10-K/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K/A

(Amendment No.1)

þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2009

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number 000-53764

SUPERFUND GOLD, L.P.

(Exact name of registrant as specified in its charter)

DELAWARE	98-0574019 (Series A); 98-0574020 (Series B)
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification Number)

SUPERFUND OFFICE BUILDING
P.O. BOX 1479
GRAND ANSE
ST. GEORGE’S, GRENADA
WEST INDIES	Not applicable
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (473) 439-2418

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

Units of Limited Partnership Interest
(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes o      No þ

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes o      No þ

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 Website, 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 if the disclosure document of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. 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	Smaller reporting company þ
		(do not check if a smaller reporting company)

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

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.

Not applicable.

EXPLANATORY NOTE

     In response to comments raised by the Staff of the Securities and Exchange Commission, this Form 10-K/A (Amendment No. 1) (“Form 10-K/A”) is being filed by Superfund Gold, L.P. (the “Fund”) to amend the Fund’s disclosure in Item 9A, Controls and Procedures, and Item 15, Financial Statement Schedules, in the Form 10-K for the year ended December 31, 2009 that was originally filed with the Securities and Exchange Commission on March 31, 2010 (the “Original Form 10-K”).

     Except as required to reflect the item described above, no attempt has been made in this Form 10-K/A to modify or update disclosures in the Original Form 10-K. This Form 10-K/A does not reflect events occurring after the filing of the Original Form 10-K or modify or update any related disclosures. Information not affected by the amendment is unchanged and reflects the disclosure made at the time of the filing of the Original Form 10-K with the Securities and Exchange Commission on March 31, 2010. Accordingly, this Form 10-K/A should be read in conjunction with the Original Form 10-K and the Fund’s filings made with the Securities and Exchange Commission subsequent to the filing of the Original Form 10-K.

2

Item 9A. Controls And Procedures.

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 each Series individually, as well as the Fund as a whole, as of the end of the period covered by this annual report, and, based on their evaluation, have concluded that these disclosure controls and procedures are effective. There were no significant changes in Superfund Capital Management’s internal controls with respect to each Series individually, as well as the Fund as a whole, or in other factors applicable to each Series individually, as well as the Fund as a whole, that could materially affect these controls subsequent to the date of their evaluation.

Changes in Internal Control over Financial Reporting

     Section 404 of the Sarbanes-Oxley Act of 2002 requires Superfund Capital Management to evaluate annually the effectiveness of its internal controls over financial reporting as of the end of each fiscal year, and to include a management report assessing the effectiveness of its internal control over financial reporting in all annual reports. There were no changes in Superfund Capital Management’s internal control over financial reporting during the quarter ended December 31, 2009 that have materially affected, or are reasonably likely to materially affect, Superfund Capital Management’s internal control over financial reporting.

Management’s Annual Report on Internal Control over Financial Reporting

     Superfund Capital Management is responsible for establishing and maintaining adequate internal control over the financial reporting of each Series individually, as well as the Fund as a whole. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act as a process designed by, or under the supervision of, a company’s principal executive and principal financial officers and effected by a company’s board of directors, management and other personnel 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. Superfund Capital Management’s internal control over financial reporting includes those policies and procedures that:

• pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of each Series individually, as well as the Fund as a whole;

• provide reasonable assurance that transactions are recorded as necessary to permit preparation of each Series’, as well as the Fund’s, financial statements in accordance with generally accepted accounting principles, and that the receipts and expenditures of each Series individually, as well as the Fund as a whole, are being made only in accordance with authorizations of Superfund Capital Management’s management and directors; and

• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the assets of each Series individually, as well as the Fund as a whole, that could have a material effect on the Series’ or the Fund’s financial statements.

     Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

     The management of Superfund Capital Management assessed the effectiveness of its internal control over financial reporting with respect to each Series individually, as well as the Fund as a whole, as of December 31, 2009. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control — Integrated Framework. Based on its assessment, management has concluded that, as of December 31, 2009, Superfund Capital Management’s internal control over financial reporting with respect to each Series individually, as well as the Fund as a whole, is effective based on those criteria.

     This annual report does not include an attestation report of the Fund’s registered public accounting regarding control over financial reporting. Management’s report was not subject to attestation by the Fund’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Fund to provide only management’s report in this annual report.

     The Rule 13a-14(a)/15d-14(a) certifications of the principal executive officer and the principal financial officer included as Exhibits 31.1 and 31.2, respectively, are certifying as to each Series individually, as well as the Fund as a whole.

3

Item 15. Exhibits, Financial Statement Schedules.

(a) The Following documents are filed as part of this report:

(1)	Financial Statements beginning on page 7 hereof.
(2)	Financial Statement Schedules:

          Financial statement schedules have been omitted because they are not required or because equivalent information has been included in the financial statements or notes thereto.

(3)	Exhibits as required by Item 601 of Regulation S-K.
	The following exhibits are included herewith.

Exhibit
Number	Description of Document
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
32.1	Section 1350 Certification of Principal Executive Officer
32.2	Section 1350 Certification of Principal Financial Officer

     The following exhibits are incorporated by reference herein from the exhibit of the same description and number filed on November 3, 2009, with Post-Effective Amendment No. 1 to Superfund Gold, L.P.’s Registration Statement on Form S-1 (Reg. No. 333-151632).

3.02	Form of Second Amended and Restated Limited Partnership Agreement of the Registrant.
10.02	Form of Subscription Agreement.

     The following exhibits are incorporated by reference herein from the exhibit of the same description and number filed on February 13, 2009, with Amendment No. 3 to Superfund Gold, L.P.’s Registration Statement on Form S-1 (Reg. No. 333-151632).

3.01	Certificate of Limited Partnership of the Registrant.
10.01	Form of Administration Agreement between the Registrant and the Administrator.

4

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of Superfund Gold, L.P. – Series A and Series B:

We have audited the accompanying statements of assets and liabilities of Superfund Gold, L.P., comprising Series A and Series B, (collectively, the “Fund”), including the condensed schedules of investments, as of December 31, 2009 and 2008, and the related statements of operations, changes in net assets, and cash flows for the period from April 1, 2009 (commencement of operations) through December 31, 2009. These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Fund as of December 31, 2009 and 2008, and the results of its operations and its cash flows for the period from April 1, 2009 (commencement of operations) through December 31, 2009, in conformity with accounting principles generally accepted in the United States of America.

/S/ DELOITTE & TOUCHE LLP
Philadelphia, Pennsylvania
March 31, 2010 (October 4, 2010 as to Note 2 (a))

5

SUPERFUND GOLD, L.P.
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2009 and December 31, 2008

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

See accompanying notes to financial statements.

6

SUPERFUND GOLD, L.P.
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 $5,999,748), securities are held in margin accounts as collateral for open futures and forwards
	$	6,000,000		49.4	%	$	5,999,748
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.7			81,845
Total unrealized appreciation on forward contracts				0.7			81,845
Unrealized depreciation on forward contracts
Currency				(1.3	)		(154,871	)
Total unrealized depreciation on forward contracts				(1.3	)		(154,871	)
Total forward contracts, at fair value				(0.6	)		(73,026	)
Futures contracts, at fair value
Futures contracts purchased
Currency				(0.8	)		(96,686	)
Energy				0.5			57,516
Financial				(0.8	)		(93,811	)
Food & Fiber				1.3			152,043
Indices				2.1			257,035
Metals
104 contracts of CMX Gold expiring February 2010				(8.8	)		(1,069,890	)
Other				(0.2	)		(25,181	)
Total Metals				(9.0	)		(1,095,071	)
Total futures contracts purchased				(6.7	)		(818,974	)
Futures contracts sold
Energy				0.0	*		(5,650	)
Food & Fiber				(0.1	)		(17,813	)
Indices				0.0	*		(3,170	)
Livestock				(0.1	)		(9,190	)
Financial				0.2			28,011
Total futures contracts sold				(0.1	)		(7,812	)
Total futures contracts, at fair value				(6.8	)		(826,786	)
Futures and forward contracts by country composition
Australian				0.1			17,853
European Monetary Union				(0.4	)		(45,043	)
Great Britain				0.1			14,810
Japan				0.3			37,973
United States				(7.8	)		(953,468	)
Other				0.2			28,063
Total futures and forward contracts by country				(7.4	)%	$	(899,812	)

* Due to rounding

See accompanying notes to financial statements.

7

SUPERFUND GOLD, L.P.
STATEMENT OF OPERATIONS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009

Investment income, interest	$	3,801
Total income	$	3,801
Expenses
Incentive fee		55,524
Brokerage commissions		178,170
Management fees		139,136
Selling commission		91,937
Operating expenses		46,379
Other		2,369
Total expenses		513,515
Net investment loss		(509,714	)
Realized and unrealized gain (loss) on investments
Net realized gain on futures and forward contracts		1,608,470
Net change in unrealized depreciation on futures and forward contracts		(899,812	)
Net gain on investments		708,658
Net increase in net assets from operations	$	198,944

See accompanying notes to financial statements.

8

SUPERFUND GOLD, L.P.
STATEMENT OF CHANGES IN NET ASSETS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009

	2009
Increase in net assets from operations
Net investment loss	$	(509,714	)
Net realized gain on futures and forward contracts		1,608,470
Net change in unrealized depreciation on futures and forward contracts		(899,812	)
Net increase in net assets from operations		198,944
Capital share transactions
Issuance of shares		11,993,334
Redemption of shares		(38,346	)
Redemption of non unitized capital balance		(4,000	)
Net increase in net assets from capital share transactions		11,950,988
Net increase in net assets		12,149,932
Net assets, beginning of period		4,000
Net assets, end of period	$	12,153,932

See accompanying notes to financial statements.

9

SUPERFUND GOLD, L.P.
STATEMENT OF CASH FLOWS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009

Cash flows from operating activities
Net increase in net assets from operations	$	198,944
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		(11,097,763	)
Sales and maturities of U.S. government securities		5,100,000
Amortization of discounts and premiums		(1,985	)
Due from brokers		(6,301,154	)
Unrealized appreciation on open forward contracts		(81,845	)
Unrealized depreciation on open forward contracts		154,871
Futures contracts purchased		818,974
Futures contracts sold		7,812
Management fee		22,891
Fees payable		22,346
Net cash used in operating activities		(11,156,909	)
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		13,857,464
Redemptions of non unitized capital balance		(4,000	)
Redemptions, net of redemption payable		(28,456	)
Net cash provided by financing activities		13,825,008
Net increase in cash		2,668,099
Cash, beginning of year		4,000
Cash, end of year	$	2,672,099

See accompanying notes to financial statements.

10

SUPERFUND GOLD, L.P. — SERIES A
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2009 and December 31, 2008

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

See accompanying notes to financial statements.

11

SUPERFUND GOLD, L.P. — SERIES A
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.

12

SUPERFUND GOLD, L.P. — SERIES A
STATEMENT OF OPERATIONS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009

Investment income, interest	$	1,039
Total income	$	1,039
Expenses
Incentive fee		55,524
Management fee		34,624
Selling commission		25,361
Brokerage commissions		19,190
Operating expenses		11,541
Other		294
Total expenses		146,534
Net investment loss		(145,495	)
Realized and unrealized gain (loss) on investments
Net realized gain on futures and forward contracts		695,686
Net change in unrealized depreciation on futures and forward contracts		(281,307	)
Net gain on investments		414,379
Net increase in net assets from operations	$	268,884
Net increase in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series A-1	$	128.07
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit during period) for Series A-1	$	137.40
Net increase in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series A-2	$	154.06
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit during period) for Series A-2	$	191.90

See accompanying notes to financial statements.

13

SUPERFUND GOLD, L.P. — SERIES A
STATEMENT OF CHANGES IN NET ASSETS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009

Increase in net assets from operations:
Net investment loss	$	(145,495	)
Net realized gain on futures and forward contracts		695,686
Net change in unrealized depreciation on futures and forward contracts		(281,307	)
Net increase in net assets from operations		268,884
Capital share transactions
Issuance of Units		3,184,030
Redemption of Units		(18,559	)
Redemption of non unitized capital balance		(2,000	)
Net increase in net assets from capital share transactions		3,163,471
Net increase in net assets		3,432,355
Net assets, beginning of period		2,000
Net assets, end of period	$	3,434,355
Series A-1 Units, beginning of period		—
Issuance of Series A-1 Units		2,404.555
Redemption of Units		(16.160	)
Series A-1 Units, end of period		2,388.395
Series A-2 Units, beginning of period		—
Issuance of Series A-2 Units		818.846
Redemption of Units		—
Series A-2 Units, end of period		818.846

See accompanying notes to financial statements.

14

SUPERFUND GOLD, L.P. — SERIES A
STATEMENT OF CASH FLOWS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009

Cash flows from operating activities
Net increase in net assets from operations	$	268,884
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		(2,799,452	)
Sales and maturities of U.S. government securities		1,250,000
Amortization of discounts and premiums		(487	)
Due from brokers		(1,794,485	)
Futures contracts purchased		278,229
Futures contracts sold		3,078
Management fees payable		6,463
Fees payable		6,380
Net cash used in operating activities		(2,781,390	)
Cash flows from financing activities
Subscriptions, net of change in subscriptions received in advance		4,539,530
Redemptions of non unitized initial capital balance		(2,000	)
Redemptions, net of redemptions payable		(18,559	)
Net cash provided by financing activities		4,518,971
Net increase in cash		1,737,581
Cash, beginning of period		2,000
Cash, end of period	$	1,739,581

See accompanying notes to financial statements.

15

SUPERFUND GOLD, L.P. — SERIES B
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2009 and December 31, 2008

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

See accompanying notes to financial statements.

16

SUPERFUND GOLD, L.P. — SERIES B
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.

17

SUPERFUND GOLD, L.P. — SERIES B
STATEMENT OF OPERATIONS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009

Investment income, interest	$	2,762
Total income	$	2,762
Expenses
Brokerage commissions		158,980
Management fees		104,512
Selling commission		66,576
Operating expenses		34,838
Other		2,075
Total expenses		366,981
Net investment loss		(364,219	)
Realized and unrealized gain (loss) on investments
Net realized gain on futures and forward contracts
		912,784
Net change in unrealized depreciation on futures and forward contracts
		(618,505	)
Net gain on investments		294,279
Net decrease in net assets from operations	$	(69,940	)
Net decrease in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series B-1	$	(14.49	)
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit during period) for Series B-1	$	(45.82	)
Net increase in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series B-2	$	1.06
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit during period) for Series B-2	$	(32.58	)

See accompanying notes to financial statements.

18

SUPERFUND GOLD, L.P. – SERIES B
STATEMENT OF CHANGES IN NET ASSETS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009

	2009
Decrease in net assets from operations
Net investment loss	$	(364,219	)
Net realized gain on futures and forward contracts		912,784
Net change in unrealized depreciation on futures and forward contracts		(618,505	)
Net decrease in net assets from operations		(69,940	)
Capital share transactions
Issuance of shares		8,809,304
Redemption of shares		(19,787	)
Redemption of non unitized capital balance		(2,000	)
Net increase in net assets from capital share transactions		8,787,517
Net increase in net assets		8,717,577
Net assets, beginning of period		2,000
Net assets, end of period	$	8,719,577
Series B-1 Units, beginning of period		—
Issuance of Series B-1 Units		7,174.897
Redemption of Units		—
Series B-1 Units, end of period		7,174.897
Series B-2 Units, beginning of period		—
Issuance of Series B-2 Units		2,786.537
Redemption of Units		(23.038	)
Series B-2 Units, end of period		2,763.499

See accompanying notes to financial statements.

19

SUPERFUND GOLD, L.P. – SERIES B
STATEMENT OF CASH FLOWS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009

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

See accompanying notes to financial statements.

20

SUPERFUND GOLD, L.P.
NOTES TO FINANCIAL STATEMENTS
December 31, 2009

(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 and international commodity futures and forward markets using a strategy developed by Superfund Capital Management, Inc., the general partner and trading advisor of the Fund (“Superfund Capital Management”). The Fund has issued two series of units of limited partnership interest (“Units”), each with a subseries, Series A-1/A-2 and Series B-1/B-2 (each a “Series”). Series A-1/A-2 and Series B-1/B-2 are traded and managed the same way, with the exception of the degree of leverage.
	The term of the Fund commenced on the day on which the Certificate of Limited Partnership was filed with the Secretary of State of the State of Delaware pursuant to the provisions of the Delaware Revised Uniform Limited Partnership Act and shall end upon the first to occur of the following: (i) receipt by Superfund Capital Management of an approval to dissolve the Fund at a specified time by limited partners (each, a “Limited Partner”) owning Units representing more than fifty percent (50%) of the outstanding Units of each Series then owned by Limited Partners of each Series, notice of which is sent by certified mail return receipt requested to Superfund Capital Management not less than 90 days prior to the effective date of such dissolution; (ii) withdrawal, insolvency or dissolution of Superfund Capital Management or any other event that causes Superfund Capital Management to cease to be the general partner of the Fund, unless (a) at the time of each event there is at least one remaining general partner of the Fund who carries on the business of the Fund (and each remaining general partner of the Fund is hereby authorized to carry on the business of general partner of the Fund in such an event), or (b) within 120 days after such event Limited Partners of a Series holding a majority of Units of such Series agree in writing to continue the business of the Fund and such Series and to the appointment, effective as of the date of such event, of one or more general partners of the Fund and such Series; (iii) a decline in the aggregate net assets of each Series to less than $500,000 at any time following commencement of trading in the Series; or (iv) any other event which shall make it unlawful for the existence of the Fund to be continued or which requires termination of the Fund.
(2)	Significant Accounting Policies

(a)	Basis of Presentation
	Pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”), audited financial statements are presented for the Fund as a whole, as the SEC regulates, and for Series A and Series B individually. The accompanying financial statements and notes thereto have been amended from the financial statements originally issued on March 31, 2010 to include financial statements and footnote totals for the Fund as a whole. For the avoidance of doubt, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable only against the assets of such Series and not against the assets of the Fund generally or any other Series. Accordingly, the assets of one Series of the Fund include only those funds and other assets that are paid to, held by or distributed to the Fund on account of and for the benefit of that Series, including, without limitation, funds delivered to the Fund for the purchase of Units in that Series.
(b)	Valuation of Investments in Futures Contracts, Forward Contracts, and U.S Treasury 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 the U.S. Treasury Bills due to the short term nature of such investments; accordingly, the cost of securities plus accreted discount, or minus amortized premium, approximates fair value.
(c)	Translation of Foreign 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.
(d)	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.

21

(e)	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, to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this evaluation, the Fund has determined no reserves for uncertain tax position are required to be recorded as a result of the application of ASC 740. As a result, no income tax liability or expense has been recorded in the accompanying financial statements. The Fund files federal and various state tax returns. The 2009 tax year generally remains subject to examination by the U.S. federal and most state tax authorities.
(f)	Use of 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 amounts reported and disclosed in the financial statements. Actual results could differ from those estimates.
(g)	Recently Issued Accounting Pronouncements
	ASC 105.10.05
	In June 2009, the Financial Accounting Standards Board (“FASB”) issued FASB ASC 105.10.05, Generally Accepted Accounting Principles (“ASC 105.10.05”). ASC 105.10.05 establishes FASB ASC as the single source of authoritative generally accepted accounting principles (“GAAP”). Pursuant to the provisions of ASC 105.10.05, the Fund has adopted 105.10.05 and updated references to GAAP in its financial statements issued subsequent to September 15, 2009. The adoption of ASC 105.10.05 did not have any impact on the Fund’s results of operations, financial condition or cash flows.
	ASU 2010-06
	In January 2010, FASB issued Accounting Standards Update No. 2010-06 (“ASU 2010-06”), Improving Disclosures about Fair Value Measurements, which, among other things, amends ASC 820 to require entities to separately present purchases, sales, issuances, and settlements in their reconciliation of Level 3 fair value measurements (i.e. to present such items on a gross basis rather than on a net basis), and which clarifies existing disclosure requirements provided by ASC 820 regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy. ASU 2010-06 is effective for interim and annual periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements (which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years). Superfund Capital Management is currently evaluating the impact of ASU 2010-06 on the Fund’s financial statements.
(h)	Fair Value Measurements
	The Fund follows ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1	Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2	Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly.
Level 3	Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining fair value, the Fund separates its financial instruments into two categories: U.S. government securities and derivative contracts.

U.S. Government Securities. The Fund’s only market exposure in instruments held other than for trading is in its U.S. Treasury Bill portfolio. As the Fund uses the amortized cost method for valuing its U.S. Treasury Bill portfolio, which approximates fair value, this portfolio is classified within level 2 of the fair value hierarchy.

Derivative Contracts. Derivative contracts can be exchange-traded or over-the-counter (“OTC”). Exchange-traded

22

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 held by the Fund may 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 traded 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 observable market changes, with resulting gains and losses reflected within level 3. Level 3 inputs are only changed 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 where 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 period from April 1, 2009, through December 31, 2009, 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 December 31, 2009:

Superfund Gold, L.P.

	Balance
	December 31, 2009		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	5,999,748	$	—	$	5,999,748	$	—
Unrealized appreciation on open forward contracts		81,845		—		81,845		—
Total Assets Measured at Fair Value	$	6,081,593	$	—	$	6,081,593	$	—

23

	Balance
	December 31, 2009		Level 1		Level 2		Level 3
LIABILITIES
Unrealized depreciation on open forward contracts	$	154,871	$	—	$	154,871	$	—
Futures contracts purchased		818,974		818,974		—		—
Futures contracts sold		7,812		7,812		—		—
Total Liabilities Measured at Fair Value	$	981,657	$	826,786	$	154,871	$	—

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	$	—	$	—

24

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	$	—

(3) 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.

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 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 forward 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:

25

Superfund Gold, L.P.:

					As of December 31, 2009
	Long Positions Gross Unrealized												Short Position Gross Unrealized
			% of					% of					% of						% of			Net Unrealized
			Net					Net					Net						Net			Gains (Losses) on
	Gains		Assets		Losses			Assets			Gains		assets			Losses			Assets			Open Positions
Foreign
Exchange	$	47,241		0.4	$	(99,908	)		(0.8	)	$	34,604		0.3		$	(54,963	)		(0.5	)	$	(73,026	)
Currency		31,920		0.3		(128,606	)		(1.1	)		—		—			—			—			(96,686	)
Financial		57,628		0.5		(151,439	)		(1.2	)		30,475		0.3			(2,464	)		(0.0)	*		(65,800	)
Food & Fiber		163,661		1.3		(11,618	)		(0.1	)		175		0.0	*		(17,988	)		(0.1	)		134,230
Indices		261,964		2.2		(4,929	)		(0.0)	*		—		—			(3,170	)		(0.0)	*		253,865
Metals		116,249		1.0		(1,211,320	)		(10.0	)		—		—			—			—			(1,095,071	)
Livestock		—		—		—			—			—		—			(9,190	)		(0.1	)		(9,190	)
Energy		66,202		0.5		(8,686	)		(0.1	)		—		—			(5,650	)		(0.0)	*		51,866
Totals	$	744,865		6.2	$	(1,616,506	)		(13.3	)	$	65,254		0.6		$	(93,425	)		(0.7	)	$	(899,812	)

* Due to rounding

Superfund Gold, L.P. average quarterly contract volume by market sector for the period from April 1, 2009 (commencement of operations), through December 31, 2009:

	Average		Average		Average value		Average value
	number of		number of		of Long		of Short
	Long Contracts		Short Contracts		Positions		Positions
Foreign Exchange		18		10	$	3,006	$	(29,509	)

	Average		Average
	number of Long		number of
	Contracts		Short Contracts
Currency		98		33
Financial		463		22
Food & Fiber		31		44
Indices		75		19
Metals		123		6
Livestock		—		19
Energy		37		33
Totals		845		186

Superfund Gold, L.P. trading results by market sector:

	For the period from April 1, 2009 (commencement of operations), through December 31, 2009
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gains (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	(123,140	)	$	(73,026	)	$	(196,166	)
Currency		(569,192	)		(96,686	)		(655,878	)
Financial		114,855			(65,800	)		49,055
Food & Fiber		(105,277	)		134,230			28,953
Indices		(375,648	)		253,865			(121,783	)
Metals		3,032,186			(1,095,071	)		1,937,115
Livestock		13,500			(9,190	)		4,310
Energy		(378,814	)		51,866			(326,948	)
Total net trading gains (losses)	$	1,608,470		$	(899,812	)	$	708,658

26

Series A:

	As of December 31, 2009
	Long Positions Gross Unrealized										Short Position Gross Unrealized
																						Net Unrealized
																						Gains (Losses) on
	Gains		% of Net Assets		Losses			% of Net Assets			Gains		% of Net assets			Losses			% of Net Assets			Open Positions
Currency	$	4,040		0.1	$	(19,137	)		(0.6	)	$	—		—		$	—			—		$	(15,097	)
Financial		9,669		0.3		(18,442	)		(0.5	)		1,048		0.0	*		(203	)		(0.0)	*		(7,928	)
Food & Fiber		18,003		0.5		—			—			—		—			(2,063	)		(0.1	)		15,940
Indices		15,844		0.5		—			—			—		—			—			—			15,844
Metals		—		—		(286,870	)		(8.4	)		—		—			—			—			(286,870	)
Livestock		—		—		—			—			—		—			(1,080	)		(0.0)	*		(1,080	)
Energy		—		—		(1,336	)		(0.0)	*		—		—			(780	)		(0.0)	*		(2,116	)
Totals	$	47,556		1.4	$	(325,785	)		(9.5	)	$	1,048		0.0		$	(4,126	)		(0.1	)	$	(281,307	)

* Due to rounding

Series A average quarterly contract volume by market sector for the period from April 1, 2009 (commencement of operations), through December 31, 2009:

	Average number of Long		Average number of Short
	Contracts		Contracts
Currency		11		3
Financial		51		3
Food & Fiber		2		2
Indices		6		1
Metals		19		0
Livestock		0		1
Energy		1		0
Totals		90		10

Series A trading results by market sector:

	For the period from April 1, 2009 (commencement
	of operations), through December 31, 2009
				Change in Net
	Net Realized Gains			Unrealized Gains			Net Trading Gains
	(Losses)			(Losses)			(Losses)
Foreign Exchange	$	866		$	0		$	866
Currency		(60,537	)		(15,097	)		(75,634	)
Financial		3,784			(7,928	)		(4,144	)
Food & Fiber		(1,397	)		15,940			14,543
Indices		(2,096	)		15,844			13,748
Metals		751,476			(286,870	)		464,606
Livestock		650			(1,080	)		(430	)
Energy		2,940			(2,116	)		824
Total net trading gains (losses)	$	695,686		$	(281,307	)	$	414,379

27

Series B:

	As of December 31, 2009
	Long Positions Gross Unrealized										Short Position Gross Unrealized
																						Net Unrealized
																						Gains(Losses) on
	Gains		% of Net Assets		Losses			% of Net Assets			Gains		% of Net assets			Losses			% of Net Assets			Open Positions
Foreign Exchange	$	47,241		0.5	$	(99,908	)		(1.1	)	$	34,604		0.4		$	(54,963	)		(0.6	)	$	(73,026	)
Currency		27,880		0.3		(109,469	)		(1.3	)		—		—			—			—			(81,589	)
Financial		47,959		0.6		(132,997	)		(1.5	)		29,427		0.3			(2,261	)		(0.0)	*		(57,872	)
Food & Fiber		145,658		1.7		(11,618	)		(0.1	)		175		0.0	*		(15,925	)		(0.2	)		118,290
Indices		246,120		2.8		(4,929	)		(0.1	)		—		—			(3,170	)		(0.0)	*		238,021
Metals		116,249		1.3		(924,450	)		(10.6	)		—		—			—			—			(808,201	)
Livestock		—		—		—			—			—		—			(8,110	)		(0.1	)		(8,110	)
Energy		66,202		0.8		(7,350	)		(0.1	)		—		—			(4,870	)		(0.1	)		53,982
Totals	$	697,309		8.0	$	(1,290,721	)		(14.8	)	$	64,206		0.7		$	(89,299	)		(1.0	)	$	(618,505	)

* Due to rounding

Series B average quarterly contract volume by market sector for the period from April 1, 2009 (commencement of operations), through December 31, 2009:

	Average number of		Average number of		Average value of		Average value of
	Long Contracts		Short Contracts		Long Positions		Short Positions
Foreign Exchange		18		10	$	3,006	$	(29,509	)

	Average number of		Average number of
	Long Contracts		Short Contracts
Currency		86		30
Financial		412		20
Food & Fiber		29		41
Indices		69		19
Metals		104		6
Livestock		0		18
Energy		36		32
Totals		754		176

28

Series B trading results by market sector:

	For the period from April 1, 2009 (commencement of
	operations), through December 31, 2009
				Change in Net
	Net Realized Gains			Unrealized Gains			Net Trading Gains
	(Losses)			(Losses)			(Losses)
Foreign Exchange	$	(124,006	)	$	(73,026	)	$	(197,032	)
Currency		(508,655	)		(81,589	)		(590,244	)
Financial		111,071			(57,872	)		53,199
Food & Fiber		(103,880	)		118,290			14,410
Indices		(373,552	)		238,021			(135,531	)
Metals		2,280,710			(808,201	)		1,472,509
Livestock		12,850			(8,110	)		4,740
Energy		(381,754	)		53,982			(327,772	)
Total net trading gains (losses)	$	912,784		$	(618,505	)	$	294,279

(4)	Due from Brokers
	Due from brokers consist of proceeds from securities sold. Amounts due from brokers may be restricted to the extent that they serve as deposits for securities sold short. Amounts due to brokers represent margin borrowings that are collateralized by certain securities.
	In the normal course of business, all of the Fund’s marketable securities transactions, money balances and marketable security positions are transacted with brokers. The Fund is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. Superfund Capital Management monitors the financial condition of such brokers and does not anticipate any losses from these counterparties.
(5)	Allocation of Net Profits and Losses
	In accordance with the Second Amended and Restated Limited Partnership Agreement (the “Limited Partnership Agreement”), net profits and losses of the Fund are allocated to partners according to their respective interests in the Fund as of the beginning of each month.
	Advance subscriptions, if any, represent cash received prior to December 31 for contributions of the subsequent month and do not participate in the earnings of the Fund until the following January.
(6)	Related Party 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 dated November 3, 2009, included within the Post-Effective Amendment No. 1 to the Registration Statement on Form S-1 (File No. 333-151632), Superfund USA, Inc., an entity related to Superfund Capital Management by common ownership, shall be paid selling commissions equal to 2% of the month-end net asset value per Series A-1 Unit and Series B-1 Unit (one-twelfth of 2% per month). These amounts are included under “Selling commissions” in the Statements of Operations. However, the maximum cumulative selling commission per Unit is limited to 10% of the gross offering proceeds of such Unit.
	Superfund Capital Management will also be paid a monthly performance fee equal to 25% of any new appreciation without respect to interest income. Trading losses will be carried forward and no further performance fee may be paid until the prior losses have been recovered.
	As of December 31, 2009, Superfund Capital Management owned 1,087.548 Units of Series A, representing 33.47% of the total issued Units of Series A, and 1,087.548 Units of Series B, representing 10.88% of the total issued Units of Series B, having a combined value of $2,099,598.
(7)	Financial Highlights

29

Financial highlights for the period April 1, 2009 (commencement of operations), through December 31, 2009, are as follows:

	SERIES A-1			SERIES A-2
Total return
Total return before incentive fees		17.6	%		26.1	%
Incentive fees		(2.7	)%		(5.2	)%
Total return after incentive fees		14.9	%		20.9	%
Ratio to average partners’ capital *
Operating expenses before incentive fees		6.5	%		5.0	%
Incentive fees		2.5	%		4.3	%
Total expenses		9.0	%		9.3	%
Net investment loss		(6.4	)%		(4.9	)%
Net assets value per unit, beginning of period	$	919.50		$	919.50
Net investment loss		(73.02	)		(85.14	)
Net gain on investments		210.42			277.04
Net asset value per unit, end of period	$	1,056.90		$	1,111.40
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average Number of Units during period)	$	128.07		$	154.06
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)	$	137.40		$	191.90

* Annualized for periods less than a year

Financial highlights for the period April 1, 2009 (commencement of operations), through December 31, 2009, are as follows:

	SERIES B-1			SERIES B-2
Total return
Total return before incentive fees		(5.0	)%		(3.5	)%
Incentive fees		0.0	%		0.0	%
Total return after incentive fees		(5.0	)%		(3.5	)%
Ratio to average partners’ capital*
Operating expenses before incentive fees		9.2	%		6.7	%
Incentive fees		0.0	%		0.0	%
Total expenses		9.2	%		6.7	%
Net investment loss		(9.1	)%		(6.6	)%
Net assets value per unit, beginning of period	$	919.50		$	919.50
Net investment loss		(61.09	)		(45.00	)
Net gain on investments		15.27			12.42
Net asset value per unit, end of period	$	873.68		$	886.92
Other per Unit information:
Net increase (decrease) in net assets from operations per Unit (based upon weighted average Number of Units during period)	$	(14.49	)	$	1.06
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit)	$	(45.82	)	$	(32.58	)

* Annualized for periods less than a year.

30

(8)	Financial Instrument 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 Superfund Gold, L.P., gross unrealized gains and losses related to exchange traded futures were $728,274 and $1,555,060, respectively, and gross unrealized gains and losses related to non-exchange traded forwards were $81,845 and $154,871, respectively, at December 31, 2009.
	For Series A, gross unrealized gains and losses related to exchange traded futures were $48,604 and $329,911, respectively, at December 31, 2009. There were no gross unrealized gains and losses related to non-exchange traded forwards for Series A at December 31, 2009.
	For Series B, gross unrealized gains and losses related to exchange traded futures were $679,670 and $1,225,149, respectively, and gross unrealized gains and losses related to non-exchange traded forwards were $81,845 and $154,871, respectively, at December 31, 2009.
	Market risk is the potential for changes in the value of the financial instruments traded by the Fund due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity prices. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interest positions at the same time, and Superfund Capital Management is unable to offset such positions, the Fund could experience substantial losses.
	Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions. The Fund’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the statements of assets and liabilities and not represented by the contract or notional amounts of the instruments. As the Fund’s assets are held in segregated accounts with futures commission merchants, the Fund has credit risk and concentration risk. The Fund’s futures commission merchants are currently ADM Investor Services, Inc., Barclays Capital Inc., and Rosenthal Collins Group, L.L.C.
	Superfund Capital Management monitors and controls the Fund’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Fund is subject. These monitoring systems allow Superfund Capital Management to statistically analyze actual trading results with risk adjusted performance indicators and correlation statistics. In addition, on-line monitoring systems provide account analysis of futures and forward positions by sector, margin requirements, gain and loss transactions, and collateral positions.
	The majority of these instruments mature within one year of December 31, 2009. However, due to the nature of the Fund’s business, these instruments may not be held to maturity.
(9)	Subscriptions and 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 the escrow agent, HSBC Bank USA. Subscriptions must be accepted or rejected by Superfund Capital Management within five business days of receipt, and the settlement date for the deposit of subscription funds in escrow must be within five business days of acceptance. No fees or costs will be assessed on any subscription while held in escrow, irrespective of whether the subscription is accepted or the subscription funds are returned.
	A Limited Partner may request any or all of his investment in such Series be redeemed by such Series at the net asset value of a Unit within such Series as of the end of each month, subject to a minimum redemption of $1,000 and subject further to such Limited Partner having an investment in such Series, after giving effect to the requested redemption, at least equal to the minimum initial investment amount of $5,000. Limited Partners must transmit a written request of such withdrawal to Superfund Capital Management not less than five business days prior to the end of the month (or such shorter period as permitted by Superfund Capital Management) as of which redemption is to be effective. Redemptions will generally be paid within twenty days after the date of redemption. However, in special

31

circumstances, including, but not limited to, inability to liquidate dealers’ positions as of a redemption date or default or delay in payments due to each Series from clearing brokers, banks or other persons or entities, each Series may in turn delay payment to persons requesting redemption of the proportionate part of the net assets of each Series represented by the sums that are the subject of such default or delay. In the event that the estimated net asset value per Unit of a Series, or sub-Series thereof, after adjustments for distributions, as of the close of business on any business day is less than 50% of the net asset value per Unit of such Series, or sub-Series thereof, as of the most recent month-end, a special redemption period shall be established. The details of the special redemption are set forth in Section 12 of the Limited Partnership Agreement.

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

32

SIGNATURES

     Pursuant to the requirements of Section 13 or Section 15(d) 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 on October 4, 2010.

SUPERFUND GOLD, L.P.
	(Registrant)
By:	SUPERFUND CAPITAL MANAGEMENT, INC.
	General Partner
By:	/s/ Nigel James
	Nigel James
	President

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

	Title with
Signature	Superfund Capital Management, Inc.	Date
/s/ Nigel James	President	October 4, 2010
Nigel James	(Principal Executive Officer)
/s/ Martin Schneider	Vice President and Director	October 4, 2010
Martin Schneider	(Principal Financial Officer and Principal Accounting Officer)

(Being the principal executive officer, the principal financial officer and the principal accounting officer, and a majority of the board of directors of Superfund Capital Management, Inc.)

33

EXHIBIT INDEX

Exhibit
Number	Description of Document
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
32.1	Section 1350 Certification of Principal Executive Officer
32.2	Section 1350 Certification of Principal Financial Officer

34

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-K/A for the period ending December 31, 2009 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: October 4, 2010	By:	/s/ Nigel James
		Nigel James
		President and Principal Executive Officer

EX-31.2

EXHIBIT 31.2

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

I, Martin Schneider, certify that:

1. I have reviewed this Report on Form 10-K/A for the period ending December 31, 2009 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 controls 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: October 4, 2010	By:	/s/ Martin Schneider
		Martin Schneider
		Vice President and Principal Financial Officer

EX-32.1

EXHIBIT 32.1

SECTION 1350 CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER

In connection with the report on Form 10-K/A of Superfund Gold, L.P. (the “Fund”) for the period ending December 31, 2009 (the “Report”), I, Nigel James, President and Principal Executive Officer of Superfund Capital Management, Inc., the general partner of 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: October 4, 2010	By:	/s/ Nigel James
		Nigel James
		President and Principal Executive Officer

EX-32.2

EXHIBIT 32.2

SECTION 1350 CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER

In connection with the report on Form 10-K/A of Superfund Gold, L.P. (the “Fund”) for the period ending December 31, 2009 (the “Report”), I, Martin Schneider, Vice President and Principal Financial Officer of Superfund Capital Management, Inc., the general partner of 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: October 4, 2010	By:	/s/ Martin Schneider
		Martin Schneider
		Vice President and Principal Financial Officer