##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2010
 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)
    
    (I.R.S. Employer Identification No.)Superfund Office Building 
P.O. Box 1479
Grand Anse 
St. Georges, Grenada 
West Indies
    
    Not applicable(Address of principal executive offices)
    
    (Zip Code)
 (473) 439-2418
 
 Not applicable
 
  þ o
  o o
  Large Accelerated Filer o
Accelerated Filer o
Non-Accelerated Filer o(Do not check if a smaller reporting company)
Smaller Reporting Company þ  o þ




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##### 



PART I  FINANCIAL INFORMATION
 ITEM 1.
    
    FINANCIAL STATEMENTS
  PageUnaudited Financial StatementsStatements of Assets and Liabilities as of March 31, 2010 and December 31, 2009
    
    3Condensed Schedule of Investments as of March 31, 2010
    
    4Condensed Schedule of Investments as of December 31, 2009
    
    5Statement of Operations for the three months ended March 31, 2010
    
    6Statement of Changes in Net Assets for the Three Months Ended March 31, 2010
    
    7Statement of Cash Flows for the Three Months Ended March 31, 2010
    
    8
  PageUnaudited Financial StatementsStatements of Assets and Liabilities as of March 31, 2010 and December 31, 2009
    
    9Condensed Schedule of Investments as of March 31, 2010
    
    10Condensed Schedule of Investments as of December 31, 2009
    
    11Statement of Operations for the Three Months Ended March 31, 2010
    
    12Statement of Changes in Net Assets for the Three Months Ended March 31, 2010
    
    13Statements of Cash Flows for the Three Months Ended March 31, 2010
    
    14Notes to Series A and Series B Unaudited Financial Statements Dated March 31, 2010
    
    15-31EX-31.1EX-31.2EX-32.1EX-32.2
  2




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
as of March 31, 2010 and December 31, 2009
 March 31, 2010
    
    
    December 31, 2009ASSETSU.S. Government securities, at fair value
(amortized cost of $1,799,731 and $1,549,939 as of
March 31, 2010, and December 31, 2009, respectively)
    
    $
    1,799,731
    
    
    $
    1,549,939Due from brokers
    
    
    4,003,533
    
    
    
    1,794,485Futures contracts purchased
    
    
    431,698
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    7,589
    
    
    
    Futures contracts sold
    
    
    192,797
    
    
    
    Cash
    
    
    469,049
    
    
    
    1,739,581Due from affiliate
    
    
    5,599
    
    
    
    Total assets
    
    
    6,909,996
    
    
    
    5,084,005LIABILITIESUnrealized depreciation on open forward contracts
    
    
    3,522
    
    
    
    Futures contracts purchased
    
    
    
    
    
    
    278,229Redemptions payable
    
    
    33,168
    
    
    
    Subscriptions received in advance
    
    
    330,600
    
    
    
    1,355,500Futures contracts sold
    
    
    
    
    
    
    3,078Management fees payable
    
    
    12,330
    
    
    
    6,463Fees payable
    
    
    12,633
    
    
    
    6,380Total liabilities
    
    
    392,253
    
    
    
    1,649,650NET ASSETS
    
    $
    6,517,743
    
    
    $
    3,434,355Superfund Gold, L.P. Series A-1 Net Assets
    
    $
    5,069,822
    
    
    $
    2,524,291Number of Units outstanding
    
    
    4,519.903
    
    
    
    2,388.395Superfund Gold, L.P. Series A-1 Net Asset Value per Unit
    
    $
    1,121.67
    
    
    $
    1,056.90Superfund Gold, L.P. Series A-2 Net Assets
    
    $
    1,447,921
    
    
    $
    910,064Number of Units outstanding
    
    
    1,222.700
    
    
    
    818.846Superfund Gold, L.P. Series A-2 Net Asset Value per Unit
    
    $
    1,184.20
    
    
    $
    1,111.40
  3




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A
UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of March 31, 2010
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited
States Treasury Bills due May 27, 2010 (amortized cost $1,799,731), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    1,800,000
    
    
    
    27.6
    %
    
    $
    1,799,731Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.1
    
    
    
    7,589Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.1
    
    
    
    7,589Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.0
    )*
    
    
    (3,522
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.0
    )*
    
    
    (3,522
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.1
    
    
    
    4,067Futures contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    0.8
    
    
    
    54,531Energy
    
    
    
    
    
    
    1.1
    
    
    
    67,559Financial
    
    
    
    
    
    
    2.2
    
    
    
    145,799Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (5,184
    )Indices
    
    
    
    
    
    
    0.7
    
    
    
    48,453Metals
    
    
    
    
    
    
    1.8
    
    
    
    120,540Total futures contracts purchased
    
    
    
    
    
    
    6.5
    
    
    
    431,698Futures Contracts SoldEnergy
    
    
    
    
    
    
    1.6
    
    
    
    105,380Financial
    
    
    
    
    
    
    0.5
    
    
    
    29,442Food & Fiber
    
    
    
    
    
    
    0.9
    
    
    
    57,975Total futures contracts sold
    
    
    
    
    
    
    3.0
    
    
    
    192,797Total futures contracts, at fair value
    
    
    
    
    
    
    9.5
    
    
    
    624,495Futures and forward contracts by country compositionAustralia
    
    
    
    
    
    
    0.6
    
    
    
    36,616European Monetary Union
    
    
    
    
    
    
    1.5
    
    
    
    98,309Great Britain
    
    
    
    
    
    
    0.9
    
    
    
    58,056Japan
    
    
    
    
    
    
    0.2
    
    
    
    14,328United States
    
    
    
    
    
    
    5.5
    
    
    
    360,095Other
    
    
    
    
    
    
    0.9
    
    
    
    61,158Total futures and forward contracts by country
    
    
    
    
    
    
    9.6
    %
    
    $
    628,562
 
 *
    
    Due to rounding  4




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A  UNAUDITED 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  5




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A  UNAUDITED STATEMENT OF OPERATIONS
 Three Months EndedMarch 31,2010Investment incomeInterest income
    
    $
    202Other income
    
    
    5,599Total income
    
    
    5,801ExpensesBrokerage commissions
    
    
    31,006Management fee
    
    
    30,412Selling commission
    
    
    21,427Operating expenses
    
    
    10,137Other
    
    
    12Total expenses
    
    
    92,994Net investment loss
    
    
    (87,193
    )Realized and unrealized gain (loss) on investmentsNet realized loss on futures
and forward contracts
    
    
    (410,344
    )Net change in unrealized appreciation
on futures and forward contracts
    
    
    909,869Net gain on investments
    
    
    499,525Net increase in net assets from operations
    
    $
    412,332Net increase in net assets from operations per
Unit (based upon weighted average number of Units
outstanding during period) for Series A-1*
    
    $
    79.42Net increase in net assets from operations per
Unit (based upon change in net asset value per
Unit during period) for Series A-1
    
    $
    64.77Net increase in net assets from operations per
Unit (based upon weighted average number of Units
outstanding during period) for Series A-2**
    
    $
    93.00Net increase in net assets from operations per
Unit (based upon change in net asset value per
Unit during period) for Series A-2
    
    $
    72.80
  
 *
    
    Weighted average number of Units outstanding for Series A-1 for Three Months Ended March 31,
2010: 4,029.25**
    
    Weighted average number of Units outstanding for Series A-2 for Three Months Ended March
31, 2010: 1,000.65 6




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A  UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS
 Three Months EndedMarch 31,2010
    
    
    2009Increase in net assets from operationsNet investment loss
    
    $
    (87,193
    )
    
    
    Net realized loss on futures and forward contracts
    
    
    (410,344
    )
    
    
    Net change in unrealized appreciation on futures
and forward contracts
    
    
    909,869
    
    
    
    Net increase in net assets from operations
    
    
    412,332
    
    
    
    Capital share transactionsIssuance of Units
    
    
    2,767,596
    
    
    
    Redemption of Units
    
    
    (96,540
    )
    
    
    Net increase in net assets from capital share
transactions
    
    
    2,671,056
    
    
    
    Net increase in net assets
    
    
    3,083,388
    
    
    
    Net assets,beginning of period
    
    
    3,434,355
    
    
    
    2,000Net assets,end of period
    
    $
    6,517,743
    
    
    
    2,000Series A-1 Units,beginning of period
    
    
    2,388.395
    
    
    
    Issuance of Series A-1 Units
    
    
    2,223.056
    
    
    
    Redemption of Units
    
    
    (91.548
    )
    
    
    Series A-1 Units,end of period
    
    
    4,519.903
    
    
    
    Series A-2 Units,beginning of period
    
    
    818.846
    
    
    
    Issuance of Series A-2 Units
    
    
    403.854
    
    
    
    Redemption of Units
    
    
    
    
    
    
    Series A-2 Units,end of period
    
    
    1,222.700
    
    
    
    
  7




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SUPERFUND GOLD, L.P.  SERIES A  UNAUDITED STATEMENTS OF CASH FLOWS
 Three Months EndedMarch 31,2010Cash flows from operating activitiesNet increase in net assets from operations
    
    $
    412,332Adjustments 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
    
    
    (1,799,566
    )Sales and maturities of U.S. government securities
    
    
    1,550,000Amortization of discounts and premiums
    
    
    (226
    )Due from brokers
    
    
    (2,209,048
    )Due from affiliate
    
    
    (5,599
    )Unrealized depreciation on open forward contracts
    
    
    (7,589
    )Unrealized appreciation on open forward contracts
    
    
    3,522Futures contracts purchased
    
    
    (709,927
    )Futures contracts sold
    
    
    (195,875
    )Management fees payable
    
    
    5,867Fees payable
    
    
    6,253Net cash used in operating activities
    
    
    (2,949,856
    )Cash flows from financing activitiesSubscriptions, net of change in subscriptions
received in advance
    
    
    1,742,696Redemptions, net of redemptions payable
    
    
    (63,372
    )Net cash provided by financing activities
    
    
    1,679,324Net decrease in cash
    
    
    (1,270,532
    )Cash, beginning of period
    
    
    1,739,581Cash, end of period
    
    $
    469,049
  8




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
as of March 31, 2010 and December 31, 2009
 March 31, 2010
    
    
    December 31, 2009ASSETSU.S. Government securities, at fair value,
(amortized cost of $3,499,491 and $4,449,809 as of
March 31, 2010, and December 31, 2009, respectively)
    
    $
    3,499,491
    
    
    $
    4,449,809Due from brokers
    
    
    5,419,630
    
    
    
    4,506,669Futures contracts purchased
    
    
    1,283,227
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    44,738
    
    
    
    81,845Futures contracts sold
    
    
    577,592
    
    
    
    Cash
    
    
    396,687
    
    
    
    932,518Total assets
    
    
    11,221,365
    
    
    
    9,970,841LIABILITIESUnrealized depreciation on open forward contracts
    
    
    42,371
    
    
    
    154,871Futures contracts purchased
    
    
    
    
    
    
    540,745Redemptions payable
    
    
    55,212
    
    
    
    9,890Subscription received in advance
    
    
    225,000
    
    
    
    508,630Futures contracts sold
    
    
    
    
    
    
    4,734Management fees payable
    
    
    20,539
    
    
    
    16,428Fees payable
    
    
    19,920
    
    
    
    15,966Total liabilities
    
    
    363,042
    
    
    
    1,251,264NET ASSETS
    
    $
    10,858,323
    
    
    $
    8,719,577Superfund Gold, L.P. Series B-1 Net Assets
    
    $
    7,780,667
    
    
    $
    6,268,561Number of Units outstanding
    
    
    8,124.239
    
    
    
    7,174.897Superfund Gold, L.P. Series B-1 Net Asset
Value per Unit
    
    $
    957.71
    
    
    $
    873.68Superfund Gold, L.P. Series B-2 Net Assets
    
    $
    3,077,656
    
    
    $
    2,451,016Number of Units outstanding
    
    
    3,149.727
    
    
    
    2,763.500Superfund Gold, L.P. Series B-2 Net Asset
Value per Unit
    
    $
    977.12
    
    
    $
    886.92
  9




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of March 31, 2010
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due May 27, 2010
(amortized cost $3,499,491), securities are held in
margin accounts as collateral for open futures
and forwards
    
    $
    3,500,000
    
    
    
    32.2
    %
    
    $
    3,499,491Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.4
    
    
    
    44,738Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.4
    
    
    
    44,738Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.4
    )
    
    
    (42,371
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.4
    )
    
    
    (42,371
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.0
    *
    
    
    2,367Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    1.2
    
    
    
    135,401Energy
    
    
    
    
    
    
    2.7
    
    
    
    292,937Financial
    
    
    
    
    
    
    3.5
    
    
    
    375,302Food & Fiber
    
    
    
    
    
    
    (0.0
    )*
    
    
    (4,928
    )Indices
    
    
    
    
    
    
    1.5
    
    
    
    167,916Metals
    
    
    
    
    
    
    2.9
    
    
    
    316,599Total futures contracts purchased
    
    
    
    
    
    
    11.8
    
    
    
    1,283,227Futures contracts soldEnergy
    
    
    
    
    
    
    3.4
    
    
    
    371,360Financial
    
    
    
    
    
    
    0.7
    
    
    
    73,598Food & Fiber
    
    
    
    
    
    
    1.2
    
    
    
    132,200Metals
    
    
    
    
    
    
    0.0
    *
    
    
    434Total futures contracts sold
    
    
    
    
    
    
    5.3
    
    
    
    577,592Total futures contracts, at fair value
    
    
    
    
    
    
    17.1
    
    
    
    1,860,819Futures and forward contracts by country compositionAustralia
    
    
    
    
    
    
    0.9
    
    
    
    98,840European Monetary Union
    
    
    
    
    
    
    2.4
    
    
    
    265,086Great Britain
    
    
    
    
    
    
    1.5
    
    
    
    159,004Japan
    
    
    
    
    
    
    0.8
    
    
    
    88,666United States
    
    
    
    
    
    
    10.2
    
    
    
    1,111,560Other
    
    
    
    
    
    
    1.3
    
    
    
    140,030Total futures and forward contracts by country
    
    
    
    
    
    
    17.1
    %
    
    $
    1,863,186
 
 *
    
    Due to rounding  10




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
UNAUDITED 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  11




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
UNAUDITED STATEMENT OF OPERATIONS
 Three Months EndedMarch 31,2010Investment income,interest
    
    $
    279Total income
    
    $
    279ExpensesBrokerage commissions
    
    
    89,175Management fees
    
    
    52,653Selling commission
    
    
    33,525Operating expenses
    
    
    17,551Other
    
    
    184Total expenses
    
    
    193,088Net investment loss
    
    
    (192,809
    )Realized and unrealized gain (loss) on
investmentsNet realized loss on futures
and forward contracts
    
    
    (1,248,427
    )Net change in unrealized appreciation
on futures and forward contracts
    
    
    2,481,691Net gain on investments
    
    
    1,233,264Net increase in net assets from operations
    
    $
    1,040,455Net increase in net assets from
operations per Unit (based upon weighted
average number of Units outstanding
during period) for Series B-1
    
    $
    93.30Net increase in net assets from
operations per Unit (based upon change in
net asset value per Unit during period)
for Series B-1
    
    $
    84.03Net increase in net assets from
operations per Unit (based upon weighted
average number of Units outstanding
during period) for Series B-2
    
    $
    100.09Net increase in net assets from
operations per Unit (based upon change in
net asset value per Unit during period)
for Series B-2
    
    $
    90.02
  
 *
    
    Weighted average number of Units outstanding for Series B-1 for Three Months Ended March 31,
2010: 7,866.16.**
    
    Weighted average number of Units outstanding for Series B-2 for Three Months Ended March
31, 2010: 3,062.57. 12




---



##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS
 Three Months EndedMarch 31,2010
    
    
    2009Increase in net assets from operationsNet investment loss
    
    $
    (192,809
    )
    
    $
    Net realized loss on futures and forward contracts
    
    
    (1,248,427
    )
    
    
    Net change in unrealized appreciation on futures and
forward contracts
    
    
    2,481,691
    
    
    
    Net increase in net assets from operations
    
    
    1,040,455
    
    
    
    Capital share transactionsIssuance of Units
    
    
    1,275,654
    
    
    
    Redemption of Units
    
    
    (177,363
    )
    
    
    Net increase in net assets from capital share transactions
    
    
    1,098,291
    
    
    
    Net increase in net assets
    
    
    2,138,746
    
    
    
    Net assets,beginning of period
    
    
    8,719,577
    
    
    
    2,000Net assets,end of period
    
    $
    10,858,323
    
    
    $
    2,000Series B-1 Units,beginning of period
    
    
    7,174.897
    
    
    
    Issuance of Series B-1 Units
    
    
    994.023
    
    
    
    Redemption of Units
    
    
    (44.681
    )
    
    
    Series B-1 Units,end of period
    
    
    8,124.239
    
    
    
    Series B-2 Units,beginning of period
    
    
    2,763.500
    
    
    
    Issuance of Series B-2 Units
    
    
    554.785
    
    
    
    Redemption of Units
    
    
    (168.558
    )
    
    
    Series B-2 Units,end of period
    
    
    3,149.727
    
    
    
    
  13




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
UNAUDITED STATEMENTS OF CASH FLOWS
 Three Months EndedMarch 31,2010Cash flows from operating activitiesNet increase in net assets from operations
    
    $
    1,040,455Adjustments 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
    
    
    (3,499,178
    )Sales and maturities of U.S. government securities
    
    
    4,450,000Amortization of discounts and premiums
    
    
    (504
    )Due from brokers
    
    
    (912,961
    )Unrealized depreciation on open forward contracts
    
    
    (112,500
    )Unrealized appreciation on open forward contracts
    
    
    37,107Futures contracts purchased
    
    
    (1,823,972
    )Futures contracts sold
    
    
    (582,326
    )Management fee
    
    
    4,111Fees payable
    
    
    3,954Net cash used in operating activities
    
    
    (1,395,814
    )Cash flows from financing activitiesSubscriptions, net of change in
subscriptions received in advance
    
    
    992,024Redemptions, net of change in redemptions payable
    
    
    (132,041
    )Net cash provided by financing activities
    
    
    859,983Net decrease in cash
    
    
    (535,831
    )Cash, beginning of period
    
    
    932,518Cash, end of period
    
    $
    396,687
  14




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A AND B
 1. Nature of operations
 Organization and Business
   2. Basis of presentation and significant accounting policies
 Basis of Presentation
  Valuation of Investments in Futures Contracts, Forward Contracts, and U.S. Treasury Bills
   15




---



##### Table of Contents



Translation of Foreign Currency
   Investment Transactions, Investment Income and Expenses
  Income Taxes
   Use of Estimates
  Recently Issued Accounting Pronouncements
 ASU 2010-06
 Improving Disclosures about
Fair Value Measurements Fair
Value Measurements and Disclosures
 16




---



##### Table of Contents



3. Fair Value Measurements
  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.
  U.S. Government Securities.
 Derivative Contracts.
   17




---



##### Table of Contents



BalanceMarch 31, 2010
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    1,799,731
    
    
    $
    
    
    
    $
    1,799,731
    
    
    $
    Futures contracts
purchased
    
    
    431,698
    
    
    
    431,698
    
    
    
    
    
    
    
    Unrealized appreciation
on open forward contracts
    
    
    7,589
    
    
    
    
    
    
    
    7,589
    
    
    
    Futures contracts
sold
    
    
    192,797
    
    
    
    192,797
    
    
    
    
    
    
    
    Total Assets
Measured at Fair
Value
    
    $
    2,431,815
    
    
    $
    624,495
    
    
    $
    1,807,320
    
    
    $
    LIABILITIESUnrealized
depreciation on
open forward
contracts
    
    $
    3,522
    
    
    $
    
    
    
    $
    3,522
    
    
    $
    Total Liabilities
Measured at Fair
Value
    
    $
    3,522
    
    
    $
    
    
    
    $
    3,522
    
    
    $
    
 18




---



##### Table of Contents



BalanceMarch 31, 2010
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    3,499,491
    
    
    $
    
    
    
    $
    3,499,491
    
    
    $
    Futures contracts
purchased
    
    
    1,283,227
    
    
    
    1,283,227
    
    
    
    
    
    
    
    Unrealized appreciation
on open forward
contracts
    
    
    44,738
    
    
    
    
    
    
    
    44,738
    
    
    
    Futures contracts sold
    
    
    577,592
    
    
    
    577,592
    
    
    
    
    
    
    
    Total Assets
Measured at Fair Value
    
    $
    5,405,048
    
    
    $
    1,860,819
    
    
    $
    3,544,229
    
    
    $
    LIABILITIESUnrealized
depreciation on open
forward contracts
    
    $
    42,371
    
    
    $
    
    
    
    $
    42,371
    
    
    $
    Total Liabilities
Measured at Fair Value
    
    $
    42,371
    
    
    $
    
    
    
    $
    42,371
    
    
    $
    
 19




---



##### Table of Contents



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
    
    
    
    3,078
    
    
    
    
    
    
    
    Total Liabilities
Measured at Fair
Value
    
    $
    281,307
    
    
    $
    281,307
    
    
    $
    
    
    
    $
    
 20




---



##### Table of Contents



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
    
    
    $
    
 4. Disclosure of derivative instruments and hedging activities
 Disclosures about Derivative Instruments and Hedging Activities
   21




---



##### Table of Contents



Statement of Assets
    
    
    
    
    
    Liabilityand Liabilities
    
    Asset Derivatives
    
    
    Derivatives atType of Instrument
    
    Location
    
    at March 31, 2010
    
    
    March 31, 2010
    
    
    NetForeign Exchange contracts
    
    Unrealized appreciation on open forward contracts
    
    $
    7,589
    
    
    $
    
    
    
    $
    7,589Foreign Exchange contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (3,522
    )
    
    
    624,495Futures contracts
    
    Futures contracts purchased & Futures contacts sold
    
    
    624,495
    
    
    
    
    
    
    
    624,495Totals
    
    
    
    $
    632,084
    
    
    $
    (3,522
    )
    
    $
    628,562
  Change in UnrealizedLocation of Gain
    
    
    Realized Gain
    
    
    AppreciationDerivatives Not
    
    (Loss) on
    
    
    (Loss) on
    
    
    (Depreciation) onDesignated as
    
    Derivatives
    
    
    Derivatives
    
    
    DerivativesHedging Instruments
    
    Recognized in
    
    
    Recognized
    
    
    Recognized inunder ASC 815
    
    Income
    
    
    in Income
    
    
    IncomeForeign Exchange contracts
    
    Net realized gain (loss) on futures and forward contracts
    
    
    ($3,614
    )
    
    $
    4,067Futures contracts
    
    Net realized gain (loss) on futures and forward contracts
    
    
    (406,730
    )
    
    
    905,802Total
    
    
    
    
    
    
    ($410,344
    )
    
    $
    909,869
 As of March 31, 2010Long Positions Gross Unrealized
    
    
    Short Position Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gain on OpenGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    assets
    
    
    Losses
    
    
    Assets
    
    
    PositionsForeign Exchange
    
    $
    7,589
    
    
    
    0.1
    
    
    $
    (2,609
    )
    
    
    (0.0
    )*
    
    $
    
    
    
    
    
    
    
    $
    (913
    )
    
    
    (0.0
    )*
    
    $
    4,067Currency
    
    
    63,894
    
    
    
    0.9
    
    
    
    (9,363
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    54,531Financial
    
    
    150,748
    
    
    
    2.3
    
    
    
    (4,949
    )
    
    
    (0.1
    )
    
    
    29,442
    
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    175,241Food & Fiber
    
    
    1,838
    
    
    
    0.0
    *
    
    
    (7,022
    )
    
    
    (0.1
    )
    
    
    57,975
    
    
    
    0.9
    
    
    
    
    
    
    
    
    
    
    
    52,791Indices
    
    
    48,453
    
    
    
    0.7
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    48,453Metals
    
    
    120,540
    
    
    
    1.8
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    120,540Energy
    
    
    67,559
    
    
    
    1.1
    
    
    
    
    
    
    
    
    
    
    
    105,380
    
    
    
    1.6
    
    
    
    
    
    
    
    
    
    
    
    172,939Totals
    
    $
    460,621
    
    
    
    6.9
    
    
    $
    (23,943
    )
    
    
    (0.3
    )
    
    $
    192,797
    
    
    
    3.0
    
    
    $
    (913
    )
    
    
    (0.0
    )*
    
    $
    628,562
 
 *
    
    Due to rounding 22




---



##### Table of Contents



AverageAverage
    
    number of
    
    Average
    
    Average valuenumber of
    
    Short
    
    value of Long
    
    of ShortLong Contracts
    
    Contracts
    
    Positions
    
    PositionsForeign Exchange
    
    
    14
    
    
    
    7
    
    
    $
    6,773
    
    
    $
    13,301Average
    
    Averagenumber of
    
    number ofLong Contracts
    
    Short ContractsCurrency
        
        
                
    
    
    150
    
    
    
    Financial
        
        
                
    
    
    216
    
    
    
    91Food & Fiber
        
        
                
    
    
    26
    
    
    
    21Indices
        
        
                
    
    
    128
    
    
    
    10Metals
        
        
                
    
    
    112
    
    
    
    11Livestock
        
        
                
    
    
    
    
    
    
    4Energy
        
        
                
    
    
    45
    
    
    
    21Totals
        
        
                
    
    
    691
    
    
    
    165
  For the Three Months Ended March 31, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGains (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (3,614
    )
    
    $
    4,067
    
    
    $
    453Currency
    
    
    (77,970
    )
    
    
    69,628
    
    
    
    (8,342
    )Financial
    
    
    35,166
    
    
    
    183,169
    
    
    
    218,335Food & Fiber
    
    
    (44,315
    )
    
    
    36,851
    
    
    
    (7,464
    )Indices
    
    
    78,455
    
    
    
    32,609
    
    
    
    111,064Metals
    
    
    (388,527
    )
    
    
    407,410
    
    
    
    18,883Livestock
    
    
    (13,330
    )
    
    
    1,080
    
    
    
    (12,250
    )Energy
    
    
    3,791
    
    
    
    175,055
    
    
    
    178,846Total net trading gains (losses)
    
    $
    (410,344
    )
    
    $
    909,869
    
    
    $
    499,525
   Statement of Assets
    
    
    
    
    
    Liabilityand Liabilities
    
    Asset Derivatives
    
    
    Derivatives atType of Instrument
    
    Location
    
    at March 31, 2010
    
    
    March 31, 2010
    
    
    NetForeign Exchange contracts
    
    Unrealized appreciation on open forward contracts
    
    $
    44,738
    
    
    $
    
    
    
    $
    44,738Foreign Exchange contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (42,371
    )
    
    
    (42,371
    )Futures contracts
    
    Futures contracts purchased & Futures contacts sold
    
    
    1,860,819
    
    
    
    
    
    
    
    1,860,819Totals
    
    
    
    $
    1,905,557
    
    
    $
    (42,371
    )
    
    $
    1,863,186
  Change in UnrealizedLocation of Gain
    
    
    Realized Gain
    
    
    AppreciationDerivatives Not
    
    (Loss) on
    
    
    (Loss) on
    
    
    (Depreciation) onDesignated as
    
    Derivatives
    
    
    Derivatives
    
    
    DerivativesHedging Instruments
    
    Recognized in
    
    
    Recognized
    
    
    Recognized inunder ASC 815
    
    Income
    
    
    in Income
    
    
    IncomeForeign Exchange contracts
    
    Net realized gain (loss) on futures and forward contracts
    
    
    ($185,191
    )
    
    $
    75,393Futures contracts
    
    Net realized gain (loss) on futures and forward contracts
    
    
    (1,063,236
    )
    
    
    2,406,298Total
    
    
    
    
    
    
    ($1,248,427
    )
    
    $
    2,481,691
 23




---



##### Table of Contents



As of March 31, 2010Long Positions Gross Unrealized
    
    
    Short Position Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gain on OpenGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    assets
    
    
    Losses
    
    
    Assets
    
    
    PositionsForeign Exchange
    
    $
    43,781
    
    
    
    0.4
    
    
    $
    (24,067
    )
    
    
    (0.2
    )
    
    $
    482
    
    
    
    0.0
    *
    
    $
    (17,829
    )
    
    
    (0.2
    )
    
    $
    2,367Currency
    
    
    163,489
    
    
    
    1.5
    
    
    
    (28,088
    )
    
    
    (0.3
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    135,401Financial
    
    
    397,821
    
    
    
    3.7
    
    
    
    (22,519
    )
    
    
    (0.2
    )
    
    
    73,598
    
    
    
    0.7
    
    
    
    
    
    
    
    
    
    
    
    448,900Food & Fiber
    
    
    10,074
    
    
    
    0.1
    
    
    
    (15,002
    )
    
    
    (0.1
    )
    
    
    132,200
    
    
    
    1.2
    
    
    
    
    
    
    
    
    
    
    
    127,272Indices
    
    
    177,387
    
    
    
    1.6
    
    
    
    (9,471
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    167,916Metals
    
    
    316,599
    
    
    
    2.9
    
    
    
    
    
    
    
    
    
    
    
    434
    
    
    
    0.0
    *
    
    
    
    
    
    
    
    
    
    
    317,033Energy
    
    
    292,937
    
    
    
    2.7
    
    
    
    
    
    
    
    
    
    
    
    371,360
    
    
    
    3.4
    
    
    
    
    
    
    
    
    
    
    
    664,297Totals
    
    $
    1,402,088
    
    
    
    12.9
    
    
    $
    (99,147
    )
    
    
    (0.9
    )
    
    $
    578,074
    
    
    
    5.3
    
    
    $
    (17,829
    )
    
    
    (0.2
    )
    
    $
    1,863,186
 
 *
    
    Due to rounding  Average
    
    Average
    
    Average value
    
    Average valuenumber of
    
    number of
    
    of Long
    
    of ShortLong Contracts
    
    Short Contracts
    
    Positions
    
    PositionsForeign Exchange
    
    
    51
    
    
    
    52
    
    
    $
    332,466
    
    
    $
    491,535Average
    
    Averagenumber of
    
    number ofLong Contracts
    
    Short ContractsCurrency
    
    
        
        
                
    391
    
    
    
    Financial
    
    
        
        
                
    541
    
    
    
    265Food & Fiber
    
    
        
        
                
    92
    
    
    
    54Indices
    
        
        
                
    
    394
    
    
    
    49Metals
    
    
        
        
                
    262
    
    
    
    47Livestock
    
    
        
        
                
    
    
    
    
    14Energy
    
    
        
        
                
    151
    
    
    
    71Totals
    
    
        
        
                
    1,882
    
    
    
    552
  For the Three Months Ended March 31, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGains (Losses)
    
    
    Gains (Losses)
    
    
    LossesForeign Exchange
    
    $
    (185,191
    )
    
    $
    75,393
    
    
    $
    (109,798
    )Currency
    
    
    (281,530
    )
    
    
    216,990
    
    
    
    (64,540
    )Financial
    
    
    114,412
    
    
    
    506,772
    
    
    
    621,184Food & Fiber
    
    
    (73,236
    )
    
    
    8,982
    
    
    
    (64,254
    )Indices
    
    
    316,536
    
    
    
    (70,105
    )
    
    
    246,431Metals
    
    
    (1,076,599
    )
    
    
    1,125,234
    
    
    
    48,635Livestock
    
    
    (52,390
    )
    
    
    8,110
    
    
    
    (44,280
    )Energy
    
    
    (10,429
    )
    
    
    610,315
    
    
    
    599,886Total net trading gains (losses)
    
    $
    (1,248,427
    )
    
    $
    2,481,691
    
    
    $
    1,233,264
 24




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##### Table of Contents



5. Due from/to brokers
   6. Allocation of net profits and losses
   7. Related party transactions
   8. Financial highlights
  SERIES A-1
    
    
    SERIES A-2Total returnTotal return before incentive fees
    
    
    6.1
    %
    
    
    6.6
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees
    
    
    6.1
    %
    
    
    6.6
    %Ratio to average partners capital *Operating expenses before incentive fees
    
    
    7.6
    %
    
    
    5.6
    %
 25




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##### Table of Contents



SERIES A-1
    
    
    SERIES A-2Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    7.6
    %
    
    
    5.6
    %Net investment loss*
    
    
    (7.1
    )%
    
    
    (5.6
    )%Net assets value per unit, beginning of period
    
    $
    1,056.90
    
    
    $
    1,111.40Net investment loss
    
    
    (18.44
    )
    
    
    (15.38
    )Net gain on investments
    
    
    83.21
    
    
    
    88.18Net asset value per unit, end of period
    
    $
    1,121.67
    
    
    $
    1,184.20Other per Unit information:Net increase in net assets from operations per Unit (based upon weighted average
Number of Units during period)
    
    $
    79.42
    
    
    $
    93.00Net increase in net assets from operations per Unit (based upon change in net asset
value per Unit)
    
    $
    64.77
    
    
    $
    72.80
 
 *
    
    Annualized for periods less than a year SERIES B-1
    
    
    SERIES B-2Total returnTotal return before incentive fees
    
    
    9.6
    %
    
    
    10.2
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees
    
    
    9.6
    %
    
    
    10.2
    %Ratio to average partners capital *Operating expenses before incentive fees
    
    
    9.0
    %
    
    
    7.0
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    9.0
    %
    
    
    7.0
    %Net investment loss*
    
    
    (9.0
    )%
    
    
    (6.9
    )%Net assets value per unit, beginning of period
    
    $
    873.68
    
    
    $
    886.92Net investment loss
    
    
    (18.95
    )
    
    
    (14.90
    )Net gain on investments
    
    
    102.98
    
    
    
    105.10Net asset value per unit, end of period
    
    $
    957.71
    
    
    $
    977.12Other per Unit information:Net increase in net assets from operations per Unit (based upon weighted average
Number of Units during period)
    
    $
    93.30
    
    
    $
    100.09
 26




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##### Table of Contents



SERIES B-1
    
    
    SERIES B-2Net increase in net assets from operations per Unit (based upon change in net asset
value per Unit)
    
    $
    84.03
    
    
    $
    90.20
 
 *
    
    Annualized for periods less than a year  9. Financial instrument risk
       27




---



##### Table of Contents



10. Subscriptions and redemptions
   11. Subsequent events
  ITEM 2.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 INTRODUCTION
  LIQUIDITY
  28




---



##### Table of Contents



CAPITAL RESOURCES
  RESULTS OF OPERATIONS
 Three Months Ended March 31, 2010
     st
  29




---



##### Table of Contents



OFF-BALANCE SHEET RISK
  30




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##### Table of Contents



OFF-BALANCE SHEET ARRANGEMENTS
  CONTRACTUAL OBLIGATIONS
  CRITICAL ACCOUNTING POLICIES  VALUATION OF THE FUNDS POSITIONS
  RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
 ASU 2010-06
 Improving Disclosures about Fair Value Measurements Fair Value Measurements and Disclosures
 31




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##### Table of Contents



ITEM 3.
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  ITEM 4T.
    
    CONTROLS AND PROCEDURES
  PART II  OTHER INFORMATION
 ITEM 1.
    
    LEGAL PROCEEDINGS
  ITEM 1A.
    
    RISK FACTORS
  ITEM 2.
    
    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
 (a)
    
    There were no sales of unregistered securities during the quarter ended March 31, 2009.(b)
    
    Updated information required by Item 701(f) of Regulation S-K:
 (1)
    
    The use of proceeds information is being disclosed for Registration Statement
No. 333-151632 declared effective on February 17, 2009.(4)
    
    (iv) As of March 31, 2010, the Fund sold $4,254,272 of Series A-1 Units,
$1,287,328 of Series A-2 Units, $6,985,304 of Series B-1 Units, and $2,789,974 of
Series B-2 Units.
 (v)
    
    As of March 31, 2010, the Fund incurred expenses for the account of the
Fund totaling $799,597 of which $652,708 was paid to Superfund Capital Management and
$146,889 was paid to Superfund USA.(vi)
    
    Net offering proceeds to the Fund as of March 31, 2010 were $14,517,281.(vii)
    
    As of March 31, 2010, the amount of net offering proceeds to the Fund for
commodity futures and forward trading in accordance with Superfund Capital
Managements trading program totaled $14,517,281.
 (c)
    
    Pursuant to the Funds Limited Partnership Agreement, investors may redeem their Units at the
end of each calendar month at the then current month-end Net Asset Value per Unit. The
redemption of Units has no impact on the value of Units that remain outstanding, and Units are
not reissued once redeemed.The following tables summarize the redemptions by investors during the three months ended
March 31, 2010:
 32




---



##### Table of Contents



Net Asset ValueMonth
    
    Units Redeemed
    
    per Unit ($)January 31, 2010
    
    
    30.363
    
    
    
    998.29February 28, 2010
    
    
    31.615
    
    
    
    1,045.74March 31, 2010
    
    
    29.570
    
    
    
    1,121.67Total
    
    
    91.548
  Net Asset ValueMonth
    
    Units Redeemed
    
    per Unit ($)January 31, 2010
    
    
    0
    
    
    
    1,051.52February 28, 2010
    
    
    0
    
    
    
    1,103.35March 31, 2010
    
    
    0
    
    
    
    1,184.20Total
    
    
    0
  Net Asset ValueMonth
    
    Units Redeemed
    
    per Unit ($)January 31, 2010
    
    
    0
    
    
    
    767.39February 28, 2010
    
    
    10.865
    
    
    
    814.38March 31, 2010
    
    
    33.816
    
    
    
    957.71Total
    
    
    44.681
  Net Asset ValueMonth
    
    Units Redeemed
    
    per Unit ($)January 31, 2010
    
    
    145.199
    
    
    
    780.32February 28, 2010
    
    
    0
    
    
    
    829.49March 31, 2010
    
    
    23.359
    
    
    
    977.12Total
    
    
    168.558
 ITEM 3.
    
    DEFAULTS UPON SENIOR SECURITIES
  ITEM 4.
    
    (REMOVED AND RESERVED)
 ITEM 5.
    
    OTHER INFORMATION
  ITEM 6.
    
    EXHIBITS
  31.1
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer31.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
 33




---



##### Table of Contents



32.1
    
    Section 1350 Certification of Principal Executive Officer32.2
    
    Section 1350 Certification of Principal Financial Officer
 34




---



##### Table of Contents



SIGNATURES
  Date: May 17, 2010
    SUPERFUND GOLD, L.P.
(Registrant)
By:  Superfund Capital Management, Inc.
       General PartnerBy:
    /s/ Nigel JamesNigel JamesPresident and Principal Executive OfficerBy:
    /s/ Roman GregorigRoman GregorigVice President and Principal Financial Officer 35




---



##### Table of Contents



Exhibit Number
    
    Description of Document
    
    Page Number31.1
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
    
    E-231.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
    
    E-332.1
    
    Section 1350 Certification of Principal Executive Officer
    
    E-432.2
    
    Section 1350 Certification of Principal Financial Officer
    
    E-5
 E-1