10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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.

(Exact name of registrant as specified in charter)

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

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

     Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes þ No o

     Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes o No o

     Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer o Accelerated Filer o  Non-Accelerated Filer o
(Do not check if a smaller reporting company) Smaller Reporting Company þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No þ

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

The following unaudited financial statements of Superfund Gold, L.P. — Series A are included in Item 1:

	Page
Unaudited Financial Statements
Statements of Assets and Liabilities as of March 31, 2010 and December 31, 2009	3
Condensed Schedule of Investments as of March 31, 2010	4
Condensed Schedule of Investments as of December 31, 2009	5
Statement of Operations for the three months ended March 31, 2010	6
Statement of Changes in Net Assets for the Three Months Ended March 31, 2010	7
Statement of Cash Flows for the Three Months Ended March 31, 2010	8

The following unaudited financial statements of Superfund Gold, L.P. — Series B are included in Item 1:

	Page
Unaudited Financial Statements
Statements of Assets and Liabilities as of March 31, 2010 and December 31, 2009	9
Condensed Schedule of Investments as of March 31, 2010	10
Condensed Schedule of Investments as of December 31, 2009	11
Statement of Operations for the Three Months Ended March 31, 2010	12
Statement of Changes in Net Assets for the Three Months Ended March 31, 2010	13
Statements of Cash Flows for the Three Months Ended March 31, 2010	14
Notes to Series A and Series B Unaudited Financial Statements Dated March 31, 2010	15-31
EX-31.1
EX-31.2
EX-32.1
EX-32.2

2

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

See accompanying notes to financial statements.

3

SUPERFUND GOLD, L.P. — SERIES A
UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of March 31, 2010

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United 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	%	$	1,799,731
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.1			7,589
Total unrealized appreciation on forward contracts				0.1			7,589
Unrealized depreciation on forward contracts
Currency				(0.0	)*		(3,522	)
Total unrealized depreciation on forward contracts				(0.0	)*		(3,522	)
Total forward contracts, at fair value				0.1			4,067
Futures contracts, at fair value
Futures Contracts Purchased
Currency				0.8			54,531
Energy				1.1			67,559
Financial				2.2			145,799
Food & Fiber				(0.1	)		(5,184	)
Indices				0.7			48,453
Metals				1.8			120,540
Total futures contracts purchased				6.5			431,698
Futures Contracts Sold
Energy				1.6			105,380
Financial				0.5			29,442
Food & Fiber				0.9			57,975
Total futures contracts sold				3.0			192,797
Total futures contracts, at fair value				9.5			624,495
Futures and forward contracts by country composition
Australia				0.6			36,616
European Monetary Union				1.5			98,309
Great Britain				0.9			58,056
Japan				0.2			14,328
United States				5.5			360,095
Other				0.9			61,158
Total futures and forward contracts by country				9.6	%	$	628,562

* Due to rounding

See accompanying notes to financial statements.

4

SUPERFUND GOLD, L.P. — SERIES A
UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2009

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United 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	%	$	1,549,939
Futures Contracts, at fair value
Futures Contracts Purchased
Currency				(0.4	)		(15,097	)
Energy				(0.0	)*		(1,336	)
Financial				(0.3	)		(8,773	)
Food & Fiber				0.5			18,003
Indices				0.5			15,844
Metals
35 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 Sold
Energy				(0.0	)*		(780	)
Financial				0.0	*		845
Food & 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 composition
European Monetary Union				(0.4	)		(14,015	)
United States				(8.1	)		(277,640	)
Other				0.3			10,348
Total futures contracts by country				(8.2	)%	$	(281,307	)

* Due to rounding

See accompanying notes to financial statements.

5

SUPERFUND GOLD, L.P. — SERIES A
UNAUDITED STATEMENT OF OPERATIONS

	Three Months Ended
	March 31,
	2010
Investment income
Interest income	$	202
Other income		5,599
Total income		5,801
Expenses
Brokerage commissions		31,006
Management fee		30,412
Selling commission		21,427
Operating expenses		10,137
Other		12
Total expenses		92,994
Net investment loss		(87,193	)
Realized and unrealized gain (loss) on investments
Net realized loss on futures and forward contracts		(410,344	)
Net change in unrealized appreciation on futures and forward contracts		909,869
Net gain on investments		499,525
Net increase in net assets from operations	$	412,332
Net increase in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series A-1*	$	79.42
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit during period) for Series A-1	$	64.77
Net increase in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series A-2**	$	93.00
Net 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

See accompanying notes to financial statements.

*	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

SUPERFUND GOLD, L.P. — SERIES A
UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Three Months Ended
	March 31,
	2010			2009
Increase in net assets from operations
Net 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 transactions
Issuance 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			2,000
Net assets, end of period	$	6,517,743			2,000
Series 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			—

See accompanying notes to financial statements.

7

SUPERFUND GOLD, L.P. — SERIES A
UNAUDITED STATEMENTS OF CASH FLOWS

	Three Months Ended
	March 31,
	2010
Cash flows from operating activities
Net increase in net assets from operations	$	412,332
Adjustments 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		1,550,000
Amortization 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		3,522
Futures contracts purchased		(709,927	)
Futures contracts sold		(195,875	)
Management fees payable		5,867
Fees payable		6,253
Net cash used in operating activities		(2,949,856	)
Cash flows from financing activities
Subscriptions, net of change in subscriptions received in advance		1,742,696
Redemptions, net of redemptions payable		(63,372	)
Net cash provided by financing activities		1,679,324
Net decrease in cash		(1,270,532	)
Cash, beginning of period		1,739,581
Cash, end of period	$	469,049

See accompanying notes to financial statements.

8

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

See accompanying notes to financial statements.

9

SUPERFUND GOLD, L.P. — SERIES B
UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of March 31, 2010

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United 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	%	$	3,499,491
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.4			44,738
Total unrealized appreciation on forward contracts				0.4			44,738
Unrealized depreciation on forward contracts
Currency				(0.4	)		(42,371	)
Total unrealized depreciation on forward contracts				(0.4	)		(42,371	)
Total forward contracts, at fair value				0.0	*		2,367
Futures contracts, at fair value
Futures contracts purchased
Currency				1.2			135,401
Energy				2.7			292,937
Financial				3.5			375,302
Food & Fiber				(0.0	)*		(4,928	)
Indices				1.5			167,916
Metals				2.9			316,599
Total futures contracts purchased				11.8			1,283,227
Futures contracts sold
Energy				3.4			371,360
Financial				0.7			73,598
Food & Fiber				1.2			132,200
Metals				0.0	*		434
Total futures contracts sold				5.3			577,592
Total futures contracts, at fair value				17.1			1,860,819
Futures and forward contracts by country composition
Australia				0.9			98,840
European Monetary Union				2.4			265,086
Great Britain				1.5			159,004
Japan				0.8			88,666
United States				10.2			1,111,560
Other				1.3			140,030
Total futures and forward contracts by country				17.1	%	$	1,863,186

* Due to rounding

See accompanying notes to financial statements.

10

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

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United 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	%	$	4,449,809
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.9			81,845
Total unrealized appreciation on forward contracts				0.9			81,845
Unrealized depreciation on forward contracts
Currency				(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 value
Futures contracts purchased
Currency				(0.9	)		(81,589	)
Energy				0.7			58,852
Financial				(1.0	)		(85,038	)
Food & Fiber				1.5			134,040
Indices				2.8			241,191
Metals
104 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 sold
Energy				(0.1	)		(4,870	)
Food & Fiber				(0.2	)		(15,750	)
Indices				(0.0	)*		(3,170	)
Livestock				(0.1	)		(8,110	)
Financial				0.3			27,166
Total futures contracts sold				(0.1	)		(4,734	)
Total futures contracts, at fair value				(6.3	)		(545,479	)
Futures and forward contracts by country composition
Australian				0.2			17,853
European Monetary Union				(0.4	)		(31,028	)
Great Britain				0.2			14,810
Japan				0.4			37,973
United States				(7.7	)		(675,828	)
Other				0.2			17,715
Total futures and forward contracts by country				(7.1)	%	$	(618,505	)

* Due to rounding

See accompanying notes to financial statements.

11

SUPERFUND GOLD, L.P. — SERIES B
UNAUDITED STATEMENT OF OPERATIONS

	Three Months Ended
	March 31,
	2010
Investment income, interest	$	279
Total income	$	279
Expenses
Brokerage commissions		89,175
Management fees		52,653
Selling commission		33,525
Operating expenses		17,551
Other		184
Total expenses		193,088
Net investment loss		(192,809	)
Realized and unrealized gain (loss) on investments
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 gain on investments		1,233,264
Net increase in net assets from operations	$	1,040,455
Net increase in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series B-1	$	93.30
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit during period) for Series B-1	$	84.03
Net increase in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series B-2	$	100.09
Net 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

See accompanying notes to financial statements.

*	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

SUPERFUND GOLD, L.P. — SERIES B
UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Three Months Ended
	March 31,
	2010			2009
Increase in net assets from operations
Net 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 transactions
Issuance 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			2,000
Net assets, end of period	$	10,858,323		$	2,000
Series 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			—

See accompanying notes to financial statements.

13

SUPERFUND GOLD, L.P. — SERIES B
UNAUDITED STATEMENTS OF CASH FLOWS

	Three Months Ended
	March 31,
	2010
Cash flows from operating activities
Net increase in net assets from operations	$	1,040,455
Adjustments 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		4,450,000
Amortization of discounts and premiums		(504	)
Due from brokers		(912,961	)
Unrealized depreciation on open forward contracts		(112,500	)
Unrealized appreciation on open forward contracts		37,107
Futures contracts purchased		(1,823,972	)
Futures contracts sold		(582,326	)
Management fee		4,111
Fees payable		3,954
Net cash used in operating activities		(1,395,814	)
Cash flows from financing activities
Subscriptions, net of change in subscriptions received in advance		992,024
Redemptions, net of change in redemptions payable		(132,041	)
Net cash provided by financing activities		859,983
Net decrease in cash		(535,831	)
Cash, beginning of period		932,518
Cash, end of period	$	396,687

See accompanying notes to financial statements.

14

SUPERFUND GOLD, L.P. — SERIES A AND B
NOTES TO UNAUDITED FINANCIAL STATEMENTS
March 31, 2010

SUPERFUND GOLD, L.P. — SERIES A AND B

1. Nature of operations

Organization and Business

Superfund 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 (“U.S.”) and international commodity futures and forwards 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 (the “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 of the following to occur: (i) receipt by Superfund Capital Management of an approval to dissolve the Fund at a specified time by limited partners of the Fund (the “Limited Partners”) 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. Basis of presentation and significant accounting policies

Basis of Presentation

The unaudited financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the U.S. with respect to the Form 10-Q and reflect all adjustments which in the opinion of management are normal and recurring, and which are necessary for a fair statement of the results of interim periods presented. It is suggested that these financial statements be read in conjunction with the financial statements and the related notes included in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2009.

Valuation of Investments in Futures Contracts, Forward Contracts, and U.S. Treasury Bills

All 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 U.S. Treasury Bills due to the short-term

15

nature of such investments; accordingly, the cost of securities plus accreted discount or minus amortized premium approximates fair value.

Translation of Foreign Currency

Assets 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.

Investment Transactions, Investment Income and Expenses

Investment transactions are accounted for on a trade-date basis. Interest income and expenses are recognized on the accrual basis.

Income Taxes

The 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, and has determined 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. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded in the accompanying financial statements. The 2008 through 2010 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

Use of Estimates

The 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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.

Recently Issued Accounting Pronouncements

ASU 2010-06

In January 2010, FASB issued Accounting Standards Update No. 2010-06, Improving Disclosures about Fair Value Measurements (“ASU 2010-06”), which amends the disclosure requirements of ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), and requires new disclosures regarding transfers in and out of Level 1 and 2 categories, as well as requires 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). The Fund has adopted ASU 2010-06 effective for reporting periods beginning

16

after December 15, 2009. The adoption of ASU 2010-06 did not have any impact on the Fund’s results of operations, financial condition or cash flows, as the Fund has not had any transfers in or out of Level 1 or 2 categories, nor does it hold level 3 assets or liabilities.

3. Fair Value Measurements

The Fund follows 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 derivatives typically fall within Level 1 or Level 2 of the fair value hierarchy depending on whether they are deemed to be actively traded or not. The Fund has exposure to exchange-traded derivative contracts through the Fund’s trading of exchange-traded futures contracts. The Fund’s exchange-traded futures contract positions are valued daily at settlement prices published by the applicable exchanges. In such cases, provided they are deemed to be actively traded, exchange-traded derivatives are classified within Level 1 of the fair value hierarchy. Less actively traded exchange-traded derivatives fall within Level 2 of the fair value hierarchy.

OTC derivatives are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, model calibration to market-clearing transactions, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument as well as the availability of pricing information in the market. For OTC derivatives that trade in liquid markets, such as generic forwards and swaps, model inputs can generally be verified and model selection does not involve significant management judgment. The OTC derivatives that may be held by the Fund include forwards and swaps. Spot and forward foreign currency contracts held by the Fund are valued at published daily settlement prices or at dealers’ quotes. The Fund’s forward positions are typically classified within Level 2 of the fair value hierarchy.

Certain OTC derivatives trade in less liquid markets with limited pricing information, and the determination of fair value for these derivatives is inherently more difficult. Such instruments are classified within Level 3 of the fair value hierarchy. Where the Fund does not have corroborating market evidence to support significant model inputs and cannot verify the model to market transactions, transaction price is initially used as the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so that the model value at inception equals the transaction price. The valuations of these less liquid OTC derivatives are typically based on Level 1 and/or Level 2 inputs that can be observed in the market, as well as unobservable Level 3 inputs. Subsequent to initial recognition, the Fund updates the Level 1 and Level 2 inputs to reflect

17

observable market changes, with resulting gains and losses reflected within Level 3. Level 3 inputs are changed only when corroborated by evidence such as similar market transactions, third-party pricing services and/or broker or dealer quotations, or other empirical market data. In circumstances in which the Fund cannot verify the model value to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. The Fund attempts to avoid holding less liquid OTC derivatives. However, once held, the market for any particular derivative contract could become less liquid during the holding period. As of and during the quarter ended March 31, 2010, the Fund held no derivative contracts valued using Level 3 inputs.

The following table summarizes the valuation of the Fund’s assets and liabilities by the ASC 820 fair value hierarchy as of March 31, 2010, and December 31, 2009:

Series A.

	Balance
	March 31, 2010		Level 1		Level 2		Level 3
ASSETS
U.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	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	3,522	$	—	$	3,522	$	—
Total Liabilities Measured at Fair Value	$	3,522	$	—	$	3,522	$	—

18

Series B.

	Balance
	March 31, 2010		Level 1		Level 2		Level 3
ASSETS
U.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	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	42,371	$	—	$	42,371	$	—
Total Liabilities Measured at Fair Value	$	42,371	$	—	$	42,371	$	—

19

Series A.

	Balance
	December 31,
	2009		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	1,549,939	$	—	$	1,549,939	$	—
Total Assets Measured at Fair Value	$	1,549,939	$	—	$	1,549,939	$	—
LIABILITIES
Futures contracts purchased	$	278,229	$	278,229	$	—	$	—
Futures contracts sold		3,078		3,078		—		—
Total Liabilities Measured at Fair Value	$	281,307	$	281,307	$	—	$	—

20

Series B.

	Balance
	December 31,
	2009		Level 1		Level 2		Level 3
ASSETS
U.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	$	—
LIABILITIES
Unrealized 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

The Fund follows ASC 815, Disclosures about Derivative Instruments and Hedging Activities (“ASC 815”). ASC 815 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.

Derivative instruments held by the Fund do not qualify as derivative instruments held as hedging instruments, as defined in ASC 815. Instead, the Fund includes derivative instruments in its trading activity. Per the requirements of ASC 815, the Fund discloses the gains and losses on its trading activities for both derivative and nonderivative instruments in the Statement of Operations for each Series.

The Fund engages in the speculative trading of forward contracts in currency and futures contracts in a wide range of commodities, including equity markets, interest rates, food and fiber, energy, livestock and metals. ASC 815 requires entities to recognize all derivatives instruments as either assets or liabilities at fair value in the statement of financial position. Investments in forward contracts and commodity futures contracts are recorded in the Statements of Assets and Liabilities as “unrealized appreciation or depreciation on open forward contracts and futures contracts purchased and futures contracts sold.” Since the derivatives held or sold by the Fund are for speculative trading purposes, the

21

derivative instruments are not designated as hedging instruments under the provisions of ASC 815. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Fund’s trading profits and losses in the Statements of Operations.

Superfund Capital Management believes futures and forwards trading activity expressed as a percentage of net assets is indicative of trading activity. Information concerning the fair value of the Fund’s derivatives held long or sold short, as well as information related to the annual average volume of the Fund’s derivative activity, is as follows:

Series A:

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of March 31, 2010, is as follows:

	Statement of Assets			Liability
	and Liabilities	Asset Derivatives		Derivatives at
Type of Instrument	Location	at March 31, 2010		March 31, 2010			Net
Foreign Exchange contracts	Unrealized appreciation on open forward contracts	$	7,589	$	—		$	7,589
Foreign Exchange contracts	Unrealized depreciation on open forward contracts		—		(3,522	)		624,495
Futures contracts	Futures contracts purchased & Futures contacts sold		624,495		—			624,495
Totals		$	632,084	$	(3,522	)	$	628,562

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended March 31, 2010:

					Change in Unrealized
	Location of Gain	Realized Gain			Appreciation
Derivatives Not	(Loss) on	(Loss) on			(Depreciation) on
Designated as	Derivatives	Derivatives			Derivatives
Hedging Instruments	Recognized in	Recognized			Recognized in
under ASC 815	Income	in Income			Income
Foreign Exchange contracts	Net realized gain (loss) on futures and forward contracts		($3,614	)	$	4,067
Futures contracts	Net realized gain (loss) on futures and forward contracts		(406,730	)		905,802
Total			($410,344	)	$	909,869

	As of March 31, 2010
	Long Positions Gross Unrealized											Short Position Gross Unrealized
			% of						% of					% of					% of			Net Unrealized
			Net						Net					Net					Net			Gain on Open
	Gains		Assets			Losses			Assets			Gains		assets		Losses			Assets			Positions
Foreign Exchange	$	7,589		0.1		$	(2,609	)		(0.0	)*	$	—		—	$	(913	)		(0.0	)*	$	4,067
Currency		63,894		0.9			(9,363	)		(0.1	)		—		—		—			—			54,531
Financial		150,748		2.3			(4,949	)		(0.1	)		29,442		0.5		—			—			175,241
Food & Fiber		1,838		0.0	*		(7,022	)		(0.1	)		57,975		0.9		—			—			52,791
Indices		48,453		0.7			—			—			—		—		—			—			48,453
Metals		120,540		1.8			—			—			—		—		—			—			120,540
Energy		67,559		1.1			—			—			105,380		1.6		—			—			172,939
Totals	$	460,621		6.9		$	(23,943	)		(0.3	)	$	192,797		3.0	$	(913	)		(0.0	)*	$	628,562

* Due to rounding

22

Series A average monthly contract volume by market sector as of quarter ended March 31, 2010:

			Average
	Average		number of		Average		Average value
	number of		Short		value of Long		of Short
	Long Contracts		Contracts		Positions		Positions
Foreign Exchange		14		7	$	6,773	$	13,301
					Average		Average
					number of		number of
					Long Contracts		Short Contracts
Currency						150		—
Financial						216		91
Food & Fiber						26		21
Indices						128		10
Metals						112		11
Livestock						—		4
Energy						45		21
Totals						691		165

Series A trading results by market sector:

	For the Three Months Ended March 31, 2010
	Change in Net
	Net Realized			Unrealized		Net Trading
	Gains (Losses)			Gains (Losses)		Gains (Losses)
Foreign Exchange	$	(3,614	)	$	4,067	$	453
Currency		(77,970	)		69,628		(8,342	)
Financial		35,166			183,169		218,335
Food & Fiber		(44,315	)		36,851		(7,464	)
Indices		78,455			32,609		111,064
Metals		(388,527	)		407,410		18,883
Livestock		(13,330	)		1,080		(12,250	)
Energy		3,791			175,055		178,846
Total net trading gains (losses)	$	(410,344	)	$	909,869	$	499,525

Series B:

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of March 31, 2010, is as follows:

	Statement of Assets			Liability
	and Liabilities	Asset Derivatives		Derivatives at
Type of Instrument	Location	at March 31, 2010		March 31, 2010			Net
Foreign Exchange contracts	Unrealized appreciation on open forward contracts	$	44,738	$	—		$	44,738
Foreign Exchange contracts	Unrealized depreciation on open forward contracts		—		(42,371	)		(42,371	)
Futures contracts	Futures contracts purchased & Futures contacts sold		1,860,819		—			1,860,819
Totals		$	1,905,557	$	(42,371	)	$	1,863,186

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended March 31, 2010:

					Change in Unrealized
	Location of Gain	Realized Gain			Appreciation
Derivatives Not	(Loss) on	(Loss) on			(Depreciation) on
Designated as	Derivatives	Derivatives			Derivatives
Hedging Instruments	Recognized in	Recognized			Recognized in
under ASC 815	Income	in Income			Income
Foreign Exchange contracts	Net realized gain (loss) on futures and forward contracts		($185,191	)	$	75,393
Futures contracts	Net realized gain (loss) on futures and forward contracts		(1,063,236	)		2,406,298
Total			($1,248,427	)	$	2,481,691

23

	As of March 31, 2010
	Long Positions Gross Unrealized										Short Position Gross Unrealized
			% of					% of					% of						% of			Net Unrealized
			Net					Net					Net						Net			Gain on Open
	Gains		Assets		Losses			Assets			Gains		assets			Losses			Assets			Positions
Foreign Exchange	$	43,781		0.4	$	(24,067	)		(0.2	)	$	482		0.0	*	$	(17,829	)		(0.2	)	$	2,367
Currency		163,489		1.5		(28,088	)		(0.3	)		—		—			—			—			135,401
Financial		397,821		3.7		(22,519	)		(0.2	)		73,598		0.7			—			—			448,900
Food & Fiber		10,074		0.1		(15,002	)		(0.1	)		132,200		1.2			—			—			127,272
Indices		177,387		1.6		(9,471	)		(0.1	)		—		—			—			—			167,916
Metals		316,599		2.9		—			—			434		0.0	*		—			—			317,033
Energy		292,937		2.7		—			—			371,360		3.4			—			—			664,297
Totals	$	1,402,088		12.9	$	(99,147	)		(0.9	)	$	578,074		5.3		$	(17,829	)		(0.2	)	$	1,863,186

* Due to rounding

Series B average monthly contract volume by market sector for quarter ended March 31, 2010:

	Average		Average		Average value		Average value
	number of		number of		of Long		of Short
	Long Contracts		Short Contracts		Positions		Positions
Foreign Exchange		51		52	$	332,466	$	491,535
					Average		Average
					number of		number of
					Long Contracts		Short Contracts
Currency						391		—
Financial						541		265
Food & Fiber						92		54
Indices						394		49
Metals						262		47
Livestock						—		14
Energy						151		71
Totals						1,882		552

Series B trading results by market sector

	For the Three Months Ended March 31, 2010
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gains (Losses)			Gains (Losses)			Losses
Foreign Exchange	$	(185,191	)	$	75,393		$	(109,798	)
Currency		(281,530	)		216,990			(64,540	)
Financial		114,412			506,772			621,184
Food & Fiber		(73,236	)		8,982			(64,254	)
Indices		316,536			(70,105	)		246,431
Metals		(1,076,599	)		1,125,234			48,635
Livestock		(52,390	)		8,110			(44,280	)
Energy		(10,429	)		610,315			599,886
Total net trading gains (losses)	$	(1,248,427	)	$	2,481,691		$	1,233,264

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5. Due from/to brokers

Due from brokers consists 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, if any, represent margin borrowings that are collateralized by certain securities. As of March 31, 2010, there were no amounts due to brokers.

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.

6. Allocation of net profits and losses

In accordance with the Fund’s 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.

Subscriptions received in advance, if any, represent cash received prior to the balance sheet date for subscriptions of the subsequent month and do not participate in the earnings of the Fund until the following month.

7. Related party transactions

Superfund 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 of the Fund dated November 3, 2009 (the “Prospectus”), included within the Registration Statement on Form S-1 (File No. 333-151632), Superfund USA, Inc., (“Superfund USA”) 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 price 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.

8. Financial highlights

Financial highlights for the period January 1 through March 31 are as follows:

	SERIES A-1			SERIES A-2
Total return
Total 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

	SERIES A-1			SERIES A-2
Incentive 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		$	1,111.40
Net investment loss		(18.44	)		(15.38	)
Net gain on investments		83.21			88.18
Net asset value per unit, end of period	$	1,121.67		$	1,184.20
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average Number of Units during period)	$	79.42		$	93.00
Net 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-2
Total return
Total 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		$	886.92
Net investment loss		(18.95	)		(14.90	)
Net gain on investments		102.98			105.10
Net asset value per unit, end of period	$	957.71		$	977.12
Other 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

	SERIES B-1		SERIES B-2
Net 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

Financial highlights are calculated for each Series taken as a whole. An individual partner’s return, per unit data, and ratios may vary based on the timing of capital transactions.

9. Financial instrument risk

In 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 Series A, gross unrealized gains and losses related to exchange-traded futures were $645,829 and $21,334 respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $7,589 and $3,522, respectively, at March 31, 2010.

For Series B, gross unrealized gains and losses related to exchange-traded futures were $1,935,899 and $75,080, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $44,263 and $41,896, respectively, at March 31, 2010.

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 or security 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 was 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 LLC.

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.

27

The majority of these futures and forwards mature within one year of March 31, 2010. However, due to the nature of the Fund’s business, these instruments may not be held to maturity.

10. Subscriptions and redemptions

Investors 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 HSBC Bank USA, as escrow agent. 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 subscription funds are returned.

Limited Partners may request any or all of their 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 the month, subject to a minimum redemption of $1,000. A request for less than a full redemption that would reduce a Limited Partner’s remaining investment to less than $5,000 will be treated as a request for full redemption. Limited Partners must transmit a written request of such redemption 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 20 days after the effective date of the redemption. However, in special 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 subject of such default or delay, and Limited Partners will be paid their pro rata portion of the redemption amount not subject to defaults or delays.

11. Subsequent events

Superfund Capital Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were filed and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

INTRODUCTION

The Fund commenced the offering of its Units on February 17, 2009. The initial offering terminated on March 31, 2009, and the Fund commenced operations on April 1, 2009. The continuing offering period commenced at the termination of the initial offering period and is ongoing. For the quarter ended March 31, 2010, subscriptions totaling $2,322,800 in Series A-1, $444,796 in Series A-2, $819,430 in Series B-1, and $456,224 in Series B-2 have been accepted and redemptions over the same period totaled $96,540 in Series A-1, $41,235 in Series B-1 and $136,128 in Series B-2. There were no redemptions of Series A-2 during the period. The Fund operates as a commodity investment pool, whose purpose is speculative trading in the U.S. and international futures and forwards markets. Specifically, the Fund trades a portfolio of more than 120 futures and forwards markets using a fully-automated, proprietary, computerized trading system. The Fund also seeks to maintain an investment in gold approximately equal to the total capital of each Series, as of the beginning of each month. The gold investment is intended to delink each Series’ net asset value, which is determined in U.S. dollars, from the value of the U.S. dollar relative to gold, effectively denominating the Series’ net asset value in terms of gold.

LIQUIDITY

Most United States commodity exchanges limit fluctuations in futures contracts prices during a single day by regulations referred to as “daily price fluctuation limits” or “daily limits.” During a single trading day, no trades may be executed at prices beyond the daily limit. This may affect the Fund’s ability to initiate new positions or close existing ones or may prevent it from having orders executed. Futures prices have occasionally moved the daily limit for several consecutive days with little or no trading. Similar occurrences could prevent the Fund from

28

promptly liquidating unfavorable positions and subject the Fund to substantial losses, which could exceed the margin initially committed to such trades. In addition, even if futures prices have not moved the daily limit, the Fund may not be able to execute futures trades at favorable prices if little trading in such contracts is taking place.

Trading in forward contracts introduces a possible further impact on liquidity. Because such contracts are executed “off exchange” between private parties, the time required to offset or “unwind” these positions may be greater than that for regulated instruments. This potential delay could be exacerbated to the extent a counterparty is not a United States person.

Other than these limitations on liquidity, which are inherent in the Fund’s futures and forward trading operations, the Fund’s assets are expected to be highly liquid.

CAPITAL RESOURCES

The Fund will raise additional capital only through the sale of Units offered pursuant to the continuing offering and does not intend to raise any capital through borrowings. Due to the nature of the Fund’s business, it will make no capital expenditures and will have no capital assets which are not operating capital or assets.

RESULTS OF OPERATIONS

Three Months Ended March 31, 2010

Series A:

Net results for the quarter ended March 31, 2010, were a gain of 6.13% in net asset value for Series A-1 and a gain of 6.55% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $412,332. This increase consisted of interest income of $202, other income of $5,599, trading gains of $499,525, and total expenses of $92,994. Expenses included $30,412 in management fees, $10,137 in operating expenses, $21,427 in selling commissions, $31,006 in brokerage commissions, and $12 in other expenses. At March 31, 2010, the net asset value per Unit of Series A-1 was $1,121.67, and the net asset value per Unit of Series A-2 was $1,184.20.

Series B:

Net results for the quarter ended March 31, 2010, were a gain of 9.62% in net asset value for Series B-1 and a gain of 10.17% in net asset value for Series B-2. In this period, Series B experienced a net increase in net assets from operations of $1,040,455. This increase consisted of interest income of $279, trading gains of $1,233,264, and total expenses of $193,088. Expenses included $52,653 in management fees, $17,551 in operating expenses, $33,525 in selling commissions, $89,175 in brokerage commissions, and $184 in other expenses. At March 31, 2010, the net asset value per Unit of Series B-1 was $957.71, and the net asset value per Unit of Series B-2 was $977.12.

Fund results for 1^st Quarter 2010:

In March, the Fund saw excellent results in the equities sector as global stock markets throughout the world surged. Rising business confidence in Germany propelled the DAX to a gain of 9.7%, while Italy’s MIB40, Spain’s IBEX, and Poland’s WIG20 finished up 8.5%, 4.8% and 12.6%, respectively. In Asia, Japan’s Nikkei finished up 10.3%, and in the U.S., the S&P 500 and Dow Jones Industrial Average finished up 6.0% and 5.3%, respectively. A mixture of long and short positions in the stock indices sector led to a gain for the Fund for the month. The Fund continued to experience significant gains from its energy positions as global economic strength propelled crude oil demand expectations higher while warm weather and inflated inventories extended the downtrend in natural gas prices. Front-month crude oil futures finished up 4.7% on the month. The U.S. increased the number of natural gas rigs to 941, up 16.0% from a year earlier. These factors, combined with a mild weather forecast, sent front-month natural gas down, finishing 19.6% lower on the month. A mixture of long and short positions in the energy sector led to a gain for the Fund for the month. The Fund also experienced solid results in its long metals positions as base metals surged despite the stronger U.S. dollar. London copper finished 8.4% higher as exchange inventories fell for

29

most of the month. London nickel rose to its highest level since June 2008, finishing 17.9% higher. The Fund’s long positions in the metals sector resulted in an overall gain for the month.

In February, world bond markets experienced volatile action as sovereign debt contagion worries spread while economic data showed promising signs. The Fund’s net short position in U.S. 30-year Treasury bonds fell prey to small losses as futures rallied near month-end despite better than expected economic reports. In Europe, March bonds surged at month-end to finish moderately higher, producing overall gains for the Fund’s long positions. Overall, a mixture of long and short positions in the bonds sector produced a gain for the Fund for the month. Global short-term interest rate futures traded higher in February, continuing a strong-upward trend and providing the Fund with positive returns. In the U.S., three-month Eurodollar futures rallied to new highs after the Federal Reserve unexpectedly raised the discount rate but reaffirmed that the federal funds rate will remain at exceptionally low levels for an extended period. The Fund’s long positions in the interest rates sector resulted in a gain for the month. Fundamentals in the grain sector improved enough to offset the U.S. dollar rally. May soybeans, wheat and corn finished the month 3.9%, 6.3% and 5.7% higher, respectively. A mixture of long and short positions in the grains sector led to a loss for the Fund on the month. The Fund experienced solid returns in global energy markets in February as macroeconomic data continued to impress. Crude oil finished 8.5% higher, while the ample supply of natural gas proved too much to keep prices high for long. Natural gas finished 6.1% lower, benefiting the Fund’s short positions in this market. A mixture of long and short positions in the energy sector led to an overall loss for the Fund on the month. New York and London front-month sugar futures reversed sharply, finishing the month 19.2% and 9.8% lower, respectively, while May New York cocoa contracts lost 10.2% on the month. Chinese cotton production was estimated to have fallen 15.0% from the prior year, propelling May cotton to a gain of 16.7% on the month. A mixture of long and short positions in the agricultural sector led to a loss for the Fund on the month.

In January, global equities continued to trend higher but reversed sharply by month’s end. In the U.S., the Dow Jones Industrial Average and Nasdaq Composite Index finished 3.5% and 6.8% lower, respectively. European equities also experienced significant declines, with Germany’s DAX, the United Kingdom’s FTSE and France’s CAC40 finishing 6.7%, 4.2% and 5.1% lower, respectively. Asian stocks fell as China began to take steps to slow growth and curb lending in response to an overheating economy. The Hang Seng and Japan’s Nikkei finished 7.8% and 3.6% lower, respectively. A mixture of long and short positions in the stock indices sector produced an overall loss for the Fund on the month. Global short-term interest futures rebounded in January with numerous products trading to new contract highs. Eurodollar futures rallied as weaker than expected fundamental data in the U.S. prompted the selling of equities and the buying of safer short-term assets. A mixture of long and short positions in the interest rates sector resulted in a gain for the Fund for the month. The U.S. dollar index extended its December gains in January, finishing the month 1.7% higher as risk capital flowed into the greenback following China’s strong signals that it would act to contain its rapid growth. Entrenched trends in emerging market currencies continued to unwind with the Brazilian real and Chilean peso finishing the month down 8.7% and 3.3%, respectively. The Fund’s short positions in the U.S. dollar led the currencies sector to a loss on the month. Front-month crude oil futures rose to their highest level since the fall of 2008 in early January until a U.S. dollar reversal and growing global economic fears led to an 8.4% decline on the month. March natural gas finished 7.0% lower as the return of mild temperatures stabilized inventories near the 5-year average after the steep drawdown following December’s cold snap. A mixture of long and short energy positions led the Fund to an overall loss on the month in the sector. London zinc declined 17.0%, while lead and copper lost 17.1% and 9.0%, respectively on the month, as the Chinese central bank raised reserve requirements and ordered some banks to cease lending altogether. February gold sold off late to finish 1.2% lower. The Fund’s long positions in the metals sector led to an overall loss for the month.

For the first quarter of 2010, the most profitable market group overall was the energy sector, while the greatest losses were attributable to positions in the currency sector.

OFF-BALANCE SHEET RISK

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. The Fund trades in futures and forward contracts and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by conditions, such as

30

interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interests positions of the Fund at the same time, and if Superfund Capital Management was unable to offset such positions, the Fund could experience substantial losses. Superfund Capital Management attempts to minimize market risk through real-time monitoring of open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio in all but extreme instances not greater than 50%.

In addition to market risk, in entering into futures and forward contracts, there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for futures contracts traded in the United States and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions.

OFF-BALANCE SHEET ARRANGEMENTS

The Fund does not engage in off-balance sheet arrangements.

CONTRACTUAL OBLIGATIONS

The Fund does not enter into contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company. The Fund’s sole business is trading futures, currency, forward and certain swap contracts, both long (contracts to buy) and short (contracts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Fund for less than four months before being offset or rolled over into new contracts with similar maturities. The Financial Statements of Series A and Series B, each present a Condensed Schedule of Investments setting forth net unrealized appreciation (depreciation) of such Series’ open forward contracts as well as the fair value of the futures contracts purchased and sold by each Series at March 31, 2010 and December 31, 2009.

CRITICAL ACCOUNTING POLICIES — VALUATION OF THE FUND’S POSITIONS

Superfund Capital Management believes that the accounting policies that will be most critical to the Fund’s financial condition and results of operations relate to the valuation of the Fund’s positions. The Fund uses the amortized cost method for valuing U.S. Treasury Bills. Superfund Capital Management believes the cost of securities plus accreted discount, or minus amortized premium, approximates fair value. The majority of the Fund’s positions will be exchange-traded futures contracts, which will be valued daily at settlement prices published by the exchanges. Any spot and forward foreign currency or swap contracts held by the Fund will also be valued at published daily settlement prices or at dealers’ quotes. Thus, Superfund Capital Management expects that under normal circumstances substantially all of the Fund’s assets will be valued on a daily basis using objective measures.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

ASU 2010-06

In January 2010, FASB issued ASU 2010-06, Improving Disclosures about Fair Value Measurements, which amends the disclosure requirements of ASC 820, Fair Value Measurements and Disclosures, and requires new disclosures regarding transfers in and out of Level 1 and 2 categories, as well as requires 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). The Fund has adopted ASU 2010-06 effective for reporting periods beginning after December 15, 2009. The

31

adoption of ASU 2010-06 did not have any impact on the Fund’s results of operations, financial condition or cash flows, as the Fund has not had any transfers in or out of Level 1 or 2 categories, nor does it hold level 3 assets or liabilities.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4T. CONTROLS AND PROCEDURES

Superfund Capital Management, the Fund’s general partner, with the participation of Superfund Capital Management’s principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to the Fund as of the end of the period covered by this quarterly report, and, based on their evaluation, have concluded that these disclosure controls and procedures are effective. There were no formal changes in Superfund Capital Management’s internal controls over financial reporting during the quarter ended March 31, 2010, that have materially affected, or are reasonably likely to materially affect, Superfund Capital Management’s internal control over financial reporting with respect to the Fund.

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

     Superfund Capital Management is not aware of any pending legal proceedings to which either the Fund is a party or to which any of its assets are subject. The Fund has no subsidiaries.

ITEM 1A. RISK FACTORS

     Not required.

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

Series A-1:

			Net Asset Value
Month	Units Redeemed		per Unit ($)
January 31, 2010		30.363		998.29
February 28, 2010		31.615		1,045.74
March 31, 2010		29.570		1,121.67
Total		91.548

Series A-2:

			Net Asset Value
Month	Units Redeemed		per Unit ($)
January 31, 2010		0		1,051.52
February 28, 2010		0		1,103.35
March 31, 2010		0		1,184.20
Total		0

Series B-1:

			Net Asset Value
Month	Units Redeemed		per Unit ($)
January 31, 2010		0		767.39
February 28, 2010		10.865		814.38
March 31, 2010		33.816		957.71
Total		44.681

Series B-2:

			Net Asset Value
Month	Units Redeemed		per Unit ($)
January 31, 2010		145.199		780.32
February 28, 2010		0		829.49
March 31, 2010		23.359		977.12
Total		168.558

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

     Not applicable.

ITEM 4. (REMOVED AND RESERVED)

ITEM 5. OTHER INFORMATION

     None.

ITEM 6. EXHIBITS

     The following exhibits are included herewith:

31.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
31.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer

33

32.1	Section 1350 Certification of Principal Executive Officer
32.2	Section 1350 Certification of Principal Financial Officer

34

SIGNATURES

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

Date: May 17, 2010	SUPERFUND GOLD, L.P. (Registrant) By:  Superfund Capital Management, Inc.        General Partner
	By:	/s/ Nigel James
		Nigel James
		President and Principal Executive Officer
	By:	/s/ Roman Gregorig
		Roman Gregorig
		Vice President and Principal Financial Officer

35

EXHIBIT INDEX

Exhibit Number	Description of Document	Page Number
31.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer	E-2
31.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer	E-3
32.1	Section 1350 Certification of Principal Executive Officer	E-4
32.2	Section 1350 Certification of Principal Financial Officer	E-5

E-1

EX-31.1

Exhibit 31.1

RULE 13a-14(a)/15d-14(a)
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Nigel James, certify that:

1. I have reviewed this report on Form 10-Q for the period ending March 31, 2010, of Superfund Gold, L.P.;

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 17, 2010	By:	/s/ Nigel James
		Nigel James
		President and Principal Executive Officer

E-2

EX-31.2

Exhibit 31.2

RULE 13a-14(a)/15d-14(a)
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Roman Gregorig, certify that:

1. I have reviewed this report on Form 10-Q for the period ending March 31, 2010, of Superfund Gold, L.P.;

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 17, 2010	By:	/s/ Roman Gregorig
		Roman Gregorig
		Vice President and Principal Financial Officer

E-3

EX-32.1

Exhibit 32.1

SECTION 1350 CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER

In connection with the report on Form 10-Q for the period ending March 31, 2010 (the “Report”), I, Nigel James, President and Principal Executive Officer of Superfund Capital Management, Inc., the general partner of Superfund Gold, L.P. (the “Fund”), certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date: May 17, 2010	By:	/s/ Nigel James
		Nigel James
		President and Principal Executive Officer

E-4

EX-32.2

Exhibit 32.2

SECTION 1350 CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER

In connection with the report on Form 10-Q for the period ending March 31, 2010 (the “Report”), I, Roman Gregorig, Vice President and Principal Financial Officer of Superfund Capital Management, Inc., the general partner of Superfund Gold, L.P. (the “Fund”), certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date: May 17, 2010	By:	/s/ Roman Gregorig
		Roman Gregorig
		Vice President and Principal Financial Officer

E-5