, beginning of period
    
    
    2,000Net assets, end of period
    
    $
    3,434,355Series A-1 Units, beginning of period
    
    
    Issuance of Series A-1 Units
    
    
    2,404.555Redemption of Units
    
    
    (16.160
    )Series A-1 Units, end of period
    
    
    2,388.395Series A-2 Units, beginning of period
    
    
    Issuance of Series A-2 Units
    
    
    818.846Redemption of Units
    
    
    Series A-2 Units, end of period
    
    
    818.846
  14




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##### 



SUPERFUND GOLD, L.P.  SERIES A
STATEMENT OF CASH FLOWS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009
 Cash flows from operating activitiesNet increase in net assets from operations
    
    $
    268,884Adjustments to reconcile net increase in net assets from
operations to net cash used in operating activities:Changes in operating assets and liabilities:Purchases of U.S. government securities
    
    
    (2,799,452
    )Sales and maturities of U.S. government securities
    
    
    1,250,000Amortization of discounts and premiums
    
    
    (487
    )Due from brokers
    
    
    (1,794,485
    )Futures contracts purchased
    
    
    278,229Futures contracts sold
    
    
    3,078Management fees payable
    
    
    6,463Fees payable
    
    
    6,380Net cash used in operating activities
    
    
    (2,781,390
    )Cash flows from financing activitiesSubscriptions, net of change in
subscriptions received in advance
    
    
    4,539,530Redemptions of non unitized initial capital balance
    
    
    (2,000
    )Redemptions, net of redemptions payable
    
    
    (18,559
    )Net cash provided by financing activities
    
    
    4,518,971Net increase in cash
    
    
    1,737,581Cash, beginning of period
    
    
    2,000Cash, end of period
    
    $
    1,739,581
  15




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##### 



SUPERFUND GOLD, L.P.  SERIES B
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2009 and December 31, 2008
 December 31, 2009
    
    
    December 31, 2008ASSETSUS Government securities, at fair value,
(amortized cost $4,449,809 as of December 31, 2009)
    
    $
    4,449,809
    
    
    $
    Due from brokers
    
    
    4,506,669
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    81,845
    
    
    
    Cash
    
    
    932,518
    
    
    
    2,000Total assets
    
    
    9,970,841
    
    
    
    2,000LIABILITIESUnrealized depreciation on open forward contracts
    
    
    154,871
    
    
    
    Futures contracts purchased
    
    
    540,745
    
    
    
    Futures contracts sold
    
    
    4,734
    
    
    
    Subscription received in advance
    
    
    508,630
    
    
    
    Redemptions payable
    
    
    9,890
    
    
    
    Management fees payable
    
    
    16,428
    
    
    
    Fees payable
    
    
    15,966
    
    
    
    Total liabilities
    
    
    1,251,264
    
    
    
    NET ASSETS
    
    $
    8,719,577
    
    
    $
    2,000Superfund Gold, L.P. Series B-1 Net Assets
    
    $
    6,268,561
    
    
    $
    Number of Units outstanding
    
    
    7,174.897
    
    
    
    Superfund Gold, L.P. Series B-1 Net Asset
Value per Unit
    
    $
    873.68
    
    
    $
    Superfund Gold, L.P. Series B-2 Net Assets
    
    $
    2,451,016
    
    
    $
    Number of Units outstanding
    
    
    2,763.500
    
    
    
    Superfund Gold, L.P. Series B-2 Net Asset
Value per Unit
    
    $
    886.92
    
    
    $
    
  16




---



##### 





SUPERFUND GOLD, L.P.  SERIES B
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2009


Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 25, 2010
(amortized cost $4,449,809), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    4,450,000
    
    
    
    51.0
    %
    
    $
    4,449,809Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.9
    
    
    
    81,845Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.9
    
    
    
    81,845Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (1.7
    )
    
    
    (154,871
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.7
    )
    
    
    (154,871
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.8
    )
    
    
    (73,026
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    (0.9
    )
    
    
    (81,589
    )Energy
    
    
    
    
    
    
    0.7
    
    
    
    58,852Financial
    
    
    
    
    
    
    (1.0
    )
    
    
    (85,038
    )Food & Fiber
    
    
    
    
    
    
    1.5
    
    
    
    134,040Indices
    
    
    
    
    
    
    2.8
    
    
    
    241,191Metals104 contracts of CMX Gold expiring February 2010
    
    
    
    
    
    
    (9.3
    )
    
    
    (806,850
    )Other
    
    
    
    
    
    
    (0.0
    )*
    
    
    (1,351
    )Total Metals
    
    
    
    
    
    
    (9.3
    )
    
    
    (808,201
    )Total futures contracts purchased
    
    
    
    
    
    
    (6.2
    )
    
    
    (540,745
    )Futures contracts soldEnergy
    
    
    
    
    
    
    (0.1
    )
    
    
    (4,870
    )Food & Fiber
    
    
    
    
    
    
    (0.2
    )
    
    
    (15,750
    )Indices
    
    
    
    
    
    
    (0.0
    )*
    
    
    (3,170
    )Livestock
    
    
    
    
    
    
    (0.1
    )
    
    
    (8,110
    )Financial
    
    
    
    
    
    
    0.3
    
    
    
    27,166Total futures contracts sold
    
    
    
    
    
    
    (0.1
    )
    
    
    (4,734
    )Total futures contracts, at fair value
    
    
    
    
    
    
    (6.3
    )
    
    
    (545,479
    )Futures and forward contracts by country compositionAustralian
    
    
    
    
    
    
    0.2
    
    
    
    17,853European Monetary Union
    
    
    
    
    
    
    (0.4
    )
    
    
    (31,028
    )Great Britain
    
    
    
    
    
    
    0.2
    
    
    
    14,810Japan
    
    
    
    
    
    
    0.4
    
    
    
    37,973United States
    
    
    
    
    
    
    (7.7
    )
    
    
    (675,828
    )Other
    
    
    
    
    
    
    0.2
    
    
    
    17,715Total futures and forward contracts by country
    
    
    
    
    
    
    (7.1
    )%
    
    $
    (618,505
    )





|  |  |                
|- |  | ---------------
|* |  | Due to rounding

17




---



##### 



SUPERFUND GOLD, L.P.  SERIES B
STATEMENT OF OPERATIONS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009
 Investment income,interest
    
    $
    2,762Total income
    
    $
    2,762ExpensesBrokerage commissions
    
    
    158,980Management fees
    
    
    104,512Selling commission
    
    
    66,576Operating expenses
    
    
    34,838Other
    
    
    2,075Total expenses
    
    
    366,981Net investment loss
    
    
    (364,219
    )Realized and unrealized gain (loss) on investmentsNet realized gain on futures
and forward contracts912,784Net change in unrealized depreciation
on futures and forward contracts(618,505
    )Net gain on investments
    
    
    294,279Net decrease in net assets from operations
    
    $
    (69,940
    )Net decrease in net assets from operations per Unit
(based upon weighted average number of Units
outstanding during period) for Series B-1
    
    $
    (14.49
    )Net decrease in net assets from operations per Unit
(based upon change in net asset value per Unit during
period) for Series B-1
    
    $
    (45.82
    )Net increase in net assets from operations per Unit
(based upon weighted average number of Units
outstanding during period) for Series B-2
    
    $
    1.06Net decrease in net assets from operations per Unit
(based upon change in net asset value per Unit during
period) for Series B-2
    
    $
    (32.58
    )
  18




---



##### 



SUPERFUND GOLD, L.P.  SERIES B
STATEMENT OF CHANGES IN NET ASSETS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009
 2009Decrease in net assets from operationsNet investment loss
    
    $
    (364,219
    )Net realized gain on futures and forward contracts
    
    
    912,784Net change in unrealized depreciation on futures and
forward contracts
    
    
    (618,505
    )Net decrease in net assets from operations
    
    
    (69,940
    )Capital share transactionsIssuance of shares
    
    
    8,809,304Redemption of shares
    
    
    (19,787
    )Redemption of non unitized capital balance
    
    
    (2,000
    )Net increase in net assets from capital share transactions
    
    
    8,787,517Net increase in net assets
    
    
    8,717,577Net assets, beginning of period
    
    
    2,000Net assets, end of period
    
    $
    8,719,577Series B-1 Units, beginning of period
    
    
    Issuance of Series B-1 Units
    
    
    7,174.897Redemption of Units
    
    
    Series B-1 Units, end of period
    
    
    7,174.897Series B-2 Units, beginning of period
    
    
    Issuance of Series B-2 Units
    
    
    2,786.537Redemption of Units
    
    
    (23.038
    )Series B-2 Units, end of period
    
    
    2,763.499
  19




---



##### 



SUPERFUND GOLD, L.P.  SERIES B
STATEMENT OF CASH FLOWS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009
 Cash flows from operating activitiesNet decrease in net assets from operations
    
    $
    (69,940
    )Adjustments to reconcile net decrease in net assets from
operations to net cash used in operating activities:Changes in operating assets and liabilities:Purchases of U.S. government securities
    
    
    (8,298,311
    )Sales and maturities of U.S. government securities
    
    
    3,850,000Amortization of discounts and premiums
    
    
    (1,498
    )Due from brokers
    
    
    (4,506,669
    )Unrealized appreciation on open forward contracts
    
    
    (81,845
    )Unrealized depreciation on open forward contracts
    
    
    154,871Futures contracts purchased
    
    
    540,745Futures contracts sold
    
    
    4,734Management fee
    
    
    16,428Fees payable
    
    
    15,966Net cash used in operating activities
    
    
    (8,375,519
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    9,317,934Redemptions of non unitized capital balance
    
    
    (2,000
    )Redemptions, net of redemption payable
    
    
    (9,897
    )Net cash provided by financing activities
    
    
    9,306,037Net increase in cash
    
    
    930,518Cash, beginning of year
    
    
    2,000Cash, end of year
    
    $
    932,518
  20




---



##### 



SUPERFUND GOLD, L.P.
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
 (1)
    
    Nature of OperationsOrganization and BusinessSuperfund Gold, L.P., a Delaware Limited Partnership (the Fund), commenced operations on April
1, 2009. The Fund was organized to trade speculatively in the United States and international
commodity futures and forward markets using a strategy developed by Superfund Capital
Management, Inc., the general partner and trading advisor of the Fund (Superfund Capital
Management). The Fund has issued two series of units of limited partnership interest
(Units), each with a subseries, Series A-1/A-2 and Series B-1/B-2 (each a Series). Series
A-1/A-2 and Series B-1/B-2 are traded and managed the same way, with the exception of the degree
of leverage.The term of the Fund commenced on the day on which the Certificate of Limited Partnership was
filed with the Secretary of State of the State of Delaware pursuant to the provisions of the
Delaware Revised Uniform Limited Partnership Act and shall end upon the first to occur of the
following: (i) receipt by Superfund Capital Management of an approval to dissolve the Fund at a
specified time by limited partners (each, a Limited Partner) owning Units representing more
than fifty percent (50%) of the outstanding Units of each Series then owned by Limited Partners
of each Series, notice of which is sent by certified mail return receipt requested to Superfund
Capital Management not less than 90 days prior to the effective date of such dissolution; (ii)
withdrawal, insolvency or dissolution of Superfund Capital Management or any other event that
causes Superfund Capital Management to cease to be the general partner of the Fund, unless (a)
at the time of each event there is at least one remaining general partner of the Fund who
carries on the business of the Fund (and each remaining general partner of the Fund is hereby
authorized to carry on the business of general partner of the Fund in such an event), or (b)
within 120 days after such event Limited Partners of a Series holding a majority of Units of
such Series agree in writing to continue the business of the Fund and such Series and to the
appointment, effective as of the date of such event, of one or more general partners of the Fund
and such Series; (iii) a decline in the aggregate net assets of each Series to less than
$500,000 at any time following commencement of trading in the Series; or (iv) any other event
which shall make it unlawful for the existence of the Fund to be continued or which requires
termination of the Fund.(2)
    
    Significant Accounting Policies
 (a)
    
    Basis of PresentationPursuant to rules and regulations of the Securities and Exchange Commission (SEC),
audited financial statements are presented for the Fund as a whole, as the SEC
regulates, and for Series A and Series B individually. The accompanying financial
statements and notes thereto have been amended from the financial statements originally
issued on March 31, 2010 to include financial statements and footnote totals for the
Fund as a whole. For the avoidance of doubt, the debts, liabilities, obligations and
expenses incurred, contracted for or otherwise existing with respect to a particular
Series shall be enforceable only against the assets of such Series and not against the
assets of the Fund generally or any other Series. Accordingly, the assets of one
Series of the Fund include only those funds and other assets that are paid to, held by
or distributed to the Fund on account of and for the benefit of that Series, including,
without limitation, funds delivered to the Fund for the purchase of Units in that
Series.(b)
    
    Valuation of Investments in Futures Contracts, Forward Contracts, and U.S Treasury BillsAll commodity interests (including derivative financial instruments and derivative commodity
instruments) are used for trading purposes. The commodity interests are recorded on a trade
date basis and open contracts are recorded in the statements of assets and liabilities at
fair value based upon market quotes on the last business day of the period. Exchange-traded
futures contracts are valued at settlement prices published by the recognized exchange. Any
spot and forward foreign currency contracts held by the Fund will be valued at published
settlement prices or at dealers quotes. The Fund uses the amortized cost method for
valuing the U.S. Treasury Bills due to the short term nature of such investments;
accordingly, the cost of securities plus accreted discount, or minus amortized premium,
approximates fair value.(c)
    
    Translation of Foreign CurrencyAssets and liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the period end exchange rates. Purchases and sales of investments, and income and
expenses that are denominated in foreign currencies are translated into U.S. dollar amounts
on the transaction date. Adjustments arising from foreign currency transactions are
reflected in the statements of operations.The Fund does not isolate that portion of the results of operations arising from the effect
of changes in foreign exchange rates on investments from fluctuations from changes in market
prices of investments held. Such fluctuations are included in net gain (loss) on investments
in the statements of operations.(d)
    
    Investment Transactions, Investment Income, and ExpensesInvestment transactions are accounted for on a trade-date basis. Interest income and
expenses are recognized on the accrual basis.
 21




---



##### 



(e)
    
    Income TaxesThe Fund does not record a provision for U.S. income taxes because the partners report their
share of the Funds income or loss on their returns. The financial statements reflect the
Funds transactions without adjustment, if any, required for income tax purposes.Superfund Capital Management has evaluated the application of Accounting Standards
Codification (ASC) 740 to the Fund, to determine whether or not there are uncertain tax
positions that require financial statement recognition. Based on this evaluation, the Fund
has determined no reserves for uncertain tax position are required to be recorded as a
result of the application of ASC 740. As a result, no income tax liability or expense has
been recorded in the accompanying financial statements. The Fund files federal and various
state tax returns. The 2009 tax year generally remains subject to examination by the U.S.
federal and most state tax authorities.(f)
    
    Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally
accepted in the U.S. requires Superfund Capital Management to make estimates and
assumptions that affect the amounts reported and disclosed in the financial statements.
Actual results could differ from those estimates.(g)
    
    Recently Issued Accounting PronouncementsASC 105.10.05In June 2009, the Financial Accounting Standards Board (FASB) issued FASB ASC 105.10.05,
Generally Accepted Accounting Principles(ASC 105.10.05). ASC 105.10.05 establishes FASB
ASC as the single source of authoritative generally accepted accounting principles (GAAP).
Pursuant to the provisions of ASC 105.10.05, the Fund has adopted 105.10.05 and updated
references to GAAP in its financial statements issued subsequent to September 15, 2009. The
adoption of ASC 105.10.05 did not have any impact on the Funds results of operations,
financial condition or cash flows.ASU 2010-06In January 2010, FASB issued Accounting Standards Update No. 2010-06 (ASU 2010-06),
Improving Disclosures about Fair Value Measurements, which, among other things, amends ASC
820 to require entities to separately present purchases, sales, issuances, and settlements
in their reconciliation of Level 3 fair value measurements (i.e. to present such items on a
gross basis rather than on a net basis), and which clarifies existing disclosure
requirements provided by ASC 820 regarding the level of disaggregation and the inputs and
valuation techniques used to measure fair value for measurements that fall within either
Level 2 or Level 3 of the fair value hierarchy. ASU 2010-06 is effective for interim and
annual periods beginning after December 15, 2009, except for the disclosures about
purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair
value measurements (which are effective for fiscal years beginning after December 15, 2010
and for interim periods within those fiscal years). Superfund Capital Management is
currently evaluating the impact of ASU 2010-06 on the Funds financial statements.(h)
    
    Fair Value MeasurementsThe Fund follows ASC 820, Fair Value Measurements(ASC 820). ASC 820 establishes a fair
value hierarchy that prioritizes the inputs to valuation techniques used to measure fair
value. The hierarchy gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (level 1 measurements) and the lowest priority
to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy
under ASC 820 are described below:
 Level 1
    
    Unadjusted quoted prices in active markets that are accessible at the measurement date for identical,
unrestricted assets or liabilities.Level 2
    
    Quoted prices in markets that are not considered to be active or financial instruments for which all significant
inputs are observable, either directly or indirectly.Level 3
    
    Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
 A financial instruments level within the fair value hierarchy is based on the lowest level
of any input that is significant to the fair value measurement. In determining fair value,
the Fund separates its financial instruments into two categories: U.S. government securities
and derivative contracts.U.S. Government Securities.The Funds only market exposure in instruments held other than
for trading is in its U.S. Treasury Bill portfolio. As the Fund uses the amortized cost
method for valuing its U.S. Treasury Bill portfolio, which approximates fair value, this
portfolio is classified within level 2 of the fair value hierarchy.Derivative Contracts.Derivative contracts can be exchange-traded or over-the-counter
(OTC). Exchange-traded
 22




---



##### 



BalanceDecember 31, 2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    5,999,748
    
    
    $
    
    
    
    $
    5,999,748
    
    
    $
    Unrealized
appreciation on
open forward
contracts
    
    
    81,845
    
    
    
    
    
    
    
    81,845
    
    
    
    Total Assets
Measured at Fair
Value
    
    $
    6,081,593
    
    
    $
    
    
    
    $
    6,081,593
    
    
    $
    
 23




---



##### 



BalanceDecember 31, 2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3LIABILITIESUnrealized
depreciation on open
forward contracts
    
    $
    154,871
    
    
    $
    
    
    
    $
    154,871
    
    
    $
    Futures contracts
purchased
    
    
    818,974
    
    
    
    818,974
    
    
    
    
    
    
    
    Futures contracts sold
    
    
    7,812
    
    
    
    7,812
    
    
    
    
    
    
    
    Total Liabilities
Measured at Fair
Value
    
    $
    981,657
    
    
    $
    826,786
    
    
    $
    154,871
    
    
    $
    
  BalanceDecember 31, 2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    1,549,939
    
    
    $
    
    
    
    $
    1,549,939
    
    
    $
    Total Assets
Measured at Fair
Value
    
    $
    1,549,939
    
    
    $
    
    
    
    $
    1,549,939
    
    
    $
    LIABILITIESFutures contracts
purchased
    
    $
    278,229
    
    
    $
    278,229
    
    
    $
    
    
    
    $
    Futures contracts
sold
    
    
    3,078
    
    
    
    3,078Total Liabilities
Measured at Fair
Value
    
    $
    281,307
    
    
    $
    281,307
    
    
    $
    
    
    
    $
    
 24




---



##### 



BalanceDecember 31, 2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    4,449,809
    
    
    $
    
    
    
    $
    4,449,809
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    81,845
    
    
    
    
    
    
    
    81,845
    
    
    
    Total Assets Measured at Fair Value
    
    $
    4,531,654
    
    
    $
    
    
    
    $
    4,531,654
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    154,871
    
    
    $
    
    
    
    $
    154,871
    
    
    $
    Futures contracts purchased
    
    
    540,745
    
    
    
    540,745
    
    
    
    
    
    
    
    Futures contracts sold
    
    
    4,734
    
    
    
    4,734
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    700,350
    
    
    $
    545,479
    
    
    $
    154,871
    
    
    $
    
 (3) Disclosure of derivative instruments and hedging activities
 Disclosures about Derivative Instruments and Hedging Activities
    25




---



##### 



As of December 31, 2009Long Positions Gross Unrealized
    
    
    
    
    
    
    
    
    
    
    Short Position Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gains (Losses) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeignExchange
    
    $
    47,241
    
    
    
    0.4
    
    
    $
    (99,908
    )
    
    
    (0.8
    )
    
    $
    34,604
    
    
    
    0.3
    
    
    $
    (54,963
    )
    
    
    (0.5
    )
    
    $
    (73,026
    )Currency
    
    
    31,920
    
    
    
    0.3
    
    
    
    (128,606
    )
    
    
    (1.1
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (96,686
    )Financial
    
    
    57,628
    
    
    
    0.5
    
    
    
    (151,439
    )
    
    
    (1.2
    )
    
    
    30,475
    
    
    
    0.3
    
    
    
    (2,464
    )
    
    
    (0.0)
    *
    
    
    (65,800
    )Food & Fiber
    
    
    163,661
    
    
    
    1.3
    
    
    
    (11,618
    )
    
    
    (0.1
    )
    
    
    175
    
    
    
    0.0
    *
    
    
    (17,988
    )
    
    
    (0.1
    )
    
    
    134,230Indices
    
    
    261,964
    
    
    
    2.2
    
    
    
    (4,929
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    (3,170
    )
    
    
    (0.0)
    *
    
    
    253,865Metals
    
    
    116,249
    
    
    
    1.0
    
    
    
    (1,211,320
    )
    
    
    (10.0
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,095,071
    )Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (9,190
    )
    
    
    (0.1
    )
    
    
    (9,190
    )Energy
    
    
    66,202
    
    
    
    0.5
    
    
    
    (8,686
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (5,650
    )
    
    
    (0.0)
    *
    
    
    51,866Totals
    
    $
    744,865
    
    
    
    6.2
    
    
    $
    (1,616,506
    )
    
    
    (13.3
    )
    
    $
    65,254
    
    
    
    0.6
    
    
    $
    (93,425
    )
    
    
    (0.7
    )
    
    $
    (899,812
    )
 
 *
    
    Due to rounding  Average
    
    
    Average
    
    
    Average value
    
    
    Average valuenumber of
    
    
    number of
    
    
    of Long
    
    
    of ShortLong Contracts
    
    
    Short Contracts
    
    
    Positions
    
    
    PositionsForeign Exchange
    
    
    18
    
    
    
    10
    
    
    $
    3,006
    
    
    $
    (29,509
    )
 Average
    
    
    Averagenumber of Long
    
    
    number ofContracts
    
    
    Short ContractsCurrency
    
    
    98
    
    
    
    33Financial
    
    
    463
    
    
    
    22Food & Fiber
    
    
    31
    
    
    
    44Indices
    
    
    75
    
    
    
    19Metals
    
    
    123
    
    
    
    6Livestock
    
    
    
    
    
    
    19Energy
    
    
    37
    
    
    
    33Totals
    
    
    845
    
    
    
    186
   For the period from April 1, 2009 (commencement of operations),
through December 31, 2009Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGains (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (123,140
    )
    
    $
    (73,026
    )
    
    $
    (196,166
    )Currency
    
    
    (569,192
    )
    
    
    (96,686
    )
    
    
    (655,878
    )Financial
    
    
    114,855
    
    
    
    (65,800
    )
    
    
    49,055Food & Fiber
    
    
    (105,277
    )
    
    
    134,230
    
    
    
    28,953Indices
    
    
    (375,648
    )
    
    
    253,865
    
    
    
    (121,783
    )Metals
    
    
    3,032,186
    
    
    
    (1,095,071
    )
    
    
    1,937,115Livestock
    
    
    13,500
    
    
    
    (9,190
    )
    
    
    4,310Energy
    
    
    (378,814
    )
    
    
    51,866
    
    
    
    (326,948
    )Total net trading gains (losses)
    
    $
    1,608,470
    
    
    $
    (899,812
    )
    
    $
    708,658
 26




---



##### 



As of December 31, 2009Long Positions Gross Unrealized
    
    
    Short Position Gross UnrealizedNet UnrealizedGains (Losses) onGains
    
    
    % of Net Assets
    
    
    Losses
    
    
    % of Net Assets
    
    
    Gains
    
    
    % of Net assets
    
    
    Losses
    
    
    % of Net Assets
    
    
    Open PositionsCurrency
    
    $
    4,040
    
    
    
    0.1
    
    
    $
    (19,137
    )
    
    
    (0.6
    )
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    
    
    
    
    $
    (15,097
    )Financial
    
    
    9,669
    
    
    
    0.3
    
    
    
    (18,442
    )
    
    
    (0.5
    )
    
    
    1,048
    
    
    
    0.0
    *
    
    
    (203
    )
    
    
    (0.0)
    *
    
    
    (7,928
    )Food & Fiber
    
    
    18,003
    
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,063
    )
    
    
    (0.1
    )
    
    
    15,940Indices
    
    
    15,844
    
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,844Metals
    
    
    
    
    
    
    
    
    
    
    (286,870
    )
    
    
    (8.4
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (286,870
    )Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,080
    )
    
    
    (0.0)
    *
    
    
    (1,080
    )Energy
    
    
    
    
    
    
    
    
    
    
    (1,336
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    (780
    )
    
    
    (0.0)
    *
    
    
    (2,116
    )Totals
    
    $
    47,556
    
    
    
    1.4
    
    
    $
    (325,785
    )
    
    
    (9.5
    )
    
    $
    1,048
    
    
    
    0.0
    
    
    $
    (4,126
    )
    
    
    (0.1
    )
    
    $
    (281,307
    )
 
 *
    
    Due to rounding  Average number of Long
    
    
    Average number of ShortContracts
    
    
    ContractsCurrency
    
    
    11
    
    
    
    3Financial
    
    
    51
    
    
    
    3Food & Fiber
    
    
    2
    
    
    
    2Indices
    
    
    6
    
    
    
    1Metals
    
    
    19
    
    
    
    0Livestock
    
    
    0
    
    
    
    1Energy
    
    
    1
    
    
    
    0Totals
    
    
    90
    
    
    
    10
  For the period from April 1, 2009 (commencementof operations), through December 31, 2009Change in NetNet Realized Gains
    
    
    Unrealized Gains
    
    
    Net Trading Gains(Losses)
    
    
    (Losses)
    
    
    (Losses)Foreign Exchange
    
    $
    866
    
    
    $
    0
    
    
    $
    866Currency
    
    
    (60,537
    )
    
    
    (15,097
    )
    
    
    (75,634
    )Financial
    
    
    3,784
    
    
    
    (7,928
    )
    
    
    (4,144
    )Food & Fiber
    
    
    (1,397
    )
    
    
    15,940
    
    
    
    14,543Indices
    
    
    (2,096
    )
    
    
    15,844
    
    
    
    13,748Metals
    
    
    751,476
    
    
    
    (286,870
    )
    
    
    464,606Livestock
    
    
    650
    
    
    
    (1,080
    )
    
    
    (430
    )Energy
    
    
    2,940
    
    
    
    (2,116
    )
    
    
    824Total net trading
gains (losses)
    
    $
    695,686
    
    
    $
    (281,307
    )
    
    $
    414,379
 27




---



##### 



As of December 31, 2009Long Positions Gross Unrealized
    
    
    Short Position Gross UnrealizedNet UnrealizedGains(Losses) onGains
    
    
    % of Net Assets
    
    
    Losses
    
    
    % of Net Assets
    
    
    Gains
    
    
    % of Net assets
    
    
    Losses
    
    
    % of Net Assets
    
    
    Open PositionsForeign
Exchange
    
    $
    47,241
    
    
    
    0.5
    
    
    $
    (99,908
    )
    
    
    (1.1
    )
    
    $
    34,604
    
    
    
    0.4
    
    
    $
    (54,963
    )
    
    
    (0.6
    )
    
    $
    (73,026
    )Currency
    
    
    27,880
    
    
    
    0.3
    
    
    
    (109,469
    )
    
    
    (1.3
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (81,589
    )Financial
    
    
    47,959
    
    
    
    0.6
    
    
    
    (132,997
    )
    
    
    (1.5
    )
    
    
    29,427
    
    
    
    0.3
    
    
    
    (2,261
    )
    
    
    (0.0)
    *
    
    
    (57,872
    )Food & Fiber
    
    
    145,658
    
    
    
    1.7
    
    
    
    (11,618
    )
    
    
    (0.1
    )
    
    
    175
    
    
    
    0.0
    *
    
    
    (15,925
    )
    
    
    (0.2
    )
    
    
    118,290Indices
    
    
    246,120
    
    
    
    2.8
    
    
    
    (4,929
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (3,170
    )
    
    
    (0.0)
    *
    
    
    238,021Metals
    
    
    116,249
    
    
    
    1.3
    
    
    
    (924,450
    )
    
    
    (10.6
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (808,201
    )Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (8,110
    )
    
    
    (0.1
    )
    
    
    (8,110
    )Energy
    
    
    66,202
    
    
    
    0.8
    
    
    
    (7,350
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (4,870
    )
    
    
    (0.1
    )
    
    
    53,982Totals
    
    $
    697,309
    
    
    
    8.0
    
    
    $
    (1,290,721
    )
    
    
    (14.8
    )
    
    $
    64,206
    
    
    
    0.7
    
    
    $
    (89,299
    )
    
    
    (1.0
    )
    
    $
    (618,505
    )
 
 *
    
    Due to rounding  Average number of
    
    
    Average number of
    
    
    Average value of
    
    
    Average value ofLong Contracts
    
    
    Short Contracts
    
    
    Long Positions
    
    
    Short PositionsForeign Exchange
    
    
    18
    
    
    
    10
    
    
    $
    3,006
    
    
    $
    (29,509
    )
 Average number of
    
    
    Average number ofLong Contracts
    
    
    Short ContractsCurrency
    
    
    86
    
    
    
    30Financial
    
    
    412
    
    
    
    20Food & Fiber
    
    
    29
    
    
    
    41Indices
    
    
    69
    
    
    
    19Metals
    
    
    104
    
    
    
    6Livestock
    
    
    0
    
    
    
    18Energy
    
    
    36
    
    
    
    32Totals
    
    
    754
    
    
    
    176
 28




---



##### 



For the period from April 1, 2009 (commencement ofoperations), through December 31, 2009Change in NetNet Realized Gains
    
    
    Unrealized Gains
    
    
    Net Trading Gains(Losses)
    
    
    (Losses)
    
    
    (Losses)Foreign Exchange
    
    $
    (124,006
    )
    
    $
    (73,026
    )
    
    $
    (197,032
    )Currency
    
    
    (508,655
    )
    
    
    (81,589
    )
    
    
    (590,244
    )Financial
    
    
    111,071
    
    
    
    (57,872
    )
    
    
    53,199Food & Fiber
    
    
    (103,880
    )
    
    
    118,290
    
    
    
    14,410Indices
    
    
    (373,552
    )
    
    
    238,021
    
    
    
    (135,531
    )Metals
    
    
    2,280,710
    
    
    
    (808,201
    )
    
    
    1,472,509Livestock
    
    
    12,850
    
    
    
    (8,110
    )
    
    
    4,740Energy
    
    
    (381,754
    )
    
    
    53,982
    
    
    
    (327,772
    )Total net trading
gains (losses)
    
    $
    912,784
    
    
    $
    (618,505
    )
    
    $
    294,279
 (4)
    
    Due from BrokersDue from brokers consist of proceeds from securities sold. Amounts due from brokers may be
restricted to the extent that they serve as deposits for securities sold short. Amounts due to
brokers represent margin borrowings that are collateralized by certain securities.In the normal course of business, all of the Funds marketable securities transactions, money
balances and marketable security positions are transacted with brokers. The Fund is subject to
credit risk to the extent any broker with whom it conducts business is unable to fulfill
contractual obligations on its behalf. Superfund Capital Management monitors the financial
condition of such brokers and does not anticipate any losses from these counterparties.(5)
    
    Allocation of Net Profits and LossesIn accordance with the Second Amended and Restated Limited Partnership Agreement (the Limited
Partnership Agreement), net profits and losses of the Fund are allocated to partners according
to their respective interests in the Fund as of the beginning of each month.Advance subscriptions, if any, represent cash received prior to December 31 for contributions of
the subsequent month and do not participate in the earnings of the Fund until the following
January.(6)
    
    Related Party TransactionsSuperfund Capital Management shall be paid a management fee equal to one-twelfth of 2.25% of
month-end net assets (2.25% per annum) and ongoing offering expenses equal to one-twelfth of
0.75% of month-end net assets (0.75% per annum), not to exceed the amount of actual expenses
incurred. In accordance with the Prospectus dated November 3, 2009, included within the
Post-Effective Amendment No. 1 to the Registration Statement on Form S-1 (File No. 333-151632),
Superfund USA, Inc., an entity related to Superfund Capital Management by common ownership,
shall be paid selling commissions equal to 2% of the month-end net asset value per Series A-1
Unit and Series B-1 Unit (one-twelfth of 2% per month). These amounts are included under
Selling commissions in the Statements of Operations. However, the maximum cumulative selling
commission per Unit is limited to 10% of the gross offering proceeds of such Unit.Superfund Capital Management will also be paid a monthly performance fee equal to 25% of any new
appreciation without respect to interest income. Trading losses will be carried forward and no
further performance fee may be paid until the prior losses have been recovered.As of December 31, 2009, Superfund Capital Management owned 1,087.548 Units of Series A,
representing 33.47% of the total issued Units of Series A, and 1,087.548 Units of Series B,
representing 10.88% of the total issued Units of Series B, having a combined value of
$2,099,598.(7)
    
    Financial Highlights
 29




---



##### 



SERIES A-1
    
    
    SERIES A-2Total returnTotal return before incentive fees
    
    
    17.6
    %
    
    
    26.1
    %Incentive fees
    
    
    (2.7
    )%
    
    
    (5.2
    )%Total return after incentive fees
    
    
    14.9
    %
    
    
    20.9
    %Ratio to average partners capital *Operating expenses before incentive fees
    
    
    6.5
    %
    
    
    5.0
    %Incentive fees
    
    
    2.5
    %
    
    
    4.3
    %Total expenses
    
    
    9.0
    %
    
    
    9.3
    %Net investment loss
    
    
    (6.4
    )%
    
    
    (4.9
    )%Net assets value per unit, beginning of period
    
    $
    919.50
    
    
    $
    919.50Net investment loss
    
    
    (73.02
    )
    
    
    (85.14
    )Net gain on investments
    
    
    210.42
    
    
    
    277.04Net asset value per unit, end of period
    
    $
    1,056.90
    
    
    $
    1,111.40Other per Unit information:Net increase in net assets from operations per Unit (based upon weighted average
Number of Units during period)
    
    $
    128.07
    
    
    $
    154.06Net increase in net assets from operations per Unit (based upon change in net asset
value per Unit)
    
    $
    137.40
    
    
    $
    191.90
 
 *
    
    Annualized for periods less than a year  SERIES B-1
    
    
    SERIES B-2Total returnTotal return before incentive fees
    
    
    (5.0
    )%
    
    
    (3.5
    )%Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees
    
    
    (5.0
    )%
    
    
    (3.5
    )%Ratio to average partners capital*Operating expenses before incentive fees
    
    
    9.2
    %
    
    
    6.7
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    9.2
    %
    
    
    6.7
    %Net investment loss
    
    
    (9.1
    )%
    
    
    (6.6
    )%Net assets value per unit, beginning of period
    
    $
    919.50
    
    
    $
    919.50Net investment loss
    
    
    (61.09
    )
    
    
    (45.00
    )Net gain on investments
    
    
    15.27
    
    
    
    12.42Net asset value per unit, end of period
    
    $
    873.68
    
    
    $
    886.92Other per Unit information:Net increase (decrease) in net assets from operations per Unit (based upon
weighted average
Number of Units during period)
    
    $
    (14.49
    )
    
    $
    1.06Net decrease in net assets from operations per Unit (based upon change in net asset
value per Unit)
    
    $
    (45.82
    )
    
    $
    (32.58
    )
 
 *
    
    Annualized for periods less than a year. 30




---



##### 



(8)
    
    Financial Instrument RiskIn the normal course of its business, the Fund is party to financial instruments with
off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. The term off-balance sheet risk refers to an
unrecorded potential liability that, even though it does not appear on the balance sheet, may
result in a future obligation or loss. These financial instruments may include forwards,
futures, and options, whose values are based upon an underlying asset, index, or reference rate,
and generally represent future commitments to exchange currencies or cash flows, to purchase or
sell other financial instruments at specific terms at specific future dates, or, in the case of
derivative commodity instruments, to have a reasonable possibility to be settled in cash,
through physical delivery or with another financial instrument. These instruments may be traded
on an exchange or OTC. Exchange-traded instruments are standardized and include futures and
certain option contracts. OTC contracts are negotiated between contracting parties and include
forwards and certain options. Each of these instruments is subject to various risks similar to
those related to the underlying financial instruments including market and credit risk. In
general, the risks associated with OTC contracts are greater than those associated with exchange
traded instruments because of the greater risk of default by the counterparty to an OTC
contract.For Superfund Gold, L.P., gross unrealized gains and losses related to exchange traded futures
were $728,274 and $1,555,060, respectively, and gross unrealized gains and losses related to
non-exchange traded forwards were $81,845 and $154,871, respectively, at December 31, 2009.For Series A, gross unrealized gains and losses related to exchange traded futures were $48,604
and $329,911, respectively, at December 31, 2009. There were no gross unrealized gains and
losses related to non-exchange traded forwards for Series A at December 31, 2009.For Series B, gross unrealized gains and losses related to exchange traded futures were $679,670
and $1,225,149, respectively, and gross unrealized gains and losses related to non-exchange
traded forwards were $81,845 and $154,871, respectively, at December 31, 2009.Market risk is the potential for changes in the value of the financial instruments traded by the
Fund due to market changes, including interest and foreign exchange rate movements and
fluctuations in commodity prices. In entering into these contracts, there exists a market risk
that such contracts may be significantly influenced by conditions, such as interest rate
volatility, resulting in such contracts being less valuable. If the markets should move against
all of the futures interest positions at the same time, and Superfund Capital Management is
unable to offset such positions, the Fund could experience substantial losses.Credit risk is the possibility that a loss may occur due to the failure of a counterparty to
perform according to the terms of a contract. Credit risk with respect to exchange-traded
instruments is reduced to the extent that an exchange or clearing organization acts as a
counterparty to the transactions. The Funds risk of loss in the event of counterparty default
is typically limited to the amounts recognized in the statements of assets and liabilities and
not represented by the contract or notional amounts of the instruments. As the Funds assets are
held in segregated accounts with futures commission merchants, the Fund has credit risk and
concentration risk. The Funds futures commission merchants are currently ADM Investor Services,
Inc., Barclays Capital Inc., and Rosenthal Collins Group, L.L.C.Superfund Capital Management monitors and controls the Funds risk exposure on a daily basis
through financial, credit and risk management monitoring systems, and accordingly believes that
it has effective procedures for evaluating and limiting the credit and market risks to which the
Fund is subject. These monitoring systems allow Superfund Capital Management to statistically
analyze actual trading results with risk adjusted performance indicators and correlation
statistics. In addition, on-line monitoring systems provide account analysis of futures and
forward positions by sector, margin requirements, gain and loss transactions, and collateral
positions.The majority of these instruments mature within one year of December 31, 2009. However, due to
the nature of the Funds business, these instruments may not be held to maturity.(9)
    
    Subscriptions and RedemptionsInvestors must submit subscriptions at least five business days prior to the applicable
month-end closing date and they will be accepted once payments are received and cleared. All
subscriptions funds are required to be promptly transmitted to the escrow agent, HSBC Bank USA.
Subscriptions must be accepted or rejected by Superfund Capital Management within five business
days of receipt, and the settlement date for the deposit of subscription funds in escrow must be
within five business days of acceptance. No fees or costs will be assessed on any subscription
while held in escrow, irrespective of whether the subscription is accepted or the subscription
funds are returned.A Limited Partner may request any or all of his investment in such Series be redeemed by such
Series at the net asset value of a Unit within such Series as of the end of each month, subject
to a minimum redemption of $1,000 and subject further to such Limited Partner having an
investment in such Series, after giving effect to the requested redemption, at least equal to
the minimum initial investment amount of $5,000. Limited Partners must transmit a written
request of such withdrawal to Superfund Capital Management not less than five business days
prior to the end of the month (or such shorter period as permitted by Superfund Capital
Management) as of which redemption is to be effective. Redemptions will generally be paid within
twenty days after the date of redemption. However, in special
 31




---



##### 



circumstances, including, but not limited to, inability to liquidate dealers positions as of a redemption date or default or
delay in payments due to each Series from clearing brokers, banks or other persons or entities,
each Series may in turn delay payment to persons requesting redemption of the proportionate part
of the net assets of each Series represented by the sums that are the subject of such default or
delay. In the event that the estimated net asset value per Unit of a Series, or sub-Series
thereof, after adjustments for distributions, as of the close of business on any business day is less than 50% of the net asset value per Unit
of such Series, or sub-Series thereof, as of the most recent month-end, a special redemption
period shall be established. The details of the special redemption are set forth in Section 12
of the Limited Partnership Agreement.
 (10)
    
    Subsequent eventsSuperfund Capital Management has evaluated the impact of all subsequent events on the Fund
through the date the financial statements were issued and has determined that there were no
subsequent events requiring recognition or disclosure in the financial statements.
 32




---



##### 



SUPERFUND GOLD, L.P.(Registrant)By:

SUPERFUND CAPITAL MANAGEMENT, INC.General PartnerBy:
    /s/ Nigel JamesNigel JamesPresident  Title withSignature
    
    Superfund Capital Management, Inc.
    
    Date/s/ Nigel James
    
    President
    
    October 4, 2010Nigel James
    
    (Principal Executive Officer)/s/ Martin Schneider
    
    Vice President and Director
    
    October 4, 2010Martin Schneider
    
    (Principal Financial Officer and Principal Accounting Officer)
  33




---



##### 



ExhibitNumber
    
    Description of Document31.1
    
    Rule 13a-14(a)/15d -14(a) Certification of Principal Executive Officer31.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer32.1
    
    Section 1350 Certification of Principal Executive Officer32.2
    
    Section 1350 Certification of Principal Financial Officer
 34