10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended June 30, 2012

OR

¨ 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  x    No  ¨

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  x    No  ¨

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	¨	Accelerated Filer	¨
Non-Accelerated Filer	¨  (Do not check if a smaller reporting company)	Smaller Reporting Company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

Table of Contents

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

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

	Page
Unaudited Financial Statements: Superfund Gold, L.P.
Statements of Assets and Liabilities as of June 30, 2012 and December 31, 2011		3
Condensed Schedule of Investments as of June 30, 2012		4
Condensed Schedule of Investments as of December 31, 2011		5
Statements of Operations for the Three and Six Months Ended June 30, 2012 and June 30, 2011		6
Statements of Changes in Net Assets for the Six Months Ended June 30, 2012 and June 30, 2011		7
Statement of Cash Flows for the Six Months Ended June 30, 2012 and June 30, 2011		8
Unaudited Financial Statements: Superfund Gold, L.P. – Series A
Statements of Assets and Liabilities as of June 30, 2012 and December 31, 2011		9
Condensed Schedule of Investments as of June 30, 2012		10
Condensed Schedule of Investments as of December 31, 2011		11
Statements of Operations for the Three and Six Months Ended June 30, 2012 and June 30, 2011		12
Statements of Changes in Net Assets for the Six Months Ended June 30, 2012 and June 30, 2011		13
Statement of Cash Flows for the Six Months Ended June 30, 2012 and June 30, 2011		14
Unaudited Financial Statements: Superfund Gold, L.P. – Series B
Statements of Assets and Liabilities as of June 30, 2012 and December 31, 2011		15
Condensed Schedule of Investments as of June 30, 2012		16
Condensed Schedule of Investments as of December 31, 2011		17
Statements of Operations for the Three and Six Months Ended June 30, 2012 and June 30, 2011		18
Statements of Changes in Net Assets for the Six Months Ended June 30, 2012 and June 30, 2011		19
Statements of Cash Flows for the Six Months Ended June 30, 2012 and June 30, 2011		20
Notes to Unaudited Financial Statements as of and for the Three and Six Months ended June  30, 2012		21-44

2

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of June 30, 2012 and December 31, 2011

	June 30, 2012		December 31, 2011
ASSETS
U.S. Government securities, at fair value (amortized cost of $3,898,822 and $6,400,000 as of June 30, 2012 and December 31, 2011, respectively)	$	3,898,822	$	6,400,000
Due from brokers		9,889,343		17,505,597
Unrealized appreciation on open forward contracts		27,616		134,988
Futures contracts purchased		899,302		—
Futures contracts sold		—		378,483
Cash		11,676,267		5,304,787
Total assets		26,391,350		29,723,855
LIABILITIES
Unrealized depreciation on open forward contracts		223,262		95,397
Futures contracts purchased		—		2,237,362
Futures contracts sold		69,772		—
Subscriptions received in advance		174,250		914,000
Redemptions payable		217,131		904,938
Management fee payable		48,638		107,656
Other fees payable		47,095		105,056
Total liabilities		780,148		4,364,409
NET ASSETS	$	25,611,202	$	25,359,446

See accompanying notes to unaudited financial statements.

3

SUPERFUND GOLD, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of June 30, 2012

	Face Value		Percentage of Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due August 23, 2012 (amortized cost $3,898,822), securities are held in margin accounts as collateral for open futures and forwards	$	3,900,000		15.2	%	$	3,898,822
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.1			27,616
Total unrealized appreciation on forward contracts				0.1			27,616
Unrealized depreciation on forward contracts
Currency				(0.9	)		(223,262	)
Total unrealized depreciation on forward contracts				(0.9	)		(223,262	)
Total forward contracts, at fair value				(0.8	)%	$	(195,646	)
Futures contracts, at fair value
Futures contracts purchased
Currency				(0.0	)*%	$	(1,630	)
Energy				0.1			34,351
Financial
10 Year U.S. Treasury Note				0.0	*		63
5 Year U.S. Treasury Note				(0.0	)*		(1,039	)
Other				(0.1	)		(17,137	)
Total Financial				(0.1	)		(18,113	)
Food & Fiber				0.0	*		1,629
Indices				0.4			99,394
Metals				3.1			783,671
Total futures contracts purchased				3.5			899,302
Futures contracts sold
Currency				(0.3	)		(77,255	)
Energy				(0.2	)		(38,782	)
Financial
30 Year U.S. Treasury Bond				(0.1	)		(17,468	)
2 Year U.S. Treasury Note				(0.1	)		(30,562	)
Other				0.2			47,054
Total Financial				(0.0	)*		(976	)
Food & Fiber				(0.1	)		(17,684	)
Indices				(0.4	)		(113,623	)
Livestock				(0.1	)		(28,190	)
Metals				0.8			206,738
Total futures contracts sold				(0.3	)		(69,772	)
Total futures contracts, at fair value				3.2	%	$	829,530
Futures and forward contracts by country composition
Australia				(0.1	)%	$	(19,767	)
European Monetary Union				(0.1	)		(23,515	)
Great Britain				0.3			75,229
Japan				0.1			26,513
United States				2.4			610,641
Other				(0.1	)		(35,217	)
Total futures and forward contracts by country				2.5	%	$	633,884

* Due to rounding

See accompanying notes to unaudited financial statements.

4

SUPERFUND GOLD, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2011

	Face Value		Percentage of Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due February 23, 2012 (amortized cost $6,400,000), securities are held in margin accounts as collateral for open futures and forwards	$	6,400,000		25.2	%	$	6,400,000
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.5			134,988
Total unrealized appreciation on forward contracts				0.5			134,988
Unrealized depreciation on forward contracts
Currency				(0.4	)		(95,397	)
Total unrealized depreciation on forward contracts				(0.4	)		(95,397	)
Total forward contracts, at fair value				0.2	%	$	39,591
Futures contracts, at fair value
Futures contracts purchased
Currency				0.3	%	$	68,483
Energy				(0.3	)		(86,639	)
Financial
2 Year U.S. Treasury Note				0.0	*		1,954
Other				0.0	*		3,926
Total Financial				0.0	*		5,880
Food & Fiber				0.1			30,713
Indices				0.0	*		8,193
Metals
171 contracts of CMX Gold expiring February 2012				(8.8	)		(2,228,620	)
Other				(0.1	)		(35,372	)
Total Metals				(8.9	)		(2,263,992	)
Total futures contracts purchased				(8.8	)		(2,237,362	)
Futures contracts sold
Currency				0.3			85,282
Energy				0.3			84,680
Financial				(0.0	)*		(11,937	)
Food & Fiber				0.1			23,297
Indices				0.2			58,871
Livestock				0.1			18,950
Metals				0.5			119,340
Total futures contracts sold				1.5			378,483
Total futures contracts, at fair value				(7.3	)%	$	(1,858,879	)
Futures and forward contracts by country composition
Australian				0.1	%	$	13,630
European Monetary Union				0.3			69,960
Great Britain				0.0			5,614
Japan				0.4			106,637
United States				(8.1	)		(2,048,725	)
Other				0.1			33,596
Total futures and forward contracts by country				(7.2	)%	$	(1,819,288	)

* Due to rounding

See accompanying notes to unaudited financial statements.

5

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Investment income
Interest income	$	1,182		$	3,714		$	1,190		$	8,413
Other Income		17			—			967			—
Total income		1,199			3,714			2,157			8,413
Expenses
Brokerage commissions		194,838			137,497			331,788			295,007
Management fee		150,949			170,000			309,547			327,878
Selling commission		95,994			109,469			195,246			208,960
Incentive fee		—			635,383			—			648,939
Operating expenses		50,316			56,667			103,182			109,290
Loss on MF Global		12,764			—			12,764			—
Other		6,387			4,369			8,406			9,165
Total expenses		511,248			1,113,385			960,933			1,599,239
Net investment loss	$	(510,049	)	$	(1,109,671	)	$	(958,776	)	$	(1,590,826	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	82,934		$	1,319,934		$	(879,715	)	$	4,149,201
Net change in unrealized appreciation (depreciation) on futures and forward contracts:		925,183			(291,388	)		2,453,172			(2,565,492	)
Net gain on investments	$	1,008,117		$	1,028,546		$	1,573,457		$	1,583,709
Net increase (decrease) in net assets from operations	$	498,068		$	(81,125	)	$	614,681		$	(7,117	)

See accompanying notes to unaudited financial statements.

6

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	June 30,
	2012			2011
Increase (decrease) in net assets from operations
Net investment loss	$	(958,776	)	$	(1,590,826	)
Net realized gain (loss) on futures and forward contracts		(879,715	)		4,149,201
Net change in unrealized appreciation (depreciation) on futures and forward contracts		2,453,172			(2,565,492	)
Net increase (decrease) in net assets from operations		614,681			(7,117	)
Capital share transactions
Issuance of Units		2,153,773			5,889,045
Redemption of Units		(2,516,698	)		(6,659,082	)
Net decrease in net assets from capital share transactions		(362,925	)		(770,037	)
Net increase (decrease) in net assets		251,756			(777,154	)
Net assets, beginning of period		25,359,446			26,675,225
Net assets, end of period	$	25,611,202		$	25,898,071

See accompanying notes to unaudited financial statements.

7

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CASH FLOWS

	Six Months Ended June 30,
	2012			2011
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	614,681		$	(7,117	)
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		(7,948,374	)		(20,246,385	)
Sales and maturities of U.S. government securities		10,450,000			19,250,000
Amortization of discounts and premiums		(448	)		(4,830	)
Increase (decrease) in due from brokers		7,616,254			(1,853,409	)
Increase in due from affiliate		—			5,599
Increase in due to affiliate		—			12,685
Decrease in unrealized appreciation on open forward contracts		107,372			163,853
Increase in unrealized depreciation on open forward contracts		127,865			16,596
(Decrease) increase in futures contracts purchased		(3,136,664	)		2,525,354
Increase (decrease) in futures contracts sold		448,255			(140,311	)
Decrease in incentive fee payable		—			(409,223	)
(Decrease) increase in management fees payable		(59,018	)		729
(Decrease) increase in fees payable		(57,961	)		2,167
Net cash provided by (used in) operating activities		8,161,962			(684,292	)
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		1,414,023			5,045,025
Redemptions, net of change in redemptions payable		(3,204,505	)		(5,092,347	)
Net cash used in financing activities		(1,790,482	)		(47,322	)
Net increase (decrease) in cash		6,371,480			(731,614	)
Cash, beginning of period		5,304,787			3,630,425
Cash, end of period	$	11,676,267		$	2,898,811

See accompanying notes to unaudited financial statements.

8

SUPERFUND GOLD, L.P.—SERIES A

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of June 30, 2012 and December 31, 2011

	June 30, 2012		December 31, 2011
ASSETS
U.S. Government securities, at fair value (amortized cost of $2,099,366 and $3,700,000 as of June 30, 2012 and December 31, 2011, respectively)	$	2,099,366	$	3,700,000
Due from brokers		5,457,414		10,182,255
Unrealized appreciation on open forward contracts		15,984		69,300
Futures contracts purchased		563,809		—
Futures contracts sold		—		189,971
Cash		8,798,282		4,325,976
Total assets		16,934,855		18,467,502
LIABILITIES
Unrealized depreciation on open forward contracts		123,171		51,238
Futures contracts purchased		—		1,411,823
Futures contracts sold		30,925		—
Subscriptions received in advance		153,000		336,000
Redemptions payable		119,797		711,068
Management fee payable		31,207		67,674
Other fees payable		32,509		70,546
Total liabilities		490,609		2,648,349
NET ASSETS	$	16,444,246	$	15,819,153
Superfund Gold, L.P. Series A-1 Net Assets	$	13,072,768	$	12,507,057
Number of Units outstanding		8,536.377		8,359.510
Superfund Gold, L.P. Series A-1 Net Asset Value per Unit	$	1,531.42	$	1,496.15
Superfund Gold, L.P. Series A-2 Net Assets	$	3,371,478	$	3,312,096
Number of Units outstanding		2,006.054		2,037.421
Superfund Gold, L.P. Series A-2 Net Asset Value per Unit	$	1,680.65	$	1,625.63

See accompanying notes to unaudited financial statements.

9

SUPERFUND GOLD, L.P.—SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of June 30, 2012

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due August 23, 2012 (amortized cost $2,099,366), securities are held in margin accounts as collateral for open futures and forwards	$	2,100,000		12.8	%	$	2,099,366
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.1			15,984
Total unrealized appreciation on forward contracts				0.1			15,984
Unrealized depreciation on forward contracts
Currency				(0.7	)		(123,171	)
Total unrealized depreciation on forward contracts				(0.7	)		(123,171	)
Total forward contracts, at fair value				(0.6	)%	$	(107,187	)
Futures contracts, at fair value
Futures Contracts Purchased
Currency				(0.0	)*%	$	(1,144	)
Energy				0.1			16,635
Financial
10 Year U.S. Treasury Note				(0.0	)*		(31	)
5 Year U.S. Treasury Note				(0.0	)*		(578	)
Other				(0.1	)		(7,792	)
Total Financial				(0.1	)		(8,401	)
Food & Fiber				0.0	*		722
Indices				0.3			53,825
Metals				3.1			502,172
Total futures contracts purchased				3.4			563,809
Futures Contracts Sold
Currency				(0.3	)		(42,170	)
Energy				(0.1	)		(17,403	)
Financial
30 Year U.S. Treasury Bond				(0.1	)		(9,593	)
2 Year U.S. Treasury Note				(0.1	)		(16,156	)
Other				0.2			25,140
Total Financial				(0.0	)*		(609	)
Food & Fiber				(0.1	)		(8,648	)
Indices				(0.3	)		(56,223	)
Livestock				(0.1	)		(15,030	)
Metals				0.7			109,158
Total futures contracts sold				(0.2	)		(30,925	)
Total futures contracts, at fair value				3.2	%	$	532,884
Futures and forward contracts by country composition
Australia				(0.0	)*%	$	(10,705	)
European Monetary Union				(0.1	)		(12,812	)
Great Britain				0.2			39,024
Japan				0.1			13,943
United States				2.5			409,209
Other				(0.1	)		(12,962	)
Total futures and forward contracts by country				2.6	%	$	425,697

* Due to rounding

See accompanying notes to unaudited financial statements.

10

SUPERFUND GOLD, L.P.—SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2011

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due February 22, 2012 (amortized cost $3,700,000), securities are held in margin accounts as collateral for open futures and forwards	$	3,700,000		23.4	%	$	3,700,000
Futures Contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.4			69,300
Total unrealized appreciation on forward contracts				0.4			69,300
Unrealized depreciation on forward contracts
Currency				(0.3	)		(51,238	)
Total unrealized depreciation on forward contracts				(0.3	)		(51,238	)
Total forward contracts, at fair value				0.1	%	$	18,062
Futures Contracts, at fair value
Futures Contracts Purchased
Currency				0.2	%	$	36,900
Energy				(0.3	)		(45,053	)
Financial
2 Year U.S. Treasury Note				0.0	*		1,016
Other				0.0	*		1,598
Total Financial				0.0	*		2,614
Food & Fiber				0.1			16,738
Indices				0.0	*		4,717
Metals
108 contracts of CMX Gold expiring February 2012				(8.9	)		(1,407,280	)
Other				(0.1	)		(20,459	)
Total Metals				(9.0	)		(1,427,739	)
Total futures contracts purchased				(9.0	)		(1,411,823	)
Futures Contracts Sold
Currency				0.3			43,963
Energy				0.3			42,480
Financial				(0.0	)*		(6,656	)
Food & Fiber				0.1			11,607
Indices				0.2			26,026
Livestock				0.1			9,670
Metals				0.4			62,881
Total futures contracts sold				1.4			189,971
Total futures contracts, at fair value				(7.6	)%	$	(1,221,852	)
Futures contracts by country composition
Australia				0.1	%	$	8,242
European Monetary Union				0.2			36,313
Great Britain				0.0	*		2,711
Japan				0.3			55,550
United States				(8.2	)		(1,316,556	)
Other				0.1			9,950
Total futures contracts by country				(7.5	)%	$	(1,203,790	)

* Due to rounding

See accompanying notes to unaudited financial statements.

11

SUPERFUND GOLD, L.P.—SERIES A

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Investment income
Interest income	$	580		$	1,790		$	588		$	4,035
Other income		12			—			519
Total income		592			1,790			1,107			4,035
Expenses
Brokerage commissions		104,683			59,814			177,639			128,804
Management fee		95,954			90,402			194,936			174,267
Selling commission		67,964			64,176			137,514			123,098
Incentive fee		—			241,830			—			243,449
Operating expenses		31,984			30,134			64,978			58,089
Loss on MF Global		6,925			—			6,925			—
Other		2,900			1,563			3,455			3,453
Total expenses		310,410			487,919			585,447			731,160
Net investment loss	$	(309,818	)	$	(486,129	)	$	(584,340	)	$	(727,125	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	(67,753	)	$	610,192		$	(638,940	)	$	1,915,001
Net change in unrealized appreciation (depreciation) on futures and forward contracts:		614,169			(130,948	)		1,629,487			(1,181,004	)
Net gain on investments	$	546,416		$	479,244		$	990,547		$	733,997
Net increase (decrease) in net assets from operations	$	236,598		$	(6,885	)	$	406,207		$	6,872
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of units outstanding during period) for Series A-1*	$	20.03		$	(4.36	)	$	33.58		$	(3.22	)
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per unit during period) for Series A-1	$	19.94		$	5.79		$	35.27		$	(2.38	)
Net increase in net assets from operations per Unit (based upon weighted average number of units outstanding during period) for Series A-2**	$	31.58		$	14.80		$	57.79		$	17.02
Net increase in net assets from operations per Unit (based upon change in net asset value per unit during period) for Series A-2	$	30.19		$	12.90		$	55.02		$	11.68

See accompanying notes to unaudited financial statements.

* Weighted average number of Units outstanding for Series A-1 for the Three Months Ended June 30, 2012 and June 30, 2011: 8,600.62 and 7,646.91, respectively; and for the Six Months Ended June 30, 2012 and June 30, 2011: 8,550.60 and 7,691.16, respectively.

** Weighted average number of Units outstanding for Series A-2 for the Three Months Ended June 30, 2012 and June 30, 2011: 2,020.41 and 1,817.26, respectively; and for the Six Months Ended June 30, 2012 and June 30, 2011: 2,041.90 and 1,864.83, respectively.

12

SUPERFUND GOLD, L.P.—SERIES A

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	June 30,
	2012			2011
Increase in net assets from operations
Net investment loss	$	(584,340	)	$	(727,125	)
Net realized gain (loss) on futures and forward contracts		(638,940	)		1,915,001
Net change in unrealized appreciation (depreciation) on futures and forward contracts		1,629,487			(1,181,004	)
Net increase in net assets from operations		406,207			6,872
Capital share transactions
Issuance of Units		1,405,603			4,206,104
Redemption of Units		(1,186,717	)		(2,800,982	)
Net increase in net assets from capital share transactions		218,886			1,405,122
Net increase in net assets		625,093			1,411,994
Net assets, beginning of period		15,819,153			13,716,691
Net assets, end of period	$	16,444,246		$	15,128,685
Series A-1 Units, beginning of period		8,359.510			6,916.044
Issuance of Series A-1 Units		810.164			2,164.860
Redemption of Units		(633.297	)		(1,263.949	)
Series A-1 Units, end of period		8,536.377			7,816.955
Series A-2 Units, beginning of period		2,037.421			1,724.508
Issuance of Series A-2 Units		76.785			495.189
Redemption of Units		(108.152	)		(495.734	)
Series A-2 Units, end of period		2,006.054			1,723.963

See accompanying notes to unaudited financial statements.

13

SUPERFUND GOLD, L.P.—SERIES A

UNAUDITED STATEMENTS OF CASH FLOWS

	Six Months Ended
	June 30,
	2012			2011
Cash flows from operating activities
Net increase in net assets from operations	$	406,207		$	6,872
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		(4,249,133	)		(10,248,163	)
Sales and maturities of U.S. government securities		5,850,000			9,850,000
Amortization of discounts and premiums		(233	)		(2,464	)
Increase (decrease) in due from brokers		4,724,841			(1,386,149	)
Increase in due from affiliate		—			5,599
Decrease in unrealized appreciation on open forward contracts		53,316			67,899
Increase in unrealized depreciation on open forward contracts		71,933			10,015
(Decrease) increase in futures contracts purchased		(1,975,632	)		1,151,922
Increase (decrease) in futures contracts sold		220,896			(48,832	)
Decrease in incentive fee		—			(198,986	)
(Decrease) increase in management fees payable		(36,467	)		2,740
(Decrease) increase in fees payable		(38,037	)		3,341
Net cash provided by (used in) operating activities		5,027,691			(786,206	)
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		1,222,603			3,718,674
Redemptions, net of change in redemptions payable		(1,777,988	)		(2,559,225	)
Net cash provided by (used in) financing activities		(555,385	)		1,159,449
Net increase in cash		4,472,306			373,243
Cash, beginning of period		4,325,976			2,215,532
Cash, end of period	$	8,798,282		$	2,588,775

See accompanying notes to unaudited financial statements.

14

SUPERFUND GOLD, L.P.—SERIES B

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of June 30, 2012 and December 31, 2011

	June 30, 2012		December 31, 2011
ASSETS
U.S. Government securities, at fair value, (amortized cost of $1,799,456 and $2,700,000 as of June 30, 2012 and December 31, 2011, respectively)	$	1,799,456	$	2,700,000
Due from brokers		4,431,929		7,323,342
Unrealized appreciation on open forward contracts		11,632		65,688
Futures contracts purchased		335,493		—
Futures contracts sold		—		188,512
Cash		2,877,985		978,811
Total assets		9,456,495		11,256,353
LIABILITIES
Unrealized depreciation on open forward contracts		100,091		44,159
Futures contracts purchased		—		825,539
Futures contracts sold		38,847		—
Subscriptions received in advance		21,250		578,000
Redemptions payable		97,334		193,870
Management fee payable		17,431		39,982
Other fees payable		14,586		34,510
Total liabilities		289,539		1,716,060
NET ASSETS	$	9,166,956	$	9,540,293
Superfund Gold, L.P. Series B-1 Net Assets	$	5,146,391	$	5,617,352
Number of Units outstanding		4,120.360		4,524.265
Superfund Gold, L.P. Series B-1 Net Asset Value per Unit	$	1,249.01	$	1,241.61
Superfund Gold, L.P. Series B-2 Net Assets	$	4,020,565	$	3,922,941
Number of Units outstanding		3,041.783		3,015.557
Superfund Gold, L.P. Series B-2 Net Asset Value per Unit	$	1,321.78	$	1,300.90

See accompanying notes to unaudited financial statements.

15

SUPERFUND GOLD, L.P.—SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of June 30, 2012

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due August 23, 2012 (amortized cost $1,799,456), securities are held in margin accounts as collateral for open futures and forwards	$	1,800,000		19.6	%	$	1,799,456
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.1			11,632
Total unrealized appreciation on forward contracts				0.1			11,632
Unrealized depreciation on forward contracts
Currency				(1.1	)		(100,091	)
Total unrealized depreciation on forward contracts				(1.1	)		(100,091	)
Total forward contracts, at fair value				(1.0	)%	$	(88,459	)
Futures contracts, at fair value
Futures contracts purchased
Currency				(0.0	)*%	$	(486	)
Energy				0.2			17,716
Financial
10 Year U.S. Treasury Note				0.0	*		94
5 Year U.S. Treasury Note				(0.0	)*		(461	)
Other				(0.1	)		(9,345	)
Total Financial				(0.1	)		(9,712	)
Food & Fiber				0.0	*		907
Indices				0.5			45,569
Metals				3.1			281,499
Total futures contracts purchased				3.7			335,493
Futures contracts sold
Currency				(0.4	)		(35,085	)
Energy				(0.2	)		(21,379	)
Financial
30 Year U.S. Treasury Bond				(0.1	)		(7,875	)
2 Year U.S. Treasury Note				(0.2	)		(14,406	)
Other				0.3			21,914
Total Financial				(0.0	)*		(367	)
Food & Fiber				(0.1	)		(9,036	)
Indices				(0.6	)		(57,400	)
Livestock				(0.1	)		(13,160	)
Metals				1.1			97,580
Total futures contracts sold				(0.3	)		(38,847	)
Total futures contracts, at fair value				3.4	%	$	296,646
Futures and forward contracts by country composition
Australia				(0.0	)*%	$	(9,062	)
European Monetary Union				(0.1	)		(10,703	)
Great Britain				0.4			36,205
Japan				0.1			12,570
United States				2.2			201,432
Other				(0.2	)		(22,255	)
Total futures and forward contracts by country				2.4	%	$	208,187

* Due to rounding

See accompanying notes to unaudited financial statements.

16

SUPERFUND GOLD, L.P.—SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2011

	Face Value		Percentage of Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due February 22, 2012 (amortized cost $2,700,000), securities are held in margin accounts as collateral for open futures and forwards	$	2,700,000		28.3	%	$	2,700,000
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.7			65,688
Total unrealized appreciation on forward contracts				0.7			65,688
Unrealized depreciation on forward contracts
Currency				(0.5	)		(44,159	)
Total unrealized depreciation on forward contracts				(0.5	)		(44,159	)
Total forward contracts, at fair value				0.2	%		21,529
Futures contracts, at fair value
Futures contracts purchased
Currency				0.3	%	$	31,583
Energy				(0.4	)		(41,586	)
Financial
2 Year U.S. Treasury Note				0.0	*		938
Other				0.0	*		2,328
Total Financial				0.0	*		3,266
Food & Fiber				0.1			13,975
Indices				0.0	*		3,476
Metals
63 contracts of CMX Gold expiring February 2012				(8.6	)		(821,340	)
Other				(0.2	)		(14,913	)
Total Metals				(8.8	)		(836,253	)
Total futures contracts purchased				(8.8	)		(825,539	)
Futures contracts sold
Currency				0.4			41,319
Energy				0.4			42,200
Financial				(0.1	)		(5,281	)
Food & Fiber				0.1			11,690
Indices				0.3			32,845
Livestock				0.1			9,280
Metals				0.6			56,459
Total futures contracts sold				1.8			188,512
Total futures contracts, at fair value				(7.0	)%	$	(637,027	)
Futures and forward contracts by country composition
Australia				0.1	%	$	5,388
European Monetary Union				0.3			33,647
Great Britain				0.0	*		2,903
Japan				0.4			51,087
United States				(7.8	)		(732,169	)
Other				0.2			23,646
Total futures and forward contracts by country				(6.8	)%	$	(615,498	)

* Due to rounding

See accompanying notes to unaudited financial statements.

17

SUPERFUND GOLD, L.P.—SERIES B

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Investment income
Interest income	$	602		$	1,924		$	602		$	4,378
Other income		5			—			448			—
Total income		607			1,924			1,050			4,378
Expenses
Brokerage commissions		90,155			77,683			154,149			166,203
Management fee		54,995			79,598			114,611			153,611
Selling commission		28,030			45,293			57,732			85,862
Incentive Fee		—			393,553			—			405,490
Operating expenses		18,332			26,533			38,204			51,201
Loss on MF Global		5,839			—			5,839			—
Other		3,487			2,806			4,951			5,712
Total expenses		200,838			625,466			375,486			868,079
Net investment loss	$	(200,231	)	$	(623,542	)	$	(374,436	)	$	(863,701	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	150,687		$	709,742		$	(240,775	)	$	2,234,200
Net change in unrealized appreciation (depreciation) on futures and forward contracts:		311,014			(160,440	)		823,685			(1,384,488	)
Net gain on investments	$	461,701		$	549,302		$	582,910		$	849,712
Net increase (decrease) in net assets from operations	$	261,470		$	(74,240	)	$	208,474		$	(13,989	)
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of units outstanding during period) for Series B-1*	$	34.79		$	(9.82	)	$	19.24		$	(5.24	)
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per unit during period) for Series B-1	$	28.79		$	(14.89	)	$	7.40		$	(15.95	)
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of units outstanding during period) for Series B-2**	$	36.96		$	(3.86	)	$	39.55		$	5.22
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per unit during period) for Series B-2	$	36.94		$	(9.48	)	$	20.88		$	(4.72	)

See accompanying notes to unaudited financial statements.

* Weighted average number of Units outstanding for Series B-1 for the Three Months Ended June 30, 2012 and June 30, 2011: 4,290.72 and 6,280.74, respectively; and for the Six Months Ended June 30, 2012 and June 30, 2011: 4,378.78 and 6,209.79, respectively.

** Weighted average number of Units outstanding for Series B-2 for the Three Months Ended June 30, 2012 and June 30, 2011: 3,040.59 and 3,412.06, respectively; for the Six Months Ended June 30, 2012 and June 30, 2011: 3,136.73 and 3,591.53, respectively.

18

SUPERFUND GOLD, L.P.—SERIES B

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	June 30,
	2012			2011
Increase (decrease) in net assets from operations
Net investment loss	$	(374,436	)	$	(863,701	)
Net realized gain (loss) on futures and forward contracts		(240,775	)		2,234,200
Net change in unrealized appreciation (depreciation) on futures and forward contracts		823,685			(1,384,488	)
Net increase (decrease) in net assets from operations		208,474			(13,989	)
Capital share transactions
Issuance of Units		748,170			1,682,941
Redemption of Units		(1,329,981	)		(3,858,100	)
Net decrease in net assets from capital share transactions		(581,811	)		(2,175,159	)
Net decrease in net assets		(373,337	)		(2,189,148	)
Net assets, beginning of period		9,540,293			12,958,534
Net assets, end of period	$	9,166,956		$	10,769,386
Series B-1 Units, beginning of period		4,524.265			5,784.122
Issuance of Series B-1 Units		188.978			1,105.590
Redemption of Units		(592.883	)		(2,074.405	)
Series B-1 Units, end of period		4,120.360			4,815.307
Series B-2 Units, beginning of period		3,015.557			3,700.480
Issuance of Series B-2 Units		389.874			163.209
Redemption of Units		(363.648	)		(730.538	)
Series B-2 Units, end of period		3,041.783			3,133.151

See accompanying notes to unaudited financial statements.

19

SUPERFUND GOLD, L.P.—SERIES B

UNAUDITED STATEMENTS OF CASH FLOWS

	Six Months Ended
	June 30,
	2012			2011
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	208,474		$	(13,989	)
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		(3,699,241	)		(9,998,222	)
Sales and maturities of U.S. government securities		4,600,000			9,400,000
Amortization of discounts and premiums		(215	)		(2,366	)
Increase (decrease) in due from brokers		2,891,413			(467,260	)
Increase in due to affiliate		—			12,685
Decrease in unrealized appreciation on open forward contracts		54,056			95,954
Increase in unrealized depreciation on open forward contracts		55,932			6,581
(Decrease) increase in futures contracts purchased		(1,161,032	)		1,373,432
Increase (decrease) in futures contracts sold		227,359			(91,479	)
Decrease in incentive fee		—			(210,237	)
Decrease in management fees payable		(22,551	)		(2,011	)
Decrease in fees payable		(19,924	)		(1,174	)
Net cash provided by operating activities		3,134,271			101,914
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		191,420			1,326,351
Redemptions, net of change in redemptions payable		(1,426,517	)		(2,533,122	)
Net cash used in financing activities		(1,235,097	)		(1,206,771	)
Net increase (decrease) in cash		1,899,174			(1,104,857	)
Cash, beginning of period		978,811			1,414,893
Cash, end of period	$	2,877,985		$	310,036

See accompanying notes to unaudited financial statements.

20

SUPERFUND GOLD, L.P., SUPERFUND GOLD, L.P. – SERIES A and SUPERFUND GOLD, L.P. – SERIES B

NOTES TO UNAUDITED FINANCIAL STATEMENTS

June 30, 2012

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 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 (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. Series B implements the Fund’s futures and forward trading program at a leverage level equal to approximately 1.5 times that implemented on behalf of Series A. Over the long term (periods of several years), the targeted average ratio of margin to equity for Series A is approximately 20% and approximately 30% for Series B. The leverage with which each of the Series is traded is the only difference between the Series. Sub-Series within a Series are not managed differently. Rather, Series A-1 Units and Series B-1 Units are subject to selling commissions. Series A-2 Units and Series B-2 Units are not subject to selling commissions but are available exclusively to: (i) investors participating in selling agent asset-based or fixed-fee investment programs or a registered investment adviser’s asset-based fee or fixed-fee advisory program through which an investment adviser recommends a portfolio allocation to the Fund and for which Superfund USA, LLC (“Superfund USA”) serves as selling agent, (ii) investors who purchased the Units through Superfund USA or an affiliated broker and who are commodity pools operated by commodity pool operators registered as such with the Commodity Futures Trading Commission (“CFTC”) and (iii) investors who have paid the maximum selling commission on their Series A-1 or Series B-1 Units (by re-designation of such Units as Series A-2 Units or Series B-2 Units as described herein). The foregoing eligibility requirements and selling commissions are the only differences between the Sub-Series within a Series.

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. (“U.S. GAAP”) 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, 2011.

21

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 on the last business day of the period, which represents market value for those commodity interests for which market quotes are readily available.

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 nature of such instruments; accordingly, the cost of securities plus accreted discount or minus amortized premium approximates fair value (See Section 3 – Fair Value Measurements).

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 realized and unrealized 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. The Fund uses the amortized cost method for valuing U.S. Treasury Bills due to the short-term nature of such instruments; accordingly, the cost of securities plus accreted discount, or minus amortized premium approximates fair value. Operating expenses of the Fund are allocated to each Series in proportion to the net asset value of the Series at the beginning of each month. Expenses directly attributable to a particular Series are charged directly to that Series.

Gains or losses are realized when contracts are liquidated. Unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the statements of financial condition as a net gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 210-20, Offsetting – Balance Sheet.

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 ASC Topic 740, Income Taxes (“ASC 740”), to the Fund to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this evaluation, Superfund Capital Management has determined no reserves for uncertain tax positions are required to be recorded as a result of the application of ASC 740. Superfund Capital Management 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 Fund files federal and various state tax returns. The 2009 through 2011 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 U.S. GAAP 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. Actual results could differ from those estimates.

22

Recently Issued Accounting Pronouncements

ASU 2011-11

In December 2011, FASB issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards (“IFRS”). The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. New disclosures are required for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Superfund Capital Management is evaluating the impact of ASU 2011-11 on the financial statements and disclosures.

ASU 2011-04

In May 2011, FASB issued ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. The Fund adopted ASU 2011-04 as of January 1, 2012. The adoption of the provisions of ASU 2011-04 has not had a material impact on the Fund’s financial statement disclosures.

3. Fair Value Measurements

The Fund follows ASC 820, Fair Value Measurements and Disclosures. ASC 820 which 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 speculative 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 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 and swap positions are typically classified within Level 2 of the fair value hierarchy.

23

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 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 June 30, 2012, 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 June 30, 2012, and December 31, 2011:

Superfund Gold, L.P.

	Balance June 30, 2012		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	3,898,822	$	—	$	3,898,822	$	—
Unrealized appreciation on open forward contracts		27,616		—		27,616		—
Futures contracts purchased		899,302		899,302		—		—
Total Assets Measured at Fair Value	$	4,825,740	$	899,302	$	3,926,438	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	223,262	$	—	$	223,262	$	—
Futures contracts sold		69,772		69,772		—		—
Total Liabilities Measured at Fair Value	$	293,034	$	69,772	$	223,262	$	—
	Balance December 31, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	6,400,000	$	—	$	6,400,000	$	—
Unrealized appreciation on open forward contracts		134,988		—		134,988		—
Futures contracts purchased		378,483		378,483		—		—
Total Assets Measured at Fair Value	$	6,913,471	$	378,483	$	6,534,988	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	95,397	$	—	$	95,397	$	—
Futures contracts sold		2,237,362		2,237,362		—		—
Total Liabilities Measured at Fair Value	$	2,332,759	$	2,237,362	$	95,397	$	—

24

Superfund Gold, L.P. – Series A

	Balance June 30, 2012		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	2,099,366	$	—	$	2,099,366	$	—
Unrealized appreciation on open forward contracts		15,984		—		15,984		—
Futures contracts purchased		563,809		563,809		—		—
Total Assets Measured at Fair Value	$	2,679,159	$	563,809	$	2,115,350	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	123,171	$	—	$	123,171	$	—
Futures contracts sold		30,925		30,925		—		—
Total Liabilities Measured at Fair Value	$	154,096	$	30,925	$	123,171	$	—
	Balance December 31, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	3,700,000	$	—	$	3,700,000	$	—
Unrealized appreciation on open forward contracts		69,300		—		69,300		—
Futures contracts purchased		189,971		189,971		—		—
Total Assets Measured at Fair Value	$	3,959,271	$	189,971	$	3,769,300	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	51,238	$	—	$	51,238	$	—
Futures contracts sold		1,411,823		1,411,823		—		—
Total Liabilities Measured at Fair Value	$	1,463,061	$	1,411,823	$	51,238	$	—

Superfund Gold, L.P. – Series B

	Balance June 30, 2012		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	1,799,456	$	—	$	1,799,456	$	—
Unrealized appreciation on open forward contracts		11,632		—		11,632		—
Futures contracts purchased		335,493		335,493		—		—
Total Assets Measured at Fair Value	$	2,146,581	$	335,493	$	1,811,088	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	100,091	$	—	$	100,091	$	—
Futures contracts sold		38,847		38,847		—		—
Total Liabilities Measured at Fair Value	$	138,938	$	38,847	$	100,091	$	—

	Balance December 31, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	2,700,000	$	—	$	2,700,000	$	—
Unrealized appreciation on open forward contracts		65,688		—		65,688		—
Futures contracts purchased		188,512		188,512		—		—
Total Assets Measured at Fair Value	$	2,954,200	$	188,512	$	2,765,688	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	44,159	$	—	$	44,159	$	—
Futures contracts sold		825,539		825,539		—		—
Total Liabilities Measured at Fair Value	$	869,698	$	825,539	$	44,159	$	—

25

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 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 realized and unrealized gain (loss) on investments 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:

Superfund Gold, L.P.

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities, as of June 30, 2012, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at June 30, 2012		Liability Derivatives at June 30, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	27,616	$	—		$	27,616
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(223,262	)		(223,262	)
Futures contracts	Futures contracts purchased		899,302		—			899,302
Futures contracts	Futures contracts sold		—		(69,772	)		(69,772	)
Totals		$	926,918	$	(293,034	)	$	633,884

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 December 31, 2011, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2011		Liability Derivatives at December 31, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	134,988	$	—		$	134,988
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(95,397	)		(95,397	)
Futures contracts	Futures contracts purchased		—		(2,237,362	)		(2,237,362	)
Futures contracts	Futures contracts sold		378,483		—			378,483
Totals		$	513,471	$	(2,332,759	)	$	(1,819,288	)

26

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended June 30, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized  Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	631,711		$	(136,923	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(548,777	)		1,062,106
Total		$	82,934		$	925,183

Effects of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized  Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	721,822		$	(235,237	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(1,601,537	)		2,688,409
Total		$	(879,715	)	$	2,453,172

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended June 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain on Derivatives Recognized in Income		Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	229,577	$	(29,341	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		1,090,357		(262,047	)
Total		$	1,319,934	$	(291,388	)

27

Effects of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain  on Derivatives Recognized in Income		Net Change in Unrealized  Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	348,591	$	(180,445	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		3,800,610		(2,385,047	)
Total		$	4,149,201	$	(2,565,492	)

Superfund Gold, L.P. gross and net unrealized gains and losses by long and short positions as of June 30, 2012:

	As of June 30, 2012
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	22,448		0.1		$	(10,965	)		(0.0	)*	$	5,168		0.0	*	$	(212,297	)		(0.8	)	$	(195,646	)
Currency		11,620		0.0	*		(13,250	)		(0.1	)		—		—			(77,255	)		(0.3	)		(78,885	)
Financial		82,745		0.3			(100,858	)		(0.4	)		94		0.0	*		(1,070	)		(0.0	)*		(19,089	)
Food & Fiber		4,856		0.0	*		(3,227	)		(0.0	)*		389		0.0	*		(18,073	)		(0.1	)		(16,055	)
Indices		100,585		0.4			(1,191	)		(0.0	)*		—		—			(113,623	)		(0.4	)		(14,229	)
Metals		791,988		3.1			(8,317	)		(0.0	)*		223,778		0.9			(17,040	)		(0.1	)		990,409
Livestock		—		—			—			—			—		—			(28,190	)		(0.1	)		(28,190	)
Energy		34,351		0.1			—			—			11,229		0.0	*		(50,011	)		(0.2	)		(4,431	)
Totals	$	1,048,593		4.1		$	(137,808	)		(0.5	)	$	240,658		0.9		$	(517,559	)		(2.0	)	$	633,884

* Due to rounding

Superfund Gold, L.P. gross and net unrealized gains and losses by long and short positions as of December 31, 2011:

	As of December 31, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gains  (Losses) on Open Positions
Foreign Exchange	$	5,543		0.0	*	$	(44,476	)		(0.2	)	$	129,445		0.5	$	(50,921	)		(0.2	)	$	39,591
Currency		68,883		0.3			(400	)		(0.0	)*		91,363		0.4		(6,081	)		(0.0	)*		153,765
Financial		33,539		0.1			(27,659	)		(0.1	)		—		—		(11,937	)		(0.0	)*		(6,057	)
Food & Fiber		32,513		0.1			(1,800	)		(0.0	)*		85,412		0.3		(62,115	)		(0.2	)		54,010
Indices		10,041		0.0	*		(1,848	)		(0.0	)*		77,622		0.3		(18,751	)		(0.1	)		67,064
Metals		1,110		0.0	*		(2,265,102	)		(8.9	)		163,647		0.6		(44,307	)		(0.2	)		(2,144,652	)
Livestock		—		—			—			—			19,430		0.1		(480	)		(0.0	)*		18,950
Energy		—		—			(86,639	)		(0.3	)		84,680		0.3		—			—			(1,959	)
Totals	$	151,629		0.5		$	(2,427,924	)		(9.5	)	$	651,599		2.5	$	(194,592	)		(0.7	)	$	(1,819,288	)

* Due to rounding

Superfund Gold, L.P. average* monthly contract volume by market sector as of quarter ended June 30, 2012:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		100		110	$	936,111	$	890,728

28

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		799		898
Financial		3,193		501
Food & Fiber		89		353
Indices		346		1,511
Metals		667		440
Livestock		—		77
Energy		246		511
Totals		5,440		5,401

* Based on quarterly holdings

Superfund Gold, L.P. average* monthly contract volume by market sector as of quarter ended June 30, 2011:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		62		80	$	715,089	$	426,029

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		1,188		79
Financial		2,052		323
Food & Fiber		132		53
Indices		957		365
Metals		444		161
Livestock		25		26
Energy		151		299
Totals		5,011		1,386

* Based on quarterly holdings

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

	For the Three Months Ended June 30, 2012
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	631,711		$	(136,923	)	$	494,788
Currency		140,536			(107,630	)		32,906
Financial		1,005,626			(72,030	)		933,596
Food & Fiber		(533,667	)		116,128			(417,539	)
Indices		161,466			(141,989	)		19,477
Metals		(2,169,001	)		1,382,704			(786,297	)
Livestock		222,800			(232,990	)		(10,190	)
Energy		623,463			117,913			741,376
Total net trading gains	$	82,934		$	925,183		$	1,008,117

29

	For the Six Months Ended June 30, 2012
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	721,823		$	(235,237	)	$	486,586
Currency		(842,134	)		(232,650	)		(1,074,784	)
Financial		464,555			(13,032	)		451,523
Food & Fiber		(874,717	)		(70,065	)		(944,782	)
Indices		(40,448	)		(81,293	)		(121,741	)
Metals		(2,569,292	)		3,135,061			565,769
Livestock		207,105			(47,140	)		159,965
Energy		2,053,393			(2,472	)		2,050,921
Total net trading gains (losses)	$	(879,715	)	$	2,453,172		$	1,573,457

	For the Three Months Ended June 30, 2011
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	229,577		$	(29,341	)	$	200,236
Currency		471,777			(141,157	)		330,620
Financial		871,619			274,793			1,146,412
Food & Fiber		(320,831	)		63,485			(257,346	)
Indices		(748,401	)		217,480			(530,921	)
Metals		1,289,996			(231,217	)		1,058,779
Livestock		(83,630	)		(79,600	)		(163,230	)
Energy		(390,173	)		(365,831	)		(756,004	)
Total net trading gains (losses)	$	1,319,934		$	(291,388	)	$	1,028,546

	For the Six Months Ended June 30, 2011
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	348,591		$	(180,445	)	$	168,146
Currency		461,038			(407,523	)		53,515
Financial		413,774			99,767			513,541
Food & Fiber		(238,684	)		(125,965	)		(364,649	)
Indices		(925,983	)		75,647			(850,336	)
Metals		2,914,332			(1,674,240	)		1,240,092
Livestock		63,510			(95,840	)		(32,330	)
Energy		1,112,623			(256,893	)		855,730
Total net trading gains (losses)	$	4,149,201		$	(2,565,492	)	$	1,583,709

30

Superfund Gold, L.P. – Series A

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities, as of June 30, 2012, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at June 30, 2012		Liability Derivatives at June 30, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	15,984	$	—		$	15,984
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(123,171	)		(123,171	)
Futures contracts	Futures contracts purchased		563,809		—			563,809
Futures contracts	Futures contracts sold		—		(30,925	)		(30,925	)
Totals		$	579,793	$	(154,096	)	$	425,697

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 December 31, 2011, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2011		Liability Derivatives at December 31, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	69,300	$	—		$	69,300
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(51,238	)		(51,238	)
Futures contracts	Futures contracts purchased		—		(1,411,823	)		(1,411,823	)
Futures contracts	Futures contracts sold		189,971		—			189,971
Totals		$	259,271	$	(1,463,061	)	$	(1,203,790	)

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended June 30, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	342,467		$	(75,077	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(410,220	)		689,246
Total		$	(67,753	)	$	614,169

31

Effects of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	377,187		$	(125,249	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(1,016,127	)		1,754,736
Total		$	(638,940	)	$	1,629,487

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended June 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain on Derivatives Recognized in Income		Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	103,062	$	(12,890	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		507,130		(118,058	)
Total		$	610,192	$	(130,948	)

Effects of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain on Derivatives Recognized in Income		Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	159,252	$	(77,911	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		1,755,749		(1,103,093	)
Total		$	1,915,001	$	(1,181,004	)

Superfund Gold, L.P. – Series A gross and net unrealized gains and losses by long and short positions as of June 30, 2012:

	As of June 30, 2012
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	13,306		0.1		$	(5,922	)		(0.0	)*	$	2,678		0.0	*	$	(117,249	)		(0.7	)	$	(107,187	)
Currency		5,838		0.0	*		(6,982	)		(0.0	)*		—		—			(42,170	)		(0.3	)		(43,314	)
Financial		45,862		0.3			(54,263	)		(0.4	)		—		—			(609	)		(0.0	)*		(9,010	)
Food & Fiber		2,593		0.0	*		(1,871	)		(0.0	)*		389		0.0	*		(9,037	)		(0.1	)		(7,926	)
Indices		54,552		0.3			(727	)		(0.0	)*		—		—			(56,223	)		(0.3	)		(2,398	)
Metals		506,331		3.1			(4,159	)		(0.0	)*		120,288		0.8			(11,130	)		(0.1	)		611,330
Livestock		—		—			—			—			—		—			(15,030	)		(0.1	)		(15,030	)
Energy		16,635		0.1			—			—			5,561		0.0	*		(22,964	)		(0.1	)		(768	)
Totals	$	645,117		3.9		$	(73,924	)		(0.4	)	$	128,916		0.8		$	(274,412	)		(1.7	)	$	425,697

* Due to rounding

32

Superfund Gold, L.P. – Series A gross and net unrealized gains and losses by long and short positions as of December 31, 2011:

	As of December 31, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gains  (Losses) on Open Positions
Foreign Exchange	$	2,774		0.0	*	$	(23,321	)		(0.1	)	$	66,526		0.4	$	(27,917	)		(0.2	)	$	18,062
Currency		37,100		0.2			(200	)		(0.0	)*		47,744		0.3		(3,781	)		(0.0	)*		80,863
Financial		17,166		0.1			(14,552	)		(0.1	)		—		—		(6,656	)		(0.0	)*		(4,042	)
Food & Fiber		17,413		0.1			(675	)		(0.0	)*		44,589		0.3		(32,982	)		(0.2	)		28,345
Indices		5,624		0.1			(907	)		(0.0	)*		38,232		0.2		(12,206	)		(0.1	)		30,743
Metals		1,110		0.0	*		(1,428,849	)		(9.0	)		88,207		0.6		(25,326	)		(0.2	)		(1,364,858	)
Livestock		—		—			—			—			9,670		0.1		—			—			9,670
Energy		—		—			(45,053	)		(0.3	)		42,480		0.3		—			—			(2,573	)
Totals	$	81,187		0.5		$	(1,513,557	)		(9.5	)	$	337,448		2.2	$	(108,868	)		(0.7	)	$	(1,203,790	)

* Due to rounding

Series A average* monthly contract volume by market sector as of quarter ended June 30, 2012:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		51		57	$	512,532	$	487,638

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		429		1,009
Financial		1,713		267
Food & Fiber		47		190
Indices		185		816
Metals		367		238
Livestock		—		41
Energy		130		274
Totals		2,922		2,892

* Based on quarterly holdings

Series A average* monthly contract volume by market sector as of quarter ended June 30, 2011:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		29		40	$	309,218	$	185,307

33

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		528		31
Financial		889		143
Food & Fiber		58		24
Indices		408		157
Metals		204		70
Livestock		11		11
Energy		64		130
Totals		2,191		606

* Based on quarterly holdings

Series A trading results by market sector:

	For the Three Months Ended June 30, 2012
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	342,467		$	(75,077	)	$	267,390
Currency		97,770			(57,131	)		40,639
Financial		561,137			(36,337	)		524,800
Food & Fiber		(286,206	)		64,000			(222,206	)
Indices		132,631			(69,372	)		63,259
Metals		(1,367,374	)		841,762			(525,612	)
Livestock		117,070			(124,090	)		(7,020	)
Energy		334,752			70,414			405,166
Total net trading gains (losses)	$	(67,753	)	$	614,169		$	546,416

	For the Six Months Ended June 30, 2012
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	377,187		$	(125,249	)	$	251,938
Currency		(417,100	)		(124,177	)		(541,277	)
Financial		272,797			(4,968	)		267,829
Food & Fiber		(467,893	)		(36,271	)		(504,164	)
Indices		27,357			(33,141	)		(5,784	)
Metals		(1,643,035	)		1,976,188			333,153
Livestock		107,017			(24,700	)		82,317
Energy		1,104,730			1,805			1,106,535
Total net trading gains (losses)_	$	(638,940	)	$	1,629,487		$	990,547

34

	For the Three Months Ended June 30, 2011
	Net Realized Gains  (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	103,062		$	(12,890	)	$	90,172
Currency		180,708			(60,596	)		120,112
Financial		395,073			122,901			517,974
Food & Fiber		(141,854	)		27,022			(114,832	)
Indices		(352,522	)		109,383			(243,139	)
Metals		634,850			(117,814	)		517,036
Livestock		(34,690	)		(37,260	)		(71,950	)
Energy		(174,435	)		(161,694	)		(336,129	)
Total net trading gains (losses)	$	610,192		$	(130,948	)	$	479,244

	For the Six Months Ended June 30, 2011
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	159,252		$	(77,911	)	$	81,341
Currency		176,419			(173,723	)		2,696
Financial		232,107			49,441			281,548
Food & Fiber		(109,067	)		(51,723	)		(160,790	)
Indices		(483,821	)		52,248			(431,573	)
Metals		1,473,655			(822,337	)		651,318
Livestock		29,560			(42,590	)		(13,030	)
Energy		436,896			(114,409	)		322,487
Total net trading gains (losses)	$	1,915,001		$	(1,181,004	)	$	733,997

Superfund Gold, L.P. – Series B

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities, as of June 30, 2012, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at June 30, 2012		Liability Derivatives at June 30, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	11,632	$	—		$	11,632
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(100,091	)		(100,091	)
Futures contracts	Futures contracts purchased		335,493		—			335,493
Futures contracts	Futures contracts purchased & futures contacts sold		—		(38,847	)		(38,847	)
Totals		$	347,125	$	(138,938	)	$	208,187

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 December 31, 2011, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2011		Liability Derivatives at December  31, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	65,688	$	—		$	65,688
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(44,159	)		(44,159	)
Futures contracts	Futures contracts purchased		—		(825,539	)		(825,539	)
Futures contracts	Futures contracts sold		188,512		—			188,512
Totals		$	254,200	$	(869,698	)	$	(615,498	)

35

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended June 30, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	289,244		$	(61,846	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(138,557	)		372,860
Total		$	150,687		$	311,014

Effects of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	344,635		$	(109,988	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(585,410	)		933,673
Total		$	(240,775	)	$	823,685

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended June 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain  on Derivatives Recognized in Income		Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign Exchange contracts	Net realized gain (loss) on futures and forward contracts	$	126,515	$	(16,451	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		583,227		(143,989	)
Total		$	709,742	$	(160,440	)

36

Effects of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain  on Derivatives Recognized in Income		Net Change in Unrealized  Depreciation on Derivatives Recognized in Income
Foreign Exchange contracts	Net realized gain (loss) on futures and forward contracts	$	189,339	$	(102,534	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		2,044,861		(1,281,954	)
Total		$	2,234,200	$	(1,384,488	)

Superfund Gold, L.P. – Series B gross and net unrealized gains and losses by long and short positions as of June 30, 2012:

	As of June 30, 2012
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	9,142		0.1		$	(5,043	)		(0.1	)	$	2,490		0.0	*	$	(95,048	)		(1.0	)	$	(88,459	)
Currency		5,782		0.1			(6,268	)		(0.1	)		—		—			(35,085	)		(0.4	)		(35,571	)
Financial		36,883		0.4			(46,595	)		(0.5	)		94		0.0	*		(461	)		(0.0	)*		(10,079	)
Food & Fiber		2,263		0.0	*		(1,356	)		(0.0	)*		—		—			(9,036	)		(0.1	)		(8,129	)
Indices		46,033		0.5			(464	)		(0.0	)*		—		—			(57,400	)		(0.6	)		(11,831	)
Metals		285,657		3.1			(4,158	)		(0.0	)*		103,490		1.1			(5,910	)		(0.0	)*		379,079
Livestock		—		—			—			—			—		—			(13,160	)		(0.1	)		(13,160	)
Energy		17,716		0.2			—			—			5,668		0.1			(27,047	)		(0.3	)		(3,663	)
Totals	$	403,476		4.4		$	(63,884	)		(0.7	)	$	111,742		1.2		$	(243,147	)		(2.5	)	$	208,187

* Due to rounding

Superfund Gold, L.P. – Series B gross and net unrealized gains and losses by long and short positions as of December 31, 2011:

	As of December 31, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gains  (Losses) on Open Positions
Foreign Exchange	$	2,769		0.0	*	$	(21,155	)		(0.3	)	$	62,919		0.7	$	(23,004	)		(0.2	)	$	21,529
Currency		31,783		0.3			(200	)		(0.0	)*		43,619		0.4		(2,300	)		(0.0	)*		72,902
Financial		16,373		0.1			(13,107	)		(0.1	)		—		—		(5,281	)		(0.1	)		(2,015	)
Food & Fiber		15,100		0.1			(1,125	)		(0.0	)*		40,823		0.4		(29,133	)		(0.3	)		25,665
Indices		4,417		0.0	*		(941	)		(0.0	)*		39,390		0.4		(6,545	)		(0.1	)		36,321
Metals		—		—			(836,253	)		(8.8	)		75,440		0.8		(18,981	)		(0.2	)		(779,794	)
Livestock		—		—			—			—			9,760		0.1		(480	)		(0.0	)*		9,280
Energy		—		—			(41,586	)		(0.4	)		42,200		0.4		—			—			614
Totals	$	70,442		0.5		$	(914,367	)		(9.6	)	$	314,151		3.2	$	(85,724	)		(0.9	)	$	615,498

* Due to rounding

37

Series B average* monthly contract volume by market sector for quarter ended June 30, 2012:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		49		53	$	423,579	$	403,090

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		370		889
Financial		1,480		234
Food & Fiber		42		163
Indices		161		695
Metals		300		202
Livestock		—		36
Energy		116		237
Totals		2,518		2,509

* Based on quarterly holdings

Series B average* monthly contract volume by market sector for quarter ended June 30, 2011:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		33		40	$	405,871	$	240,722

	Average Number of Long Contracts		Average Number of  Short Contracts
Currency		660		48
Financial		1,163		180
Food & Fiber		74		29
Indices		549		208
Metals		240		91
Livestock		14		15
Energy		87		169
Totals		2,820		780

* Based on quarterly holdings

Series B trading results by market sector:

	For the Three Months Ended June 30, 2012
	Net Realized Gains  (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	289,244		$	(61,846	)	$	227,398
Currency		42,766			(50,499	)		(7,733	)
Financial		444,489			(35,693	)		408,796
Food & Fiber		(247,461	)		52,128			(195,333	)
Indices		28,835			(72,617	)		(43,782	)
Metals		(801,627	)		540,942			(260,685	)
Livestock		105,730			(108,900	)		(3,170	)
Energy		288,711			47,499			336,210
Total net trading gains	$	150,687		$	311,014		$	461,701

38

	For the Six Months Ended June 30, 2012
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	344,636		$	(109,988	)	$	234,648
Currency		(425,034	)		(108,473	)		(533,507	)
Financial		191,758			(8,064	)		183,694
Food & Fiber		(406,824	)		(33,794	)		(440,618	)
Indices		(67,805	)		(48,152	)		(115,957	)
Metals		(926,257	)		1,158,873			232,616
Livestock		100,088			(22,440	)		77,648
Energy		948,663			(4,277	)		944,386
Total net trading gains (losses)	$	(240,775	)	$	823,685		$	582,910
	For the Three Months Ended June 30, 2011
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	126,515		$	(16,451	)	$	110,064
Currency		291,069			(80,561	)		210,508
Financial		476,546			151,892			628,438
Food & Fiber		(178,977	)		36,463			(142,514	)
Indices		(395,879	)		108,097			(287,782	)
Metals		655,146			(113,403	)		541,743
Livestock		(48,940	)		(42,340	)		(91,280	)
Energy		(215,738	)		(204,137	)		(419,875	)
Total net trading gains (losses)	$	709,742		$	(160,440	)	$	549,302
	For the Six Months Ended June 30, 2011
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	189,339		$	(102,534	)	$	86,805
Currency		284,619			(233,800	)		50,819
Financial		181,667			50,326			231,993
Food & Fiber		(129,617	)		(74,242	)		(203,859	)
Indices		(442,162	)		23,399			(418,763	)
Metals		1,440,677			(851,903	)		588,774
Livestock		33,950			(53,250	)		(19,300	)
Energy		675,727			(142,484	)		533,243
Total net trading gains (losses)	$	2,234,200		$	(1,384,488	)	$	849,712

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 June 30, 2012 and December 31, 2011, 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.

On October 31, 2011, MF Global reported to the SEC and the CFTC possible deficiencies in customer segregated accounts held at the firm. As a result, the SEC and CFTC determined that a liquidation proceeding led by the Securities Investor Protection Corporation (“SIPC”) would be the safest and most prudent course of action to protect customer accounts and assets, and SIPC initiated the liquidation of MF Global under the Securities Investor Protection Act. Superfund Capital Management closely monitored MF Global in the weeks prior to October 31, 2011 and began reducing the Fund’s exposure to MF Global. In October, total trading positions and assets of the Fund held at MF Global were reduced and steps were initiated

39

to transfer all remaining positions and assets from MF Global to other clearing brokers prior to the bankruptcy filing. In the fourth quarter of 2011, the SIPC liquidation Trustee announced that the shortfall in the customer segregated funds account could be as much as 22% or more. After consideration of the Fund’s exposure, Superfund Capital Management caused the Fund to take a reserve to account for the Fund’s estimated exposure to such 22% shortfall. Series A-1 recorded a reserve that reduced the net asset value by approximately $74,000, Series A-2 recorded a reserve that reduced the net asset value by approximately $19,000, Series B-1 recorded a reserve that reduced the net asset value by approximately $58,000 and Series B-2 recorded a reserve that reduced the net asset value by approximately $43,000.

Since the Fund’s initial reserve was taken, an active market has developed for MF Global claims similar to the Fund’s. As a result, Superfund Capital Management recently received bids from third parties for the purchase of the Fund’s MF Global claims. Following this process, Superfund Capital Management determined it was in the best interests of the Fund to sell its MF Global claims, and the Fund closed on the sale in the amount of $312,885 for Series A and $335,057 for Series B on June 11, 2012. Although the sale did not close until June 11, 2012, Superfund Capital Management recognized the change in reserve prior to closing the Fund’s books effective May 31, 2012. Because the sale price was slightly less than the carrying amount of the Fund’s assets on deposit at MF Global as reduced by the reserve taken as of October 31, 2011, each Series recognized an additional reduction in value as of May 31, 2012 due to the sale. Such change in reserve is presented as “Loss on MF Global” on the Statements of Operations. The net asset value of the Series A-1 Units was reduced by approximately 0.05% (or approximately $0.86 per Unit); the net asset value of the Series A-2 Units was reduced by approximately 0.05% (or approximately $0.94 per Unit); the net asset value of the Series B-1 Units was reduced by approximately 0.07% (or approximately $1.06 per Unit); and the net asset value of the Series B-2 Units was reduced by approximately 0.07% (or approximately $1.12 per Unit). Following this sale, the Fund no longer has any exposure to MF Global.

6. Allocation of net profits and losses

In accordance with the Fund’s Third 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 operating and ongoing offering expenses equal to one-twelfth of 0.75% of month-end net assets (0.75% per annum), when considered together, not to exceed the amount of actual expenses incurred. Superfund Capital Management will also be paid a monthly performance/incentive fee equal to 25% of the new appreciation without respect to interest income or any changes in net asset due to changes in value of the Fund’s dollar for dollar gold position. Trading losses will be carried forward and no further performance/incentive fee may be paid until prior losses have been recovered. In addition, Superfund Asset Management, LLC, an affiliate of Superfund Capital Management, serves as the introducing broker for the Fund’s futures transactions and receives a portion of the brokerage commissions paid by the Fund in connection with its futures trading. Superfund USA, an entity related to Superfund Capital Management by common beneficial 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 commission” 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.

As of June 30, 2012, Superfund Capital Management owned 514.918 Units of Series A-1, representing 6.03% of the total issued Units of Series A-1, and 434.258 Units of Series B-1, representing 10.54% of the total issued Units of Series B-1, having a combined value of 1,330,956. Gains allocated to Units of Series A-1 and Series B-1 owned by Superfund Capital Management were $22,775 for the quarter ended June 30, 2012. Superfund Capital Management did not make any contributions to or withdrawals from any Series during this period.

40

8. Financial highlights

Financial highlights for the period January 1 through June 30, 2012 are as follows:

	2012
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees and MF Global reserve		2.4	%		3.4	%		0.7	%		1.7	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
MF Global reserve		0.0	%		0.0	%		(0.1	)%		(0.1	)%
Total return after incentive fees		2.4	%		3.4	%		0.6	%		1.6	%
Ratios to average partners’ capital
Operating expenses before incentive fees		3.6	%		2.6	%		4.1	%		3.1	%
Incentive fees		0.0	%		0.0			0.0	%		0.0	%
MF Global reserve		0.0	%		0.0	%		0.1	%		0.1	%
Total expenses		3.7	%		2.6	%		4.2	%		3.2	%
Net investment loss		(3.6	)%		(2.6	)%		(4.1	)%		(3.1	)%
Net asset value per unit, beginning of period	$	1,496.15		$	1,625.63		$	1,241.61		$	1,300.90
Net investment loss		(57.57	)		(45.08	)		(54.42	)		(43.40	)
Net gain on investments		92.84			100.10			61.82			64.28
Net asset value per unit, end of period	$	1,531.42		$	1,680.65		$	1,249.01		$	1,321.78
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period)	$	33.58		$	57.79		$	19.23		$	39.55
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)	$	35.27		$	55.02		$	7.40		$	20.88

* Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions.

Financial highlights for the period January 1 through June 30, 2011 are as follows:

	2011
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		1.4	%		2.6	%		2.7	%		3.1	%
Incentive fees		1.6	%		1.8	%		3.9	%		3.4	%
Total return after incentive fees		(0.2	)%		0.8	%		(1.2	)%		(0.3	)%
Ratios to average partners’ capital
Operating expenses before incentive fees		6.9	%		4.8	%		7.9	%		5.6	%
Incentive fees		1.6	%		1.8	%		3.1	%		3.0	%
Total expenses		8.4	%		6.6	%		10.9	%		8.6	%
Net investment loss		(6.8	)%		(4.8	)%		(7.8	)%		(5.5	)%
Net asset value per unit, beginning of period	$	1,566.65		$	1,671.00		$	1,351.22		$	1,389.80
Net investment loss		(77.96	)		(69.44	)		(94.70	)		(80.97	)
Net gain on investments		75.58			81.12			78.75			76.25
Net asset value per unit, end of period	$	1,564.27		$	1,682.68		$	1,335.27		$	1,385.08
Other per Unit information:
Net increase (decrease) in net assets from operations per Unit (based upon weighted average Number of Units during period)	$	(3.23	)	$	17.04		$	(5.39	)	$	5.24
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit)	$	(2.38	)	$	11.68		$	(15.95	)	$	(4.72	)

* Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions.

41

Financial highlights for the period April 1 through June 30, 2012 are as follows:

	2012
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees and MF Global reserve		1.4	%		1.9	%		2.4	%		2.9	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
MF Global reserve		0.0	%		0.0	%		(0.1	)%		(0.1	)%
Total return after incentive fees		1.4	%		1.9	%		2.3	%		2.8	%
Ratios to average partners’ capital
Operating expenses before incentive fees		1.9	%		1.4	%		2.3	%		1.7	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
MF Global reserve		0.0	%		0.0	%		0.1	%		0.1	%
Total expenses		2.0	%		1.4	%		2.4	%		1.8	%
Net investment loss		(1.9	)%		(1.4	)%		(2.3	)%		(1.7	)%
Net asset value per unit, beginning of period	$	1,511.48		$	1,650.46		$	1,220.22		$	1,284.84
Net investment loss		(30.31	)		(24.31	)		(29.58	)		(24.11	)
Net gain on investments		50.25			54.50			58.37			61.05
Net asset value per unit, end of period	$	1,531.42		$	1,680.65		$	1,249.01		$	1,321.78
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period)	$	20.03		$	31.58		$	34.79		$	36.96
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)	$	19.94		$	30.19		$	28.79		$	36.94

* Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions.

Financial highlights for the period April 1 through June 30, 2011 are as follows:

	2011
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		1.9	%		2.6	%		2.7	%		2.6	%
Incentive fees		1.5	%		1.7	%		3.8	%		3.3	%
Total return after incentive fees		0.4	%		0.9	%		(1.1	)%		(0.7	)%
Ratios to average partners’ capital
Operating expenses before incentive fees		6.8	%		4.6	%		7.7	%		5.4	%
Incentive fees		1.5	%		1.7	%		2.9	%		2.9	%
Total expenses		8.3	%		6.3	%		10.7	%		8.3	%
Net investment loss		(6.7	)%		(4.6	)%		(7.7	)%		(5.4	)%
Net asset value per unit, beginning of period	$	1,558.48		$	1,669.77		$	1,350.16		$	1,394.56
Net investment loss		(52.11	)		(49.51	)		(68.59	)		(62.14	)
Net gain on investments		57.90			62.42			53.70			52.66
Net asset value per unit, end of period	$	1,564.27		$	1,682.68		$	1,335.27		$	1,385.08
Other per Unit information:
Net increase (decrease) in net assets from operations per Unit (based upon weighted average Number of Units during period)	$	(4.39	)	$	14.85		$	(10.39	)	$	(3.90	)
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit)	$	5.79		$	12.91		$	(14.89	)	$	(9.48	)

* Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions.

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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 the Fund, gross unrealized gains and losses related to exchange-traded futures were $1,261,635 and $432,105, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $27,616 and $223,262, respectively, at June 30, 2012.

For Series A, gross unrealized gains and losses related to exchange-traded futures were $758,049 and $225,165, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $15,984 and $123,171, respectively, at June 30, 2012.

For Series B, gross unrealized gains and losses related to exchange-traded futures were $503,586 and $206,940, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $11,632 and $100,091, respectively, at June 30, 2012.

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. and Barclays Capital Inc. Prior to its insolvency, the Fund used MF Global, Inc. as one of its futures commission merchants. See Note 5 for additional discussion of MF Global.

Superfund Capital Management monitors and attempts to control 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 June 30, 2012. 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 subscription 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 the 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 $10,000 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

43

five business days prior to the end of the month (or such shorter period as permitted by Superfund Capital Management) as of which the 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 the 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. Indemnification

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund, and therefore cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

12. 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. Subscription and redemption data is presented for both the Fund, as the SEC registrant, and for Series A and Series B, individually. For the quarter ended June 30, 2012, subscriptions totaling $739,088 in the Fund have been accepted and redemptions over the same period totaled $984,228. For the quarter ended June 30, 2012, subscriptions totaling $594,918 in Series A-1, $0 in Series A-2, $137,170 in Series B-1, and $7,000 in Series B-2 have been accepted and redemptions over the same period totaled $549,340 in Series A-1, $35,134 in Series A-2, $395,785 in Series B-1 and $3,969 in Series B-2. The Fund operates as a commodity investment pool, whose purpose is speculative trading in the U.S. and international futures and forward markets. Specifically, the Fund trades a portfolio of more than 120 futures and forward 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 U.S. 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 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 U.S. person.

Other than these limitations on liquidity, the Fund’s assets are expected to be highly liquid.

44

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 June 30, 2012

Series A:

Net results for the quarter ended June 30, 2012, were a gain of 1.2% in net asset value for Series A-1 and a gain of 1.8% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $236,598. This increase consisted of total income of $592, trading gains of $546,416, and total expenses of $310,410. Expenses included $95,954 in management fees, $31,984 in operating expenses, $67,964 in selling commissions, $104,683 in brokerage commissions, $6,925 attributable to the MF Global reserve and $2,900 in other expenses. At June 30, 2012, the net asset value per Unit of Series A-1 was $1,531.42, and the net asset value per Unit of Series A-2 was $1,680.65.

Series B:

Net results for the quarter ended June 30, 2012, were a gain of 2.1% in net asset value for Series B-1 and a gain of 2.9% in net asset value for Series B-2. In this period, Series B experienced a net increase in net assets from operations of $261,470. This increase consisted of total income of $607, trading gains of $461,701, and total expenses of $200,838. Expenses included $54,995 in management fees, $18,332 in operating expenses, $28,030 in selling commissions, $90,155 in brokerage commissions, $5,839 attributable to the MF Global reserve and $3,487 in other expenses. At June 30, 2012, the net asset value per Unit of Series B-1 was $1,249.01, and the net asset value per Unit of Series B-2 was $1,321.78.

Fund results for 2nd Quarter 2012:

In June, the Fund’s trading strategies yielded disappointing results as market sensitivity to European debt crisis news led to choppy market conditions. Investor focus remained on troubled European economies, with eyes turned to faltering Spain. Moody’s downgrade of Spanish sovereign debt was followed by rating reductions for numerous Spanish lenders. Depressed European indices reacted positively to European Union (“EU”) summit agreements to reduce funding costs for Spain and Italy. U.S. stocks rallied in anticipation of a third round of quantitative easing (“QE3”) but were disappointed as the U.S. Federal Reserve (the “Fed”) offered only an extension of the Operation Twist program. Commodity demand remains weak as supplies build in base metals and energies. U.S. crude inventories are at their highest since 1990 as growth in consumption is met with greater gains in production. The Fund’s short-term trading strategies also underperformed. The Fund’s allocation to equities underperformed in June due to volatile and directionless trading as European economic conditions weighed on global markets. Uncertainty over Greek elections eased as pro-EU moderates prevailed while business confidence in Germany hit a two-year low. European equities rose at the end of the month, as EU summit leaders eased repayment terms for Spanish banks. In the U.S., the Dow Jones Industrial Average (the “Dow”) rose 3.4% but gains were tempered by poor unemployment and weak consumer confidence. China reacted to slowing growth by cutting its key interest rate. The Australian SPI fell 0.4% despite surprise gains in gross domestic product (“GDP”) and employment, while the Japanese Nikkei climbed 5.6% on expectations for further stimulus. The Fund’s bond portfolio experienced losses in June as the recent rally stagnated due to a lack of substantial central bank stimulus. Investors hoping for new asset purchases from the Fed were disappointed as they chose only to expand their Operation Twist program by $267 billion. Europe’s bond rally also retreated as area-wide interest rates climbed in response to the increasingly insolvent Spanish banking sector. While bond rallies in the U.S. and Europe cooled, Japanese 10-year bond futures continued higher with yields reaching 0.79%, the lowest since 2003. The Fund’s allocation to currencies produced negative results in June as the U.S. dollar declined versus major currencies. The euro (+2.4% against the U.S. dollar) finished in positive territory while remaining under pressure due to the unresolved debt crisis. Spanish bank insolvency and unsustainable sovereign debt had sent the euro to 23-month low before regaining ground. The Swiss franc (+2.5%) gained against the dollar while holding steady against the euro. The British pound (+1.7%) rose versus the dollar after May’s sharp decline while also gaining favor versus the euro. The Fund’s grain allocations generated moderate losses in June as hot and dry conditions in the U.S. threatened to damage the largest projected corn crop since 1937. December corn surged 21.6% as the market digested rapidly deteriorating crop conditions. Soybeans (+12.4%) trailed corn higher, tempered by hopes that the later developing crop still has time to recover. The Fund’s positions in the metals sector generated moderately negative results in June as gains in short base metal positions were offset by losses in range-bound COMEX gold (-0.4%). Demand for base metals has suffered as Chinese growth has slowed and the broader world economy has failed to show significant signs of recovery. After spending nearly the entire month in negative territory, however, base metals took part in a global rally spurred by European leaders’ agreement on short-term measures to assist Spanish banks. The Fund’s allocation to the energy sector produced gains in June as weak demand and ample supplies pushed prices lower. Global economic weakness continues to be the key driver of prices near-term as slowing global growth has hurt overall energy demand. Crude oil touched an eight-month low of $77.28/bbl with supplies reaching 22-year highs. Gasoline (-3.5%) fell as

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U.S. supplies rose more than expected and demand remains soft. Heating oil (-0.4%) also suffered from a rise in inventories and warm temperatures. The Fund’s perpetual long gold position posted disappointing results in June as conflicting market influences produced trendless trading. The supportive effects of central bank reserve purchases, a weaker dollar and lackluster U.S. economic data were counteracted by the lack of new stimulus from the Fed and reduced demand out of India, the world’s top consumer.

In May, the Fund’s trading strategies produced strong results as uncertainty and eroding optimism dominated market sentiment, sending investors on a broad-based flight to safety. Falling business confidence in Germany, rising euro-zone unemployment, and a shrinking manufacturing sector led to dramatic risk reduction across all sectors. The euro decreased to a nearly two-year low as investors sought the safety of the U.S. dollar, pressuring commodities. The S&P GSCI index of 24 commodities plunged 13%, its worst month since the recession of 2008. Demand for capital preservation drove yields of safe-haven debt instruments to all-time lows. The Fund’s short-term models enhanced monthly gains with profitable positions in CME Australian dollar, COMEX gold and CBT U.S. T-Bonds. The Fund’s equity positions excelled in May as markets fell sharply on weakening economic conditions. European economies continued to soften with negative quarterly GDP and falling indices in the United Kingdom (“U.K.”) (-7.5%), Italy (-10.4%), Spain (-11.8%), and Greece (-30.6%). Even though Germany managed to show slight positive GDP growth of .5%, Dax futures fell 7.9%. The possibility of a Greek departure from the euro-zone increased as economic and political pressures mount. In the U.S., the Dow slipped 5.3% as factory orders fell 1.5% and leading indicators slipped 0.1%, leaving only modest growth expectations for the near-term. The U.S. added 115,000 jobs in April, the fewest since October, 2011. Shares across Asia were decidedly weak with the Hang Seng (-11.5%), Nikkei (-10.2%), and MSCI Taiwan (-3.5%) sinking on weakening export demand. The Fund’s bond exposure returned substantial profits in May as the risk-off trade prevailed in response to the unresolved debt crisis in Europe. Elevated fears that Greece may leave the euro-zone and an increasingly troubled Spanish banking sector combined to lift borrowing costs for at-risk sovereigns. Fear-driven investment poured into safe-haven assets in Germany, the U.S., and Australia. German 10-year bund futures (+3.5%) rose to all-time highs. In the U.S., strong demand for safety pushed the benchmark 10-year note to a record low of 1.5309% with 30-year yields approaching their 2008 bottom. The Fund’s allocations to currencies yielded strong results in May as the U.S. dollar advanced sharply in a general flight to safety. Heightened European instability and slowing global growth hurt equity markets while driving the Dollar Index to a 5.4% gain and a 21-month high. The euro slid 6.6% against the U.S. dollar as regional unemployment hit 10.9%, a 15-year high. U.K. retail sales dropped the most over two years, pushing the British pound 5.0% lower versus the U.S. dollar. The Australian dollar fell 6.2% as the Reserve Bank of Australia (“RBA”) unexpectedly cut its key lending rate 50 basis points to 3.75%. Only the Japanese yen (+1.8%) managed to rise against the U.S. dollar in relatively quiet trade. The Fund’s positions in the metals sector generated significant gains in May. Precious and industrial metals fell as a risk-off mentality began to permeate futures markets once again on renewed fears of a global economic recession. Euro-zone service and manufacturing sector data showed contraction for the ninth consecutive month, adding to concerns about the health of the global economy. Manufacturing data in China continued to reveal slowing growth, pushing down industrial metal. London Metal Exchange (“LME”) and COMEX copper fell for four consecutive weeks while LME aluminum slumped 5.9%. All base metals, with the exception of zinc, established new lows for 2012 in May, as did COMEX gold (-6.1%) and silver (-10.3%). The Fund’s allocation to the energy sector produced robust gains, benefitting from the sharp decline in the petroleum complex as ample supply and slack demand pressured prices. After several months of consolidation in crude, technical breaks below support levels led to a significant decline in both NYMEX and Brent futures, dropping 17.5% and 14.7% respectively. In natural gas, the well-established down-trend was finally broken as multi-year lows spurred buying interest. Mild spring weather and warm near-term forecasts helped support prices on increased cooling needs. The Fund’s perpetual long gold position underperformed in May, as gold experienced its worst month in 11 years. Investors concerned over the European debt crisis favored the perceived safety of the U.S. dollar over alternative assets such as precious metals.

In April, the Fund’s trading strategies produced mixed results as markets digested signs of moderating growth and concerns over European sovereign debt. Minutes from a meeting of the Fed revealed the U.S. central bank will refrain from additional stimulus unless the economy wavers, sparking concern over growth and demand for raw materials. Upticks in weekly jobless claims and weak sales of previously-owned homes added to bearish sentiment. Chinese GDP grew 8.1%, the slowest pace in nearly three years as the country seeks to rebalance its economy away from exports and towards domestic consumption. Tenuous optimism in Europe gave way to increasing instability as austerity measures and European Central Bank (“ECB”) efforts to spur growth have yet to solve the regions debt woes, punctuated by S&P’s downgrade of Spanish debt. Investment flowed into safe-haven debt instruments of the U.S., Germany, and Australia in response to the weakness. The Fund’s bond exposure produced robust returns in April as investment poured into safe-haven assets on renewed euro-zone weakness and concerns over slowing growth. Spain’s soaring unemployment (24.4%), contracting GDP (-0.3%), and alarming spike in non-performing loans led to poor debt auctions as their 10-year yield climbed back above 6%. Resurging peripheral debt woes sent investors flocking to the security of German Bunds (+1.9%). British Long Gilts also benefited from safe-haven inflows but performance was muted due to negative GDP growth in the U.K. Despite mixed economic signals and signs of stagnation, the U.S. maintained its favored position relative to struggling European economies, driving demand for U.S. debt. Australian debt yields fell to record lows as easing inflation data is widely expected to prompt a rate cut from the Reserve Bank of Australia (the “RBA”) at its next meeting. The Fund’s allocation to foreign exchange markets underperformed in April as markets ended little changed in volatile trade. Concerns over sovereign debt and slowing economic

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growth left European currencies seeking solid direction. The euro (-0.7%) fell modestly as economic indicators softened and Spain’s debt was downgraded. The Swiss franc (-0.5%) fell against the U.S. dollar after reversing early month gains. The British pound (+1.5%) gained against the U.S. dollar and the euro (+2.2%) on expectations the Bank of England will not pursue further stimulus. The Australian dollar (+1.0%) continued its position as a favored currency with the RBA keeping rates unchanged as their economy sustains growth. The Canadian dollar (1.1%) also appreciated as unemployment there fell to 7.2%. The Japanese yen (+3.8%) regained ground from its recent decline as the Bank of Japan remains focused on easing in an effort to strengthen growth prospects. The Mexican peso (-1.5%) fell back on worries global growth concerns will dampen exports. The Fund’s positions in the metals sector generated moderate losses in April due to sharp reversals in the LME and COMEX copper markets. Poor U.S. monthly payroll and industrial production figures, slowing Chinese growth and heightened euro-zone debt concerns drove copper 6.6% lower to 3-month lows before being turned markedly higher on falling inventories. LME copper stockpiles dropped to 241,550 tons, the lowest level since November of 2008 and down 30% since January as miners struggle to keep pace with consumption. COMEX copper posted five consecutive gains at month’s end, its longest rally since August, to close nearly unchanged. Short positions in COMEX silver (-4.7%) helped to offset losses while COMEX gold (-0.3%) had its smallest monthly change since March of 2010 as traders waited for clarity on global economic conditions. The Fund’s allocation to the energy sector yielded losses in April as encouraging U.S. manufacturing and consumer spending supported energy markets despite reduced geopolitical risk, slowing growth in China, and renewed recession fears in Europe. NYMEX crude posted its least volatile month in 17 years, trading in a 4.8% range, tightly bound by its 100 and 50-day moving averages. Weekly inventories (373 million barrels) reached an 11-month high as Chinese manufacturing contracted for the sixth straight month. Brent crude’s premium over West Texas Intermediate (“WTI”) shrunk to as little as $13.61, the smallest margin since January, as Spain and the U.K. slid back into recession and negotiations with Iran showed promise. The Fund’s perpetual long gold position was relatively flat in April, as gold traded in its tightest range (4.3%) since August of 2009 due to languid investor and physical interest. Gold closed at $1664.20/oz., just below its 200-day moving average and down 7.2% from the 2012 high.

For the second quarter of 2012, the most profitable market group overall was the bonds sector while the greatest losses were attributable to positions in the grains sector.

Three Months Ended March 31, 2012

Series A:

Net results for the quarter ended March 31, 2012, were a gain of 1.0% in net asset value for Series A-1 and a gain of 1.53% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $169,609. This increase consisted of total income of $515, trading gains of $444,131, and total expenses of $275,037. Expenses included $98,982 in management fees, $32,994 in operating expenses, $69,550 in selling commissions, $72,956 in brokerage commissions and $555 in other expenses. At March 31, 2012, the net asset value per Unit of Series A-1 was $1,511.48, and the net asset value per Unit of Series A-2 was $1,650.46.

Series B:

Net results for the quarter ended March 31, 2012, were a loss of 1.7% in net asset value for Series B-1 and a loss of 1.24% in net asset value for Series B-2. In this period, Series B experienced a net decrease in net assets from operations of $52,996. This decrease consisted of total income of $443, trading gains of $121,209, and total expenses of $174,648. Expenses included $59,616 in management fees, $19,872 in operating expenses, $29,702 in selling commissions, $63,994 in brokerage commissions and $1,464 in other expenses. At March 31, 2012, the net asset value per Unit of Series B-1 was $1,220.22, and the net asset value per Unit of Series B-2 was $1,284.84.

Fund results for 1^st Quarter 2012:

In March, the Fund’s trading strategies produced disappointing returns as rapidly shifting macroeconomic factors led to trendless and choppy market conditions. The U.S. economy sustained momentum, adding another 227,000 jobs for its best six-month streak since May of 2006. Retail sales climbed 1.1%, the most in five months, reflecting consumer confidence despite rising gas prices. In contrast, commodity-driven economies such as Australia felt the effects of reduced base-metal demand, while euro-zone GDP unexpectedly contracted as the region struggled to contain its debt crisis. Crude oil declined as the impact of Iranian tensions receded when compared to slowing global demand and ample supplies. The Fund’s short-term strategies produced mixed to slightly negative results. The Fund’s allocation to currency markets yielded poor results in March. The U.S. dollar (+0.5%) advanced early as improvements in the U.S. economy and positive investor sentiment drove up equities and sent interest rates modestly higher. Later in the month Chairman Bernanke of the Fed reiterated his commitment to low interest rates, pressuring the U.S. dollar and erasing previous gains. The ECB continued to hold the line on interest rates, keeping its discount rate at 1%. The euro and British pound finished unchanged versus the U.S. dollar after declines of 2%. The Australian dollar (-4.4%) fell on

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weak GDP, an unexpected rise in unemployment, as well as softening commodity exports. The Fund’s bond exposure experienced losses during a turbulent March as U.S. and European bonds sold off precipitously only to rebound later in the month. Japanese Government Bonds (“JGB”) came under pressure as the Bank of Japan (“BOJ”) resisted calls to increase asset purchases beyond the 30 trillion yen committed at their February meeting. JGB yields rose to 1.056%, the highest since December 2011. The Fund experienced negative results in the global equity markets in March. European stocks fell sharply on euro-zone GDP contraction (-0.3%) before optimistic U.S. data helped lift futures to 8-month highs. Markets quickly reversed on China’s shrinking economy and the possible need for further Greek debt restructuring. The FTSE (-2.1%), Amsterdam EOE Index (-1.2%), and Euro Stoxx (-4.5%) all finished lower. The Dow (+1.2%) and the Standard and Poor 500 (the “S&P 500”) (+2.5%) rose to four-year highs. Asian shares were mostly lower, pressured by the slowdown in China. China’s H-Shares (-10.9%) sank on weaker-than-expected housing and auto data with stocks in Singapore (-1.1%), Taiwan (-2.5%) and India (-2.3%) also lower. The Nikkei (+1.5%) managed to gain as the BOJ continued to ease in an effort to boost growth and weaken the yen. The Fund’s grains positions experienced moderate losses for the month. Directionless trading led to losses in corn and wheat while trending soybeans benefited long soybean meal positions. The Fund’s exposure to the metals sectors generated moderate losses as precious metals declined on increasingly positive sentiment surrounding the stability of the global economy. The Fund’s allocation to money market futures also produced negative results. Short-rate price movement closely mirrored the volatility seen in longer-term maturities as central banks continued to hold overnight lending rates between 0 and 25 basis points. Although targeted rates are expected to remain near zero for an extended period, the strength of the equity rally precipitated a decline in global short-rate prices, negatively impacting the Fund’s long positions. The Fund’s perpetual long gold position underperformed in March as investors exited the precious metal in exchange for risk. The steady pace of upbeat economic reports in the U.S., including consumer spending and confidence, fed growing optimism over the stability of the world’s largest economy.

In February, the Fund’s trading strategies generated solid returns as geopolitical and economic forces pushed energies and equities decidedly higher. Intensifying tensions with Iran over their nuclear program injected risk premium into oil markets, driving crude prices to multi-month highs. Meanwhile, a wave of hopeful economic data and the long-awaited second Greek bailout lifted stocks. U.S. unemployment fell for a fifth straight month, adding 234,000 jobs while U.S. consumer confidence posted its longest streak of gains since 1997. The Nasdaq Stock Market (the “Nasdaq”) hit 11-year highs and the Dow Jones closed above 13,000 for the first time since 2008. The BOJ revealed plans to inject 10 trillion yen into the Japanese economy in an effort to suppress deflation while the ECB sought to stabilize euro-zone banks and stimulate the economy by issuing €529.5 billion of low interest loans. CBOT corn slid sideways awaiting spring plantings, while soybeans soared on expected crop damage in Brazil. Short-term strategies enhanced overall performance with gains in currencies, stocks, metals, and energies. The Fund’s allocation to the energy sector produced significant returns in February as economic optimism, escalating Iranian tensions, and reduced refinery capacity led to robust returns for long energy positions. Extreme cold in Europe in the midst of heavy refinery maintenance drove IPE gas oil (+6.3%) to a nine-month high. New York heating oil (+6.0%), also used in home heating, was pulled higher on anticipated demand shift to the U.S. Brent crude gained 10.9%, its best month since May of 2009, while NY crude (+8.6%) reached a nine-month high. Despite poor U.S. gasoline demand, RBOB futures extended an impressive rally, gaining 5.4%, aided by permanent, unplanned, and seasonal refinery closures. Promising U.S. employment data and the Greek bailout approval lifted energies universally on hopes of economic growth. The Fund experienced positive results in global equity markets as stocks rose on continued economic improvement. While Europe worked its way towards the second bailout of Greece, equity markets across the continent were higher as fears of an imminent euro-zone collapse subsided. The ECB eased monetary policy significantly in an effort to support markets, stepping away from its traditional mandate of inflation stability. Markets responded with the CAC40 (+4.5%), FTSE (+3.7%) and DAX (+6.0%) all finishing the month higher. Only the Greek index finished lower with a 9.1% loss. Investor optimism drove up markets across Asia with the Nikkei (+10.2%) climbing sharply as the yen fell. Improvements in the outlook for exports also boosted shares in Hong Kong (+6.6%), Korea (+3.5%) and Taiwan (+7.6%). The U.S. markets rose as unemployment fell to 8.3%, jobless claims hit a four-year low, and modest growth was seen in manufacturing and housing. The S&P 500 (+4.3%) is off to its best start in 21 years. The Fund’s allocation to currencies generated moderate losses due to the sharp reversal in the Japanese yen. The U.S. dollar was weaker against most global currencies as the Fed reiterated its highly accommodative stance in spite of improving economic conditions. The BOJ, which has struggled with deflation for more than a decade, announced it would target a 1% annual inflation rate, adding 10 trillion yen to the economy in the process. Traders took the news seriously and sent the yen (-6.2%) to a seven-month low. The euro (+1.9%) strengthened against the U.S. dollar as fears over a Greek debt disaster abated and expectations rose for increased lending activity. The Swiss franc (+1.8%) and British pound (+1.1%) also gained while better-than-expected economic data in Australia drove the AUD/USD rate to a six-month high (1.0795 $/AUD). South American currencies continued to climb with the Mexican peso (+1.4%), Colombian peso (+2.4%), and the Brazilian real (+1.7%) all gaining. The Fund’s bond portfolio produced negative results in February. U.S. bond prices retreated slightly from January highs as positive economic data continued to foster the strongest equity rally in two decades. U.S. unemployment dropped to 8.3%, returning to a level not seen since February 2009. U.S. 10-year notes retreated on the news and ended the month down 0.8%. The ECB implemented phase two of their long term refinancing operation liquidity program on February 27, injecting 530 billion euros of short-term liquidity into the region. The 1% loan offering was taken up by 800 euro-zone banks. The monetary infusion is expected to make its way into longer-term maturities as seen by the resulting rally in Bunds and 10-year Swap Notes. The Fund’s strategies underperformed in the metals sector after bullish trends in precious metals radically

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corrected as Fed Chairman Bernanke quelled hopes for QE3. Immediately prior to the plunge, gold and silver each hit multi-month highs as investors placed hedges against rising consumer prices and a weakening U.S. dollar. Following Mr. Bernanke’s testimony, gold (-1.7%) and silver (-6.9%) decreased significantly. Fears of reduced euro-zone base metal demand abated as leaders came to agreement on a second aid package for Greece. LME aluminum (+4.0%), assisted by record canceled warrants (orders to withdraw stockpiles), reversed early losses in the broad-based rally. Rising confidence levels on both sides of the Atlantic and falling inventories worked in tandem to elevate COMEX (+2.1%) and LME copper (+2.2%). The Fund’s perpetual long gold position suffered late-month losses as testimony from Mr. Bernanke expressed optimism over improving macroeconomic data, reducing the likelihood of additional monetary stimulus. Gold and other safe-havens dropped on the news as the U.S. dollar rallied.

In January, the Fund’s strategies produced mixed results as optimism toward a European debt resolution and positive economic growth indicators led investors to add risk. The U.S. dollar declined against major currencies as the “safety trade” unwound, accelerated by the Fed’s stated willingness to purchase additional bonds. Gold benefited from the dollar’s decline, posting a +10% gain, climbing solidly back above its 200-day moving average while base-metals surged on production cutbacks and anticipated Chinese demand. EU negotiations with Greece, initially promising, weighed on equity markets towards month-end as leaders debated terms of a second rescue package worth 500 billion euro. NYMEX gasoline trended higher throughout the month as supply concerns intensified due to multiple refinery closures while natural gas plummeted to a 10-year low on unseasonably warm winter temperatures and overabundant supply. The Fund’s short-term strategies contributed positively to performance with gains in bonds, stocks, and metals, while the Fund’s perpetual long gold position produced significant gains for the month. The Fund’s allocation to money market futures yielded robust returns as central banks universally maintained accommodative monetary policies. In the United States, minutes from the Federal Open Market Committee of the Fed revealed the Fed’s commitment to maintain interest rates at or near zero through 2014. The ECB, having cut rates twice in the last three months, maintained rates at a record low of 1%, citing signs of stabilization. In the U.K., the Bank of England also maintained a record low benchmark of 0.5%. The Fund’s allocation to currency markets yielded negative returns as the U.S. dollar reversed its recent uptrend as global economic concerns began to subside. What had been a flight to safety in the U.S. dollar in late 2011 reversed as investors chose risk exposure and yield over conservation. The euro reached a 17-month low before recovering on perceived EU debt negotiation progress. The Australian dollar sustained its climb on relative economic outperformance, attractive interest rates, and strength in commodity prices. South American currencies, which lost significant ground in 2011, advanced considerably against the U.S. dollar. The Japanese yen rallied sharply late, closing at a three-month high, as investors flocked to the currency given the short-term U.S. interest rate outlook. The Fund’s grain positions experienced moderate losses for the month. Lingering concerns over South American corn and soybean yields drove grains to multi-week highs before surprisingly bearish U.S. Department of Agriculture (“USDA”) figures abruptly reversed trends. The highly anticipated January USDA report caused significant declines mid-month on unexpected increases in corn production and inventories, resulting in losses for the Fund’s corn positions. Wheat traded in tandem with corn, pressured by weak exports, ample supply, and favorable winter crop conditions. The Fund’s exposure to the energy sector generated positive returns, led by long gasoline and short natural gas positions. Gasoline ended up (+7.3%) for the month, while an unusually warm winter and continued supply glut pushed natural gas to $2.231/btu, a 10-year low. The Fund experienced losses in NYMEX crude oil amid a directionless trade as prices were range-bound between $98 and $103 per barrel. The Fund’s perpetual long gold position produced sizable gains after the Federal Open Market Committee of the Fed announced that interest rates would remain low through 2014, sparking U.S. dollar worries. The ongoing EU debt crisis also continues to keep the euro weak. The instability associated with these currencies provided strong support for safe-haven assets.

For the first quarter of 2012, the most profitable market group overall was the energy sector while the greatest losses were attributable to positions in the currency sector.

Three Months Ended June 30, 2011

Series A:

Net results for the quarter ended June 30, 2011, were a gain of 0.4% in net asset value for Series A-1 and a gain of 0.8% in net asset value for Series A-2. In this period, Series A experienced a net decrease in net assets from operations of $6,885. This decrease consisted of interest income of $1,790, trading gains of $479,244, and total expenses of $487,919. Expenses included $90,402 in management fees, $30,134 in operating expenses, $64,176 in selling commissions, $59,814 in brokerage commissions, $241,830 in incentive fees and $1,563 in other expenses. At June 30, 2011, the net asset value per Unit of Series A-1 was $1,564.27, and the net asset value per Unit of Series A-2 was $1,682.68.

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Series B:

Net results for the quarter ended June 30, 2011, were a loss of 1.1% in net asset value for Series B-1 and a loss of 0.7% in net asset value for Series B-2. In this period, Series B experienced a net decrease in net assets from operations of $74,240. This increase consisted of interest income of $1,924, trading gains of $549,302, and total expenses of $625,466. Expenses included $79,598 in management fees, $26,533 in operating expenses, $45,293 in selling commissions, $77,683 in brokerage commissions, $393,553 in incentive fees and $2,806 in other expenses. At June 30, 2011, the net asset value per Unit of Series B-1 was $1,335.27, and the net asset value per Unit of Series B-2 was $1,385.08.

Fund results for 2nd Quarter 2011:

In June, the Fund’s trading strategies yielded negative results as the correction in stocks and commodities that began in May continued, only to reverse late in the month. The Fund’s short-term strategies contributed positively to overall performance as gains in bonds, metals, and stocks offset losses in currencies and energies. The Fund underperformed in equities futures trading in June as stagnating growth and European sovereign debt worries sent indices sharply lower. European equities plummeted as EU officials, private creditors, and the Greek government struggled to find a workable solution to the crisis. Meanwhile, the Fund’s bond strategies outperformed across the board in June, responding in a classic inverse manner to the factors impacting equities. German bunds moved steadily higher early as uncertainty over the status of Greek debt intensified. Lower than expected German factory orders and industrial production supported values as well. Australian bonds rallied, due in part to the attractive yield differential versus the U.S., Europe, and Japan. The Fund’s allocation to global energy markets produced losses as the recent correction continued in June, reflecting increasing pessimism for economic prospects. Energy markets and commodity currencies sold off while treasuries gained on safe haven flows as softening manufacturing data prompted the ECB and the Fed to lower their longer term inflation estimates. However, with a late month agreement on a new aid package, equities and other risk assets reversed higher, while treasuries gave back earlier gains. Late month losses in previous metals and choppy action in base metals led to negative performance in that sector. The Fund’s trading models also produced losses in grains in June as improving weather and declining demand prospects associated with macroeconomic concerns led to sharp reversals. Gold and silver finished lower on the inflation outlook while grains sold off as excellent weather and an uncertain demand outlook led to higher inventory estimates. The Fund’s perpetual gold futures position yielded subpar results in June as choppy to slightly lower action eroded returns. Europe’s sovereign debt situation dominated much of the headlines as Greek, German, and French officials struggled to come to common ground on new financing for the heavily indebted nation. Indeed, gold in euro terms established new all-time highs just below 1100 euro on June 22nd before settling 2.1% lower near the 1046 euro level with the passage of Greek austerity measures and dovish longer term inflation statements by the ECB and the Fed.

In May, the Fund’s medium to long term trading strategies underperformed as investors temporarily abandoned risk assets in favor of safe haven alternatives. The Fund’s short-term strategies also contributed negatively to overall performance as losses in equities, metals, and currencies offset gains in bonds and energies. Equities reversed as declines in U.S. employment, housing, and GDP combined with disappointing German factory orders to unnerve bullish investors. The Fund’s allocation to global stock indices underperformed despite a late recovery as the European debt crisis and a slowdown in manufacturing heightened fears of stagnant growth. The Fund’s bond strategies produced positive results across the board in May as safe haven assets pressed higher amid uncertainty concerning the sustainability of global economic growth. Treasuries rallied as bond yields in peripheral European states soared amid growing concern that a Greek default or restructuring was a real possibility. Allocations to currencies yielded poor results for the Fund in May as the U.S. dollar and euro reversed April’s action following the ECB’s unexpected removal of the “strong vigilance” on higher prices language from their May policy statement. The growing focus on the European sovereign debt situation prompted a flight out of risk assets and into the U.S dollar and the Swiss franc, which established a new record high against the euro. Energies and base metals saw sharp declines as a bearish Goldman Sachs commodity call, along with heightened volatility in forex markets tied to the problems in Europe spurred liquidation. The Fund’s performance in the metals sector reversed as gold futures opened the month retracing over 6% from all time highs established on May 2nd. The weakness stemmed from massive liquidation in silver and receding inflation fears as European sovereign debt instability delayed near term prospects for an ECB rate hike. April gains turned into May losses for the Fund in energies as recent upward trends in crude oil, heating oil, and gasoline gave way to significant declines. Grains endured more volatile action as extreme weather in the Northern Hemisphere continued to threaten production prospects. The Fund’s position in grains suffered due to continued volatility from broad based commodity selling, a reversal in the dollar, and a surprise 8% upward revision in 2010-11 USDA corn ending stocks. The Fund’s perpetual long gold futures position underperformed in May as heavy early month liquidation led to an eventual loss of 1.3% for the precious metal. The market opened the month with a decline of over 6% from May 2nd record highs amid rumors that George Soros and Carlos Slim were cutting precious metal bets. Values stabilized slightly below $1500 before rallying to finish near $1535 amid safe haven buying.

In April, the Fund produced solid overall gains, rebounding from a subpar performance in March. Global equities continued to trend higher despite U.S and European debt issues, Mid-East unrest, and the Japanese disaster. Manufacturing maintained its positive trajectory, with notable improvement in Germany driving the DAX over 6% higher while U.S. shares accelerated to new multi-year highs on strong corporate earnings. Bond markets reversed mid-month as a downgrade in the U.S. credit outlook temporarily shifted focus away from inflation and toward longer term obstacles to growth. Gold posted record highs above $1,500/ounce and silver fell just short of the $50 mark, adding over 28% as the Fed’s

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reaffirmation of quantitative easing and a U.S. credit outlook downgrade sent the U.S. dollar plummeting. The Fund experienced uneven results in grains and agricultural markets amid volatile weather conditions. The Fund’s short-term strategies contributed positively to overall performance as gains in currencies, metals, and stocks offset losses in bonds and energies. The Fund’s allocation to global stock indices performed well in April as the uptrend in equities continued. The Dow rose 4.4%, reaching mid-2008 highs on excellent quarterly earnings. Late-month results from Apple and IBM easily offset the downgrade of the U.S. credit outlook by S&P. European equities generally ignored sovereign debt worries, finishing broadly higher as surging Germany factory orders and industrial production set a positive tone. However, Greece’s ASE-20 moved back to its lows as debt restructuring rumors rattled investors. Asian indices tracked steadily higher, continuing to capitalize on China’s dynamic growth. Japan’s Nikkei (+1.3%) broke higher late as disaster recovery efforts progressed. The Fund yielded negative results in global bond markets in April as a mid-month reversal produced losses. German bunds continued their recent trend lower early in the month as strong economic data at home combined with sovereign debt fears on the periphery to drive yields higher. Ongoing inflation fears ahead of the ECB’s 25 basis point rate hike also exerted pressure. Values then recovered somewhat before vaulting higher in conjunction with the downgrade of the U.S. credit outlook by S&P as investors received a sobering reminder of the potential long-term risks to global growth prospects. The Fund experienced minor gains from its allocation to short-term interest rate futures in April in mixed action. Eurodollar futures trended higher as the Fed officially reiterated its commitment to completing the second round of quantitative easing (“QE2”) after some doubts were expressed last month. Euribor futures finished mixed as the ECB maintained its vigilant stance on inflation by raising their discount rate 25 basis points as expected. Allocations to currency markets yielded strong results in April as recent trends extended amid accelerating U.S. dollar weakness. The euro surged to its highest level since December of 2009 as an S&P downgrade of the U.S. credit outlook prompted severe U.S dollar weakness as the month came to a close. The Australian dollar marched 6.2% higher amid excellent export growth, while the New Zealand dollar rose by approximately the same percentage on a rising appetite for yield and risk as global investors sought to offset asset deterioration linked to inflation. The Colombian peso added another 5.5% amid heavy foreign direct investment flows into the oil and mining industries. Sweden’s krona and Brazil’s real also gained significantly as rate hikes attracted yield hungry investors. The Fund’s grain positions suffered losses in April amid heightened volatility as values fluctuated along with uncertain weather. Soybeans finished lower on the prospect of U.S. corn acres shifting to soybeans due to an excessively wet spring. A potentially record breaking South American crop led China to cancel U.S. purchases, while a bearish commodity call by Goldman Sachs pressured values as well. Wheat sold off late, losing 7% of its value as forecasts for badly needed rains in winter wheat areas offset the bullish effects of excessive moisture in spring wheat regions. Corn traded to all-time highs above $7.80 as poor planting progress threatened to exacerbate historically tight supplies. The Fund’s allocation to agricultural markets also resulted in losses for April as growing supplies offset the weaker U.S. dollar. June cattle (-6.2%) fell throughout the month after establishing record highs on April 4th as the USDA reported that commercial red-meat production reached a record. June hogs also reversed to finish 8.4% lower as the after a reported 12% increase in frozen pork stocks versus last year. Cotton fell sharply on concern that China’s attempts to slow inflation using higher interest rates and reserve rate requirements would cut into demand. Meanwhile, July NY coffee established 14-year highs amid poor weather in South America. Allocations to metals outperformed in April as exceptional U.S. dollar weakness and rising inflation throughout the world propelled precious metals sharply higher. Gold saw an 8.1% gain, surpassing the $1,550/ounce mark. July silver tacked on another 28%, pushing its year to date return to over 50% in frenzied action. Copper futures lost 3.4% as the U.S. credit downgrade and another reserve requirement hike in China dampened the growth outlook for the world’s two largest copper consumers. The Fund’s perpetual long gold position surged as gold futures rose to new all time highs in U.S. dollar terms. Consumer Price Index (“CPI”) readings in China, Europe, and the U.S. continued to expand with rising energy markets, enhancing demand for the perceived inflation hedge. The U.S. dollar struggled early amid rate hikes in Europe and China, along with a number of hikes in lesser economies. The S&P downgrade of the U.S. long term credit outlook accelerated these U.S. dollar losses.

For the second quarter of 2011, the most profitable market group overall was the bonds sector while the greatest losses were attributable to positions in the energy sector.

Three Months Ended March 31, 2011

Series A:

Net results for the quarter ended March 31, 2011, were a loss of 0.52% in net asset value for Series A-1 and a loss of 0.07% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $13,757. This increase consisted of interest income of $2,245, trading gains of $254,753, and total expenses of $243,241. Expenses included $83,865 in management fees, $27,955 in operating expenses, $58,922 in selling commissions, $68,990 in brokerage commissions, $1,619 in incentive fees and $1,890 in other expenses. At March 31, 2011, the net asset value per Unit of Series A-1 was $1,558.48, and the net asset value per Unit of Series A-2 was $1,669.77.

51

Series B:

Net results for the quarter ended March 31, 2011, were a loss of 0.08% in net asset value for Series B-1 and a loss of 0.34% in net asset value for Series B-2. In this period, Series B experienced a net increase in net assets from operations of $60,251. This increase consisted of interest income of $2,454, trading gains of $300,410, and total expenses of $242,613. Expenses included $74,013 in management fees, $24,668 in operating expenses, $40,569 in selling commissions, $88,520 in brokerage commissions, $11,937 in incentive fees and $2,906 in other expenses. At March 31, 2011, the net asset value per Unit of Series B-1 was $1,350.15, and the net asset value per Unit of Series B-2 was $1,394.56.

Fund results for 1st Quarter 2011:

In March, the Fund’s allocation to global equity markets underperformed as a sharp countertrend reversal following the disaster in Japan produced losses for the Fund’s strategies. Equity markets opened the month moving sideways as the reemergence of sovereign debt and inflation worries in Europe offset steady expansion in global manufacturing. From there the Nikkei plunged 25.0% on panic-induced selling following the events of March 11th. Results for the Fund’s models experienced losses as most leading indices participated in the selloff as risk appetite abated. Equities quickly recovered as the focus shifted to the growth to be generated by rebuilding Japan. Nikkei futures finished only 7.7% lower on the month while shares in South Korea and Hong Kong finished 9.1% and 0.9% higher, respectively, on the belief that these markets are well positioned to fill the temporary void left by the decimated Japanese manufacturing sector. U.S. equity markets also experienced small gains as macroeconomic data continued on a positive trajectory. A mixture of long and short positions in equity markets led the Fund to an overall loss. The Fund’s positions in the bond sector experienced gains in March despite volatile market conditions as geopolitical instability in Libya and Japan and financial instability in Europe led investors to the relative safety of treasuries. Positions in Japanese government 10-year bonds experienced gains as the market opened the month near unchanged before rallying sharply in response to a nearly 20.0% washout in equities following the disaster. The Fund experienced losses in German bund futures as the market finished lower on news of improving employment, factory orders and retail sales. Meanwhile, the sovereign debt situation continued to evolve amid several debt downgrades of peripheral states, prompting investors to demand more yield to hold German debt even as EU leaders agreed to an expanded bailout package for troubled states. Results in U.S. bonds also experienced losses in turbulent trading activity as strong economic prospects offset geopolitical safe haven buying. A mixture of long and short bond positions led the Fund to an overall gain on the month. The Fund’s currency positions experienced gains in March as interest rate expectations and unsettling geopolitical developments dominated trading activity. June euro futures advanced 2.9% despite debt downgrades of Greece, Portugal and Spain as the ECB chairman continued to express the need for extreme vigilance with respect to the growing threat of inflation. The Swiss franc benefitted as investors sought shelter from the U.S.’s quantitative easing and Europe’s sovereign debt troubles. The yen rose over 4.0% following the catastrophic earthquake, amid expectations for a massive repatriation of capital to rebuild the stricken nation. However, in the first coordinated G7 intervention since the 2000 support for the euro, central bankers crushed the rally on March 18th, leading to a loss of 1.6% on the month. The Mexican peso outperformed as the oil producing nation saw slowing inflation complimented by expectations for continuing strong GDP growth. A mixture of long and short currency positions led the Fund to an overall gain on the month. June gold contracts finished a choppy month with a 2.0% gain as the trend of a shift from improving macroeconomic results to inflation risks continued. Daily reminders of rising food costs fuelled the inflation story and, according to the United Nations, food costs posted record highs in February after rising 25.0% in 2010. Gold experienced a mid-month correction of 4.4% following the catastrophe in Japan as investors moved out of risk assets. However, the market closed strong as ECB rate hike expectations pressured the U.S. dollar to a loss of 1.5% on the month. These factors produced an overall gain for the Fund’s perpetual long gold futures position.

In February, the Fund’s allocation to equity markets performed well in February as major indices in the U.S. and Europe continued to press higher on improving economic conditions and strong corporate results. Late in the month, European and U.S. equities were shaken as the political unrest in Egypt spread to Libya and Bahrain, where protesters were met with force. The outbreak of violence triggered a spike in energy markets, which, when combined with uncertainty surrounding the severity of the crisis, prompted liquidation. Most major U.S. and European indices recovered late amid reassuring comments that the Saudis would cover any oil supply shortfalls. Asian shares struggled as inflation took a toll on growth prospects. Chinese H-shares lagged, finishing unchanged as inflation and consequent fiscal tightening dominated the action. Spillover pressure also affected shares in Singapore and Taiwan, which finished 5.9% and 5.6% lower, respectively. Japan’s Nikkei and Australia’s SPI finished 3.7% and 2.1% higher, respectively, in relatively quiet trading. A mixture of long and short positions in equity markets led the Fund to an overall gain in February. The Fund experienced losses in the bond sector in February as existing positions suffered amid a reversal in investors’ perception of the current risk environment. After breaking lower early in the month on strong corporate earnings and forward guidance, U.S. 30-year bond futures surged to January highs as growing unrest across the Middle East unnerved investors, prompting a general flight to safety. Germany’s bund futures opened the month under pressure as anecdotal evidence of exceptional demand from China offset disappointing December factory orders and retail sales data. However, the deteriorating geopolitical situation and local election losses by the majority ruling party in Germany spurred a reversal that led to losses for the Fund. Trade in Australian bond futures was particularly volatile, to the Fund’s detriment, as weakness associated with a strong early month employment report faded as the RBA chief indicated that the central bank was not considering a rate hike at the current time. A mixture of long and short bond positions led the Fund to an overall loss on the month. The Fund obtained gains in currencies in February as the U.S. dollar

52

continued to trend lower, extending January’s losses by another 0.7%. The Swiss franc and Japanese yen finished 1.5% and 0.3% higher, respectively, amid safe haven buying as the situation deteriorated in the Middle East. The Fund experienced gains in the British pound, which finished the month 1.5% higher, after CPI readings showed that prices were increasing at a 4.0% annualized rate, the highest level since fall of 2008. Meanwhile, central bankers in Peru, Colombia, Indonesia and Russia raised rates as they continued to battle inflation while also attempting to fend off the negative effects that massive currency inflows are having on domestic currency appreciation. Colombia extended its dollar purchase program for another three months, hoping to cap currency gains to protect its export prospects. The Australian dollar finished 2.5% higher against the U.S. dollar as strong commodity markets supported full employment. A mixture of long and short positions in the currency sector led the Fund to an overall gain on the month. The Fund’s allocation to global energy markets yielded gains as growing instability in the Middle East and Northern Africa sent prices significantly higher. Short positions in WTI crude oil performed well early in the month, falling over 5.0% following the Egyptian president’s resignation and total U.S. fuel supplies moving to twenty year highs at the Cushing, Oklahoma delivery point. From there, the Fund experienced gains on long positions in April gasoline, heating oil, and brent crude, which finished 9.8%, 7.6% and 10.9% higher, respectively, at the expense of the Fund’s WTI crude position as civil unrest spread to Bahrain, Libya, and Oman. The markets gathered momentum as speculation surrounding the stability of the Saudi regime intensified. Short positions in April natural gas also performed well, falling 8.9% on the month as forecasts for mild weather contributed to a convincing breach of the $4 btu level. A mixture of long and short positions in the energy sector led the Fund to an overall gain on the month. The Fund experienced gains in April gold contracts, which finished the month 5.6% higher as the market’s focus shifted from improving economic results to inflation risks. Gold rallied early as China responded aggressively to its inflation challenges with interest rate and reserve requirement hikes. While the unrest in Egypt subsided relatively peacefully, matters took a more violent turn in Bahrain, and Libya as rising food costs exacerbated widespread discontent, fuelling skyrocketing energy markets which posed even greater inflation risks and support for gold. These factors produced an overall gain for the Fund’s perpetual long gold futures position.

In January, the Fund’s allocation to global equities finished mixed in January as disappointing performances in several peripheral markets offset steady trends in major indices. In Europe, several past laggards, including Greece, Italy and Spain finished the month 13.9%, 9.2% and 10.2% higher, respectively, as heavy ECB participation in secondary market debt auctions and plans for a comprehensive debt relief structure reassured investors. Small gains on positions in Germany’s DAX, France’s CAC40 and the Amsterdam EOE Index, which finished 2.5%, 5.1% and 1.3% higher, respectively, offset losses in the sector as several core European economies improved. U.S. equities pressed higher as improving employment figures and solid consumer demand elevated corporate earnings. The Fund experienced early losses in Australia’s SPI as epic flooding cut into 2011 GDP prospects. Chinese H-Shares reversed lower late in the month to the Fund’s detriment as authorities continued to struggle with inflation. Overall, a mixture of long and short stock indices positions led the Fund to an overall loss. The Fund’s allocation to global bond markets underperformed in January as investors exited safe haven assets in response to improving global economic conditions. The Fund experienced losses in its Japanese government bond positions as large auctions and generally poor economic performance resulted in a ratings agency debt downgrade, encouraging investors to put money to work outside the country. In Europe, investors sold bund and bobl futures as Euro-zone industrial production readings easily surpassed expectations. Additionally, positive dialogue from various heads of state regarding a comprehensive crisis solution was backed up by aggressive ECB purchases of Italian, Portuguese, and Spanish debt in secondary markets, ensuring successful auctions for the embattled countries. In the U.S., performance suffered in choppy countertrend action as bond and note futures moved sideways to slightly higher as QE2 persisted in spite of rising inflation concerns in the rest of the world. A mixture of long and short bond positions led the Fund to an overall loss on the month. The Fund experienced losses in the interest rates sector as European short rates reversed sharply from December’s strong close. While the ECB left rates unchanged in January, their policy minutes emphasized vigilance over price stability in the midst of rising commodity prices. Policy makers also noted that uncertainty remains elevated and some financial institutions still face the threat of balance sheet adjustments despite positive underlying momentum in the economy. They also stressed the need for Euro members to reduce debt-to-GDP ratios. Short rate futures in the U.S. finished near their highs as early weakness associated with a strong employment report was offset by staunchly accommodative U.S. Federal Reserve monetary policy. Their focus, in contrast to the ECB, continues to be focused on growth and full employment at the expense of inflation. Meanwhile, Australian short rate futures moved higher to the Fund’s benefit as epic flooding cut into 2011 GDP estimates, thereby reducing prospects for previously expected rate hikes. A mixture of long and short interest rate positions led the Fund to an overall loss on the month. The Fund’s allocation to currency markets underperformed in January as the euro and British pound finished 2.4% and 2.8% higher against the U.S. dollar, respectively, and euro-zone regionals reversed late 2010 losses. Early month news that Japan would buy distressed sovereign debt and strong ECB secondary market participation in Portuguese, Spanish and Italian bond auctions provided support to these economies. As confidence in the euro improved, investors moved out of the Swiss franc, which finished 0.9% lower against the U.S. dollar, and back into risk plays in Hungary and Poland, which finished 5.4% and 4.1% higher, respectively, resulting in losses for the Fund. The Australian dollar finished 2.1% lower against the U.S. dollar as flood damage triggered a one-time levy, which tempered 2011 growth estimates and rate hike expectations. The Fund experienced losses in the yen following a credit rating downgrade as Japan’s huge debt load and limited policy options unnerved investors. Gains in the Mexican peso, which finished 1.8% higher against the U.S. dollar, offset some losses in the sector as the peso rallied on prospects for a sustained U.S. economic recovery. The Fund’s mixture of long and short currency

53

positions led to an overall loss on the month. The Fund experienced losses in the metals sector in January as gold and silver futures traded sharply lower amid growing optimism that the global economic recovery is gaining momentum. April gold finished with a loss of 6.2% as strong early month U.S. employment figures and ebbing contagion fears in Europe limited investors’ appetite for the alternative asset. March silver finished the month 8.8% lower in correlated action. The Fund’s allocation to industrial metals also suffered. The Fund’s positions in March COMEX copper were stopped out after a 6.0% intra-month decline due to China raising its reserve requirement in response to elevated GDP and CPI reports. Fears that China would take more aggressive measures to limit growth led to losses in London aluminum, lead, and zinc as several Chinese banks were forced to cease lending for the remainder of the month. A mixture of long and short metals positions led the Fund to an overall loss on the month. The Fund’s allocation to global energy markets produced positive returns in January as economic, logistical, and geopolitical factors underpinned values. Strong U.S. employment figures and a pipeline shutdown in Alaska supported the Fund’s New York crude oil positions early in the month. However, elevated Chinese GDP and CPI readings precipitated another reserve requirement hike while increasing expectations for additional measures to slow their economy. This scenario, along with a bearish U.S. inventory report, contributed to losses for the Fund amid an 8.0% drop from intra-month highs. Long positions in brent crude finished 6.6% higher, surpassing $100 per barrel following a reversal in European demand expectations, an accident in the North Sea which idled 200k barrels of production, and heightening unrest in Egypt. Front-month heating oil surged as well, adding 7.4% as exceptionally cold weather gripped the northern hemisphere, providing excellent returns for the Fund. A mixture of long and short energy positions led the Fund to an overall gain on the month.

For the first quarter of 2011, the most profitable market group overall was the energy sector while the greatest losses were attributable to positions in the stock indices 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 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 U.S. 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.

On October 31, 2011, MF Global reported to the SEC and the CFTC possible deficiencies in customer segregated accounts held at the firm. As a result, the SEC and CFTC determined that a liquidation proceeding led by the SIPC would be the safest and most prudent course of action to protect customer accounts and assets, and SIPC initiated the liquidation of MF Global under the Securities Investor Protection Act. Superfund Capital Management closely monitored MF Global in the weeks prior to October 31, 2011 and began reducing the Fund’s exposure to MF Global. In October, total trading positions and assets of the Fund held at MF Global were reduced and steps were initiated to transfer all remaining positions and assets from MF Global to other clearing brokers prior to the bankruptcy filing. In the fourth quarter of 2011, the SIPC liquidation Trustee announced that the shortfall in the customer segregated funds account could be as much as 22% or more. After consideration of the Fund’s exposure, Superfund Capital Management caused the Fund to take a reserve to account for the Fund’s estimated exposure to such 22% shortfall. Series A-1 recorded a reserve that reduced the net asset value by approximately $74,000, Series A-2 recorded a reserve that reduced the net asset value by approximately $19,000, Series B-1 recorded a reserve that reduced the net asset value by approximately $58,000 and Series B-2 recorded a reserve that reduced the net asset value by approximately $43,000.

Since the Fund’s initial reserve was taken, an active market has developed for MF Global claims similar to the Fund’s. As a result, Superfund Capital Management recently received bids from third parties for the purchase of the Fund’s MF Global claims. Following this process, Superfund Capital Management determined it was in the best interests of the Fund to sell its MF Global claims, and the Fund closed on the sale in the amount of $312,885 for Series A and $335,057 for Series B on June 11, 2012. Although the sale did not close until June 11, 2012, Superfund Capital Management recognized the change in reserve prior to closing the Fund’s books effective May 31, 2012. Because the sale price was slightly less than the amount of the Fund’s assets on deposit at MF Global as reduced by the reserve taken as of October 31, 2011, each Series recognized an additional reduction in value

54

as of May 31, 2012 due to the sale. Such change in reserve is presented as “Loss on MF Global” on the Statements of Operations. On May 31, 2012, the net asset value of the Series A-1 Units was reduced by approximately 0.05% (or approximately $0.86 per Unit); the net asset value of the Series A-2 Units was reduced by approximately 0.05% (or approximately $0.94 per Unit); the net asset value of the Series B-1 Units was reduced by approximately 0.07% (or approximately $1.06 per Unit); and the net asset value of the Series B-2 Units was reduced by approximately 0.07% (or approximately $1.12 per Unit). Following this sale, the Fund no longer has any exposure to MF Global.

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 the Fund 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 June 30, 2012 and December 31, 2011.

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 2011-11

In December 2011, FASB issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards (“IFRS”). The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. New disclosures are required for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Superfund Capital Management is evaluating the impact of ASU 2011-11 on the financial statements and disclosures.

ASU 2011-04

In May 2011, FASB issued ASU No. 2011-04 Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. The Fund adopted ASU 2011-04 as of January 1, 2012. The adoption of the provisions of ASU 2011-04 has not had a material impact on the Fund’s financial statement disclosures.

55

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4. 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 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 June 30, 2012, that have materially affected, or are reasonably likely to materially affect, Superfund Capital Management’s internal control over financial reporting with respect to each Series individually, as well as the Fund as a whole.

The Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer, Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer, Section 1350 Certification of Principal Executive Officer and Section 1350 Certification of Principal Financial Officer, Exhibit 31.1, Exhibit 31.2, Exhibit 32.1 and Exhibit 32.2 hereto, respectively, are applicable with respect to each Series individually, as well as to the Fund as a whole.

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 June 30, 2012.

(c) Pursuant to the Third Amended and Restated 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 June 30, 2012:

Series A-1:

Month	Units Redeemed		Net Asset Value per Unit ($)
April 30, 2012		153.261		1,494.23
May 31, 2012		110.984		1,663.00
June 30, 2012		88.653		1,531.42
Total		352.898

Series A-2:

Month	Units Redeemed		Net Asset Value per Unit ($)
April 30, 2012		0.612		1,634.36
May 31, 2012		18.734		1,822.01
June 30, 2012		—		1,680.65
Total		19.346

56

Series B-1:

Month	Units Redeemed		Net Asset Value per Unit ($)
April 30, 2012		76.963		1,201.18
May 31, 2012		143.601		1,434.56
June 30, 2012		77.929		1,249.01
Total		298.493

Series B-2:

Month	Units Redeemed		Net Asset Value per Unit ($)
April 30, 2012		3.133		1,266.92
May 31, 2012		—		1,515.60
June 30, 2012		—		1,321.78
Total		3.133

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURE

Not applicable.

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
32.1	Section 1350 Certification of Principal Executive Officer
32.2	Section 1350 Certification of Principal Financial Officer
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	XBRL Taxonomy Extension Labe Linkbase Document
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document

* XBRL information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, and is not subject to liability under those sections, is not part of any registration statement or prospectus to which it relates and is not incorporated or deemed to be incorporated by reference into any registration statement, prospectus or other document.

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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: August 10, 2012	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/ Martin Schneider
		Martin Schneider
		Vice President and Principal Financial Officer

58

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 June 30, 2012, 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: August 10, 2012	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-Q for the period ending June 30, 2012, 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: August 10, 2012	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-Q for the period ending June 30, 2012 (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: August 10, 2012	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-Q for the period ending June 30, 2012 (the “Report”), I, Martin Schneider, 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: August 10, 2012	By:	/s/ Martin Schneider
		Martin Schneider
		Vice President and Principal Financial Officer

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Disclosure of Derivative Instruments and Hedging Activities (Details 4) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	$ 82,934	$ 1,319,934	$ (879,715)	$ 4,149,201
Change in Net Unrealized Gains (Losses)	925,183	(291,388)	2,453,172	(2,565,492)
Net Trading Gains (Losses)	1,008,117	1,028,546	1,573,457	1,583,709
Foreign Exchange [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	631,711	229,577	721,823	348,591
Change in Net Unrealized Gains (Losses)	(136,923)	(29,341)	(235,237)	(180,445)
Net Trading Gains (Losses)	494,788	200,236	486,586	168,146
Currency Swap [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	140,536	471,777	(842,134)	461,038
Change in Net Unrealized Gains (Losses)	(107,630)	(141,157)	(232,650)	(407,523)
Net Trading Gains (Losses)	32,906	330,620	(1,074,784)	53,515
Financial [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	1,005,626	871,619	464,555	413,774
Change in Net Unrealized Gains (Losses)	(72,030)	274,793	(13,032)	99,767
Net Trading Gains (Losses)	933,596	1,146,412	451,523	513,541
Food and Fiber [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	(533,667)	(320,831)	(874,717)	(238,684)
Change in Net Unrealized Gains (Losses)	116,128	63,485	(70,065)	(125,965)
Net Trading Gains (Losses)	(417,539)	(257,346)	(944,782)	(364,649)
Indices [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	161,466	(748,401)	(40,448)	(925,983)
Change in Net Unrealized Gains (Losses)	(141,989)	217,480	(81,293)	75,647
Net Trading Gains (Losses)	19,477	(530,921)	(121,741)	(850,336)
Metals [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	(2,169,001)	1,289,996	(2,569,292)	2,914,332
Change in Net Unrealized Gains (Losses)	1,382,704	(231,217)	3,135,061	(1,674,240)
Net Trading Gains (Losses)	(786,297)	1,058,779	565,769	1,240,092
Livestock [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	222,800	(83,630)	207,105	63,510
Change in Net Unrealized Gains (Losses)	(232,990)	(79,600)	(47,140)	(95,840)
Net Trading Gains (Losses)	(10,190)	(163,230)	159,965	(32,330)
Energy [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	623,463	(390,173)	2,053,393	1,112,623
Change in Net Unrealized Gains (Losses)	117,913	(365,831)	(2,472)	(256,893)
Net Trading Gains (Losses)	741,376	(756,004)	2,050,921	855,730
SERIES A [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	(67,753)	610,192	(638,940)	1,915,001
Change in Net Unrealized Gains (Losses)	614,169	(130,948)	1,629,487	(1,181,004)
Net Trading Gains (Losses)	546,416	479,244	990,547	733,997
SERIES A [Member] | Foreign Exchange [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	342,467	103,062	377,187	159,252
Change in Net Unrealized Gains (Losses)	(75,077)	(12,890)	(125,249)	(77,911)
Net Trading Gains (Losses)	267,390	90,172	251,938	81,341
SERIES A [Member] | Currency Swap [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	97,770	180,708	(417,100)	176,419
Change in Net Unrealized Gains (Losses)	(57,131)	(60,596)	(124,177)	(173,723)
Net Trading Gains (Losses)	40,639	120,112	(541,277)	2,696
SERIES A [Member] | Financial [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	561,137	395,073	272,797	232,107
Change in Net Unrealized Gains (Losses)	(36,337)	122,901	(4,968)	49,441
Net Trading Gains (Losses)	524,800	517,974	267,829	281,548
SERIES A [Member] | Food and Fiber [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	(286,206)	(141,854)	(467,893)	(109,067)
Change in Net Unrealized Gains (Losses)	64,000	27,022	(36,271)	(51,723)
Net Trading Gains (Losses)	(222,206)	(114,832)	(504,164)	(160,790)
SERIES A [Member] | Indices [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	132,631	(352,522)	27,357	(483,821)
Change in Net Unrealized Gains (Losses)	(69,372)	109,383	(33,141)	52,248
Net Trading Gains (Losses)	63,259	(243,139)	(5,784)	(431,573)
SERIES A [Member] | Metals [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	(1,367,374)	634,850	(1,643,035)	1,473,655
Change in Net Unrealized Gains (Losses)	841,762	(117,814)	1,976,188	(822,337)
Net Trading Gains (Losses)	(525,612)	517,036	333,153	651,318
SERIES A [Member] | Livestock [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	117,070	(34,690)	107,017	29,560
Change in Net Unrealized Gains (Losses)	(124,090)	(37,260)	(24,700)	(42,590)
Net Trading Gains (Losses)	(7,020)	(71,950)	82,317	(13,030)
SERIES A [Member] | Energy [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	334,752	(174,435)	1,104,730	436,896
Change in Net Unrealized Gains (Losses)	70,414	(161,694)	1,805	(114,409)
Net Trading Gains (Losses)	405,166	(336,129)	1,106,535	322,487
SERIES B [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	150,687	709,742	(240,775)	2,234,200
Change in Net Unrealized Gains (Losses)	311,014	(160,440)	823,685	(1,384,488)
Net Trading Gains (Losses)	461,701	549,302	582,910	849,712
SERIES B [Member] | Foreign Exchange [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	289,244	126,515	344,636	189,339
Change in Net Unrealized Gains (Losses)	(61,846)	(16,451)	(109,988)	(102,534)
Net Trading Gains (Losses)	227,398	110,064	234,648	86,805
SERIES B [Member] | Currency Swap [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	42,766	291,069	(425,034)	284,619
Change in Net Unrealized Gains (Losses)	(50,499)	(80,561)	(108,473)	(233,800)
Net Trading Gains (Losses)	(7,733)	210,508	(533,507)	50,819
SERIES B [Member] | Financial [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	444,489	476,546	191,758	181,667
Change in Net Unrealized Gains (Losses)	(35,693)	151,892	(8,064)	50,326
Net Trading Gains (Losses)	408,796	628,438	183,694	231,993
SERIES B [Member] | Food and Fiber [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	(247,461)	(178,977)	(406,824)	(129,617)
Change in Net Unrealized Gains (Losses)	52,128	36,463	(33,794)	(74,242)
Net Trading Gains (Losses)	(195,333)	(142,514)	(440,618)	(203,859)
SERIES B [Member] | Indices [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	28,835	(395,879)	(67,805)	(442,162)
Change in Net Unrealized Gains (Losses)	(72,617)	108,097	(48,152)	23,399
Net Trading Gains (Losses)	(43,782)	(287,782)	(115,957)	(418,763)
SERIES B [Member] | Metals [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	(801,627)	655,146	(926,257)	1,440,677
Change in Net Unrealized Gains (Losses)	540,942	(113,403)	1,158,873	(851,903)
Net Trading Gains (Losses)	(260,685)	541,743	232,616	588,774
SERIES B [Member] | Livestock [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	105,730	(48,940)	100,088	33,950
Change in Net Unrealized Gains (Losses)	(108,900)	(42,340)	(22,440)	(53,250)
Net Trading Gains (Losses)	(3,170)	(91,280)	77,648	(19,300)
SERIES B [Member] | Energy [Member]
Summary of derivative trading results by market sector
Net Realized Gain (Losses)	288,711	(215,738)	948,663	675,727
Change in Net Unrealized Gains (Losses)	47,499	(204,137)	(4,277)	(142,484)
Net Trading Gains (Losses)	$ 336,210	$ (419,875)	$ 944,386	$ 533,243

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Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2012

Nature of Operations, Basis of Presentation and Significant Accounting Policies and Financial Highlights [Abstract]

Summary of Financial Highlights

	2012
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees and MF Global reserve		2.4	%		3.4	%		0.7	%		1.7	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
MF Global reserve		0.0	%		0.0	%		(0.1	)%		(0.1	)%
Total return after incentive fees		2.4	%		3.4	%		0.6	%		1.6	%
Ratios to average partners’ capital
Operating expenses before incentive fees		3.6	%		2.6	%		4.1	%		3.1	%
Incentive fees		0.0	%		0.0			0.0	%		0.0	%
MF Global reserve		0.0	%		0.0	%		0.1	%		0.1	%
Total expenses		3.7	%		2.6	%		4.2	%		3.2	%
Net investment loss		(3.6	)%		(2.6	)%		(4.1	)%		(3.1	)%
Net asset value per unit, beginning of period	$	1,496.15		$	1,625.63		$	1,241.61		$	1,300.90
Net investment loss		(57.57	)		(45.08	)		(54.42	)		(43.40	)
Net gain on investments		92.84			100.10			61.82			64.28
Net asset value per unit, end of period	$	1,531.42		$	1,680.65		$	1,249.01		$	1,321.78
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period)	$	33.58		$	57.79		$	19.23		$	39.55
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)	$	35.27		$	55.02		$	7.40		$	20.88

* Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions.

	2011
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		1.4	%		2.6	%		2.7	%		3.1	%
Incentive fees		1.6	%		1.8	%		3.9	%		3.4	%
Total return after incentive fees		(0.2	)%		0.8	%		(1.2	)%		(0.3	)%
Ratios to average partners’ capital
Operating expenses before incentive fees		6.9	%		4.8	%		7.9	%		5.6	%
Incentive fees		1.6	%		1.8	%		3.1	%		3.0	%
Total expenses		8.4	%		6.6	%		10.9	%		8.6	%
Net investment loss		(6.8	)%		(4.8	)%		(7.8	)%		(5.5	)%
Net asset value per unit, beginning of period	$	1,566.65		$	1,671.00		$	1,351.22		$	1,389.80
Net investment loss		(77.96	)		(69.44	)		(94.70	)		(80.97	)
Net gain on investments		75.58			81.12			78.75			76.25
Net asset value per unit, end of period	$	1,564.27		$	1,682.68		$	1,335.27		$	1,385.08
Other per Unit information:
Net increase (decrease) in net assets from operations per Unit (based upon weighted average Number of Units during period)	$	(3.23	)	$	17.04		$	(5.39	)	$	5.24
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit)	$	(2.38	)	$	11.68		$	(15.95	)	$	(4.72	)

* Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions.

	2012
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees and MF Global reserve		1.4	%		1.9	%		2.4	%		2.9	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
MF Global reserve		0.0	%		0.0	%		(0.1	)%		(0.1	)%
Total return after incentive fees		1.4	%		1.9	%		2.3	%		2.8	%
Ratios to average partners’ capital
Operating expenses before incentive fees		1.9	%		1.4	%		2.3	%		1.7	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
MF Global reserve		0.0	%		0.0	%		0.1	%		0.1	%
Total expenses		2.0	%		1.4	%		2.4	%		1.8	%
Net investment loss		(1.9	)%		(1.4	)%		(2.3	)%		(1.7	)%
Net asset value per unit, beginning of period	$	1,511.48		$	1,650.46		$	1,220.22		$	1,284.84
Net investment loss		(30.31	)		(24.31	)		(29.58	)		(24.11	)
Net gain on investments		50.25			54.50			58.37			61.05
Net asset value per unit, end of period	$	1,531.42		$	1,680.65		$	1,249.01		$	1,321.78
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period)	$	20.03		$	31.58		$	34.79		$	36.96
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)	$	19.94		$	30.19		$	28.79		$	36.94

* Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions.

	2011
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		1.9	%		2.6	%		2.7	%		2.6	%
Incentive fees		1.5	%		1.7	%		3.8	%		3.3	%
Total return after incentive fees		0.4	%		0.9	%		(1.1	)%		(0.7	)%
Ratios to average partners’ capital
Operating expenses before incentive fees		6.8	%		4.6	%		7.7	%		5.4	%
Incentive fees		1.5	%		1.7	%		2.9	%		2.9	%
Total expenses		8.3	%		6.3	%		10.7	%		8.3	%
Net investment loss		(6.7	)%		(4.6	)%		(7.7	)%		(5.4	)%
Net asset value per unit, beginning of period	$	1,558.48		$	1,669.77		$	1,350.16		$	1,394.56
Net investment loss		(52.11	)		(49.51	)		(68.59	)		(62.14	)
Net gain on investments		57.90			62.42			53.70			52.66
Net asset value per unit, end of period	$	1,564.27		$	1,682.68		$	1,335.27		$	1,385.08
Other per Unit information:
Net increase (decrease) in net assets from operations per Unit (based upon weighted average Number of Units during period)	$	(4.39	)	$	14.85		$	(10.39	)	$	(3.90	)
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit)	$	5.79		$	12.91		$	(14.89	)	$	(9.48	)

* Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions.

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Financial Instruments Risk (Details) (USD $)	6 Months Ended
	Jun. 30, 2012
Exchange traded futures [Member]
Financial Instrument Risk (Textual) [Abstract]
Gross unrealized gains	$ 1,261,635
Gross unrealized losses	432,105
Non exchange traded forwards [Member]
Financial Instrument Risk (Textual) [Abstract]
Gross unrealized gains	27,616
Gross unrealized losses	223,262
SERIES A [Member] | Exchange traded futures [Member]
Financial Instrument Risk (Textual) [Abstract]
Gross unrealized gains	758,049
Gross unrealized losses	225,165
SERIES A [Member] | Non exchange traded forwards [Member]
Financial Instrument Risk (Textual) [Abstract]
Gross unrealized gains	15,984
Gross unrealized losses	123,171
SERIES B [Member] | Exchange traded futures [Member]
Financial Instrument Risk (Textual) [Abstract]
Gross unrealized gains	503,586
Gross unrealized losses	206,940
SERIES B [Member] | Non exchange traded forwards [Member]
Financial Instrument Risk (Textual) [Abstract]
Gross unrealized gains	11,632
Gross unrealized losses	$ 100,091

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Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$ 614,681	$ (7,117)
Changes in operating assets and liabilities:
Purchases of U.S. government securities	(7,948,374)	(20,246,385)
Sales and maturities of U.S. government securities	10,450,000	19,250,000
Amortization of discounts and premiums	(448)	(4,830)
Increase (decrease) in due from brokers	7,616,254	(1,853,409)
Increase in due from affiliate		(5,599)
Increase in due to affiliate		12,685
Decrease in unrealized appreciation on open forward contracts	107,372	163,853
Increase in unrealized depreciation on open forward contracts	127,865	16,596
(Decrease) increase in futures contracts purchased	(3,136,664)	2,525,354
Increase (decrease) in futures contracts sold	448,255	(140,311)
Decrease in incentive fee payable		(409,223)
Decrease (increase) in management fees payable	(59,018)	729
Decrease (increase) in fees payable	(57,961)	2,167
Net cash provided by (used in) operating activities	8,161,962	(684,292)
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions	1,414,023	5,045,025
Redemptions, net of change in redemptions payable	(3,204,505)	(5,092,347)
Net cash provided by (used in) financing activities	(1,790,482)	(47,322)
Net increase (decrease) in cash	6,371,480	(731,614)
Cash, beginning of period	5,304,787	3,630,425
Cash, end of period	11,676,267	2,898,811
SUPERFUND GOLD, L.P. - SERIES A
Cash flows from operating activities
Net increase (decrease) in net assets from operations	406,207	6,872
Changes in operating assets and liabilities:
Purchases of U.S. government securities	(4,249,133)	(10,248,163)
Sales and maturities of U.S. government securities	5,850,000	9,850,000
Amortization of discounts and premiums	(233)	(2,464)
Increase (decrease) in due from brokers	4,724,841	(1,386,149)
Increase in due from affiliate		5,599
Decrease in unrealized appreciation on open forward contracts	53,316	67,899
Increase in unrealized depreciation on open forward contracts	71,933	10,015
(Decrease) increase in futures contracts purchased	(1,975,632)	1,151,922
Increase (decrease) in futures contracts sold	220,896	(48,832)
Decrease in incentive fee payable		(198,986)
Decrease (increase) in management fees payable	(36,467)	2,740
Decrease (increase) in fees payable	(38,037)	3,341
Net cash provided by (used in) operating activities	5,027,691	(786,206)
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions	1,222,603	3,718,674
Redemptions, net of change in redemptions payable	(1,777,988)	(2,559,225)
Net cash provided by (used in) financing activities	(555,385)	1,159,449
Net increase (decrease) in cash	4,472,306	373,243
Cash, beginning of period	4,325,976	2,215,532
Cash, end of period	8,798,282	2,588,775
SUPERFUND GOLD, L.P. - SERIES B
Cash flows from operating activities
Net increase (decrease) in net assets from operations	208,474	(13,989)
Changes in operating assets and liabilities:
Purchases of U.S. government securities	(3,699,241)	(9,998,222)
Sales and maturities of U.S. government securities	4,600,000	9,400,000
Amortization of discounts and premiums	(215)	(2,366)
Increase (decrease) in due from brokers	2,891,413	(467,260)
Increase in due to affiliate		12,685
Decrease in unrealized appreciation on open forward contracts	54,056	95,954
Increase in unrealized depreciation on open forward contracts	55,932	6,581
(Decrease) increase in futures contracts purchased	(1,161,032)	1,373,432
Increase (decrease) in futures contracts sold	227,359	(91,479)
Decrease in incentive fee payable		(210,237)
Decrease (increase) in management fees payable	(22,551)	(2,011)
Decrease (increase) in fees payable	(19,924)	(1,174)
Net cash provided by (used in) operating activities	3,134,271	101,914
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions	191,420	1,326,351
Redemptions, net of change in redemptions payable	(1,426,517)	(2,533,122)
Net cash provided by (used in) financing activities	(1,235,097)	(1,206,771)
Net increase (decrease) in cash	1,899,174	(1,104,857)
Cash, beginning of period	978,811	1,414,893
Cash, end of period	$ 2,877,985	$ 310,036

XML

Disclosure of Derivative Instruments and Hedging Activities (Details) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Summary of fair value of the Funds derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities
Asset Derivatives	$ 926,918	$ 513,471
Liability Derivatives	(293,034)	(2,332,759)
Net	633,884	(1,819,288)
SERIES A [Member]
Summary of fair value of the Funds derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities
Asset Derivatives	579,793	259,271
Liability Derivatives	(154,096)	(1,463,061)
Net	425,697	(1,203,790)
SERIES B [Member]
Summary of fair value of the Funds derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities
Asset Derivatives	347,125	254,200
Liability Derivatives	(138,938)	(869,698)
Net	208,187	(615,498)
Foreign exchange contract [Member] | Unrealized appreciation on open forward contracts [Member]
Summary of fair value of the Funds derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities
Asset Derivatives	27,616	134,988
Net	27,616	134,988
Foreign exchange contract [Member] | Unrealized appreciation on open forward contracts [Member] | SERIES A [Member]
Summary of fair value of the Funds derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities
Asset Derivatives	15,984	69,300
Net	15,984	69,300
Foreign exchange contract [Member] | Unrealized appreciation on open forward contracts [Member] | SERIES B [Member]
Summary of fair value of the Funds derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities
Asset Derivatives	11,632	65,688
Net	11,632	65,688
Foreign exchange contract [Member] | Unrealized depreciation on open forward contracts [Member]
Summary of fair value of the Funds derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities
Liability Derivatives	(223,262)	(95,397)
Net	(223,262)	(95,397)
Foreign exchange contract [Member] | Unrealized depreciation on open forward contracts [Member] | SERIES A [Member]
Summary of fair value of the Funds derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities
Liability Derivatives	(123,171)	(51,238)
Net	(123,171)	(51,238)
Foreign exchange contract [Member] | Unrealized depreciation on open forward contracts [Member] | SERIES B [Member]
Summary of fair value of the Funds derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities
Liability Derivatives	(100,091)	(44,159)
Net	(100,091)	(44,159)
Futures contracts [Member] | Futures contracts purchased [Member]
Summary of fair value of the Funds derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities
Asset Derivatives	899,302
Liability Derivatives		(2,237,362)
Net	899,302	(2,237,362)
Futures contracts [Member] | Futures contracts purchased [Member] | SERIES A [Member]
Summary of fair value of the Funds derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities
Asset Derivatives	563,809
Liability Derivatives		(1,411,823)
Net	563,809	(1,411,823)
Futures contracts [Member] | Futures contracts purchased [Member] | SERIES B [Member]
Summary of fair value of the Funds derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities
Asset Derivatives	335,493
Liability Derivatives		(825,539)
Net	335,493	(825,539)
Futures contracts [Member] | Futures Contracts Sold [Member]
Summary of fair value of the Funds derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities
Asset Derivatives		378,483
Liability Derivatives	(69,772)
Net	(69,772)	378,483
Futures contracts [Member] | Futures Contracts Sold [Member] | SERIES A [Member]
Summary of fair value of the Funds derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities
Asset Derivatives		189,971
Liability Derivatives	(30,925)
Net	(30,925)	189,971
Futures contracts [Member] | Futures Contracts Sold [Member] | SERIES B [Member]
Summary of fair value of the Funds derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities
Asset Derivatives		188,512
Liability Derivatives	(38,847)
Net	$ (38,847)	$ 188,512

XML

Fair Value Measurements (Details 1) (USD $)	3 Months Ended
	Jun. 30, 2012
Fair Value Measurements (Textual) [Abstract]
Derivative Contracts Valued Using Level 3 Inputs During Period	$ 0
Outstanding Derivative Contracts Valued Using Level 3 Inputs	$ 0

XML

Disclosure of Derivative Instruments and Hedging Activities (Details 1) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Summary of Effects of Derivative Instruments on the Statement of Operations
Net Realized Gain (loss) on Derivatives Recognized in Income	$ 82,934	$ 1,319,934	$ (879,715)	$ 4,149,201
Net Change in Unrealized Depreciation on Derivatives Recognized in Income	925,183	(291,388)	2,453,172	(2,565,492)
Net realized and unrealized gain (loss) on investments [Member] | Foreign exchange contract [Member]
Summary of Effects of Derivative Instruments on the Statement of Operations
Net Realized Gain (loss) on Derivatives Recognized in Income	631,711	229,577	721,822	348,591
Net Change in Unrealized Depreciation on Derivatives Recognized in Income	(136,923)	(29,341)	(235,237)	(180,445)
Net realized and unrealized gain (loss) on investments [Member] | Futures contracts [Member]
Summary of Effects of Derivative Instruments on the Statement of Operations
Net Realized Gain (loss) on Derivatives Recognized in Income	(548,777)	1,090,357	(1,601,537)	3,800,610
Net Change in Unrealized Depreciation on Derivatives Recognized in Income	1,062,106	(262,047)	2,688,409	(2,385,047)
SERIES A [Member]
Summary of Effects of Derivative Instruments on the Statement of Operations
Net Realized Gain (loss) on Derivatives Recognized in Income	(67,753)	610,192	(638,940)	1,915,001
Net Change in Unrealized Depreciation on Derivatives Recognized in Income	614,169	(130,948)	1,629,487	(1,181,004)
SERIES A [Member] | Net realized and unrealized gain (loss) on investments [Member] | Foreign exchange contract [Member]
Summary of Effects of Derivative Instruments on the Statement of Operations
Net Realized Gain (loss) on Derivatives Recognized in Income	342,467	103,062	377,187	159,252
Net Change in Unrealized Depreciation on Derivatives Recognized in Income	(75,077)	(12,890)	(125,249)	(77,911)
SERIES A [Member] | Net realized and unrealized gain (loss) on investments [Member] | Futures contracts [Member]
Summary of Effects of Derivative Instruments on the Statement of Operations
Net Realized Gain (loss) on Derivatives Recognized in Income	(410,220)	507,130	(1,016,127)	1,755,749
Net Change in Unrealized Depreciation on Derivatives Recognized in Income	689,246	(118,058)	1,754,736	(1,103,093)
SERIES B [Member]
Summary of Effects of Derivative Instruments on the Statement of Operations
Net Realized Gain (loss) on Derivatives Recognized in Income	150,687	709,742	(240,775)	2,234,200
Net Change in Unrealized Depreciation on Derivatives Recognized in Income	311,014	(160,440)	823,685	(1,384,488)
SERIES B [Member] | Net realized and unrealized gain (loss) on investments [Member] | Foreign exchange contract [Member]
Summary of Effects of Derivative Instruments on the Statement of Operations
Net Realized Gain (loss) on Derivatives Recognized in Income	289,244	126,515	344,635	189,339
Net Change in Unrealized Depreciation on Derivatives Recognized in Income	(61,846)	(16,451)	(109,988)	(102,534)
SERIES B [Member] | Net realized and unrealized gain (loss) on investments [Member] | Futures contracts [Member]
Summary of Effects of Derivative Instruments on the Statement of Operations
Net Realized Gain (loss) on Derivatives Recognized in Income	(138,557)	583,227	(585,410)	2,044,861
Net Change in Unrealized Depreciation on Derivatives Recognized in Income	$ 372,860	$ (143,989)	$ 933,673	$ (1,281,954)

XML

Disclosure of Derivative Instruments and Hedging Activities (Details 2) (USD $)	Jun. 30, 2012		Dec. 31, 2011
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	$ 633,884		$ (1,819,288)
Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	1,048,593		151,629
Percentage of Net Assets, Gains	4.10%		0.50%
Losses	(137,808)		(2,427,924)
Percentage of Net Assets, Losses	(0.50%)		(9.50%)
Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	240,658		651,599
Percentage of Net Assets, Gains	0.90%		2.50%
Losses	(517,559)		(194,592)
Percentage of Net Assets, Losses	(2.00%)		(0.70%)
Foreign Exchange Contract [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(195,646)		39,591
Foreign Exchange Contract [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	22,448		5,543
Percentage of Net Assets, Gains	0.10%		0.00%
Losses	(10,965)		(44,476)
Percentage of Net Assets, Losses	0.00%		(0.20%)
Foreign Exchange Contract [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	5,168		129,445
Percentage of Net Assets, Gains	0.00%		0.50%
Losses	(212,297)		(50,921)
Percentage of Net Assets, Losses	(0.80%)		(0.20%)
Currency [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(78,885)		153,765
Currency [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	11,620		68,883
Percentage of Net Assets, Gains	0.00%		0.30%
Losses	(13,250)		(400)
Percentage of Net Assets, Losses	(0.10%)		0.00%
Currency [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains			91,363
Percentage of Net Assets, Gains			0.40%
Losses	(77,255)		(6,081)
Percentage of Net Assets, Losses	(0.30%)		0.00%
Financial [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(19,089)		(6,057)
Financial [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	82,745		33,539
Percentage of Net Assets, Gains	0.30%		0.10%
Losses	(100,858)		(27,659)
Percentage of Net Assets, Losses	(0.40%)		(0.10%)
Financial [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	94
Percentage of Net Assets, Gains	0.00%
Losses	(1,070)		(11,937)
Percentage of Net Assets, Losses	0.00%		0.00%
Food and Fiber [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(16,055)		54,010
Food and Fiber [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	4,856		32,513
Percentage of Net Assets, Gains	0.00%		0.10%
Losses	(3,227)		(1,800)
Percentage of Net Assets, Losses	0.00%		0.00%
Food and Fiber [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	389		85,412
Percentage of Net Assets, Gains	0.00%		0.30%
Losses	(18,073)		(62,115)
Percentage of Net Assets, Losses	(0.10%)		(0.20%)
Indices [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(14,229)		67,064
Indices [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	100,585		10,041
Percentage of Net Assets, Gains	0.40%		0.00%
Losses	(1,191)		(1,848)
Percentage of Net Assets, Losses	0.00%		0.00%
Indices [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains			77,622
Percentage of Net Assets, Gains			0.30%
Losses	(113,623)		(18,751)
Percentage of Net Assets, Losses	(0.40%)		(0.10%)
Metals [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	990,409		(2,144,652)
Metals [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	791,988		1,110
Percentage of Net Assets, Gains	3.10%		0.00%
Losses	(8,317)		(2,265,102)
Percentage of Net Assets, Losses	0.00%		(8.90%)
Metals [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	223,778		163,647
Percentage of Net Assets, Gains	0.90%		0.60%
Losses	(17,040)		(44,307)
Percentage of Net Assets, Losses	(0.10%)		(0.20%)
Livestock [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(28,190)		18,950
Livestock [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains			19,430
Percentage of Net Assets, Gains			0.10%
Losses	(28,190)		(480)
Percentage of Net Assets, Losses	(0.10%)		0.00%
Energy [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(4,431)		(1,959)
Energy [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	34,351
Percentage of Net Assets, Gains	0.10%
Losses			(86,639)
Percentage of Net Assets, Losses			(0.30%)
Energy [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	11,229		84,680
Percentage of Net Assets, Gains	0.00%		0.30%
Losses	(50,011)
Percentage of Net Assets, Losses	(0.20%)
SERIES A [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	425,697		(1,203,790)
SERIES A [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	645,117		81,187
Percentage of Net Assets, Gains	3.90%		0.50%
Losses	(73,924)		(1,513,557)
Percentage of Net Assets, Losses	(0.40%)		(9.50%)
SERIES A [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	128,916		337,448
Percentage of Net Assets, Gains	0.80%		2.20%
Losses	(274,412)		(108,868)
Percentage of Net Assets, Losses	(1.70%)		(0.70%)
SERIES A [Member] | Foreign Exchange Contract [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(107,187)		18,062
SERIES A [Member] | Foreign Exchange Contract [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	13,306		2,774
Percentage of Net Assets, Gains	0.10%		0.00%
Losses	(5,922)		(23,321)
Percentage of Net Assets, Losses	0.00%		(0.10%)
SERIES A [Member] | Foreign Exchange Contract [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	2,678		66,526
Percentage of Net Assets, Gains	0.00%		0.40%
Losses	(117,249)		(27,917)
Percentage of Net Assets, Losses	(0.70%)		(0.20%)
SERIES A [Member] | Currency [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(43,314)		80,863
SERIES A [Member] | Currency [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	5,838		37,100
Percentage of Net Assets, Gains	0.00%		0.20%
Losses	(6,982)		(200)
Percentage of Net Assets, Losses	0.00%		0.00%
SERIES A [Member] | Currency [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains			47,744
Percentage of Net Assets, Gains			0.30%
Losses	(42,170)		(3,781)
Percentage of Net Assets, Losses	(0.30%)		0.00%
SERIES A [Member] | Financial [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(9,010)		(4,042)
SERIES A [Member] | Financial [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	45,862		17,166
Percentage of Net Assets, Gains	0.30%		0.10%
Losses	(54,263)		(14,552)
Percentage of Net Assets, Losses	(0.40%)		(0.10%)
SERIES A [Member] | Financial [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Losses	(609)		(6,656)
Percentage of Net Assets, Losses	0.00%		0.00%
SERIES A [Member] | Food and Fiber [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(7,926)		28,345
SERIES A [Member] | Food and Fiber [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	2,593		17,413
Percentage of Net Assets, Gains	0.00%		0.10%
Losses	(1,871)		(675)
Percentage of Net Assets, Losses	0.00%		0.00%
SERIES A [Member] | Food and Fiber [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	389		44,589
Percentage of Net Assets, Gains	0.00%		0.30%
Losses	(9,037)		(32,982)
Percentage of Net Assets, Losses	(0.10%)		(0.20%)
SERIES A [Member] | Indices [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(2,398)		30,743
SERIES A [Member] | Indices [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	54,552		5,624
Percentage of Net Assets, Gains	0.30%		0.10%
Losses	(727)		(907)
Percentage of Net Assets, Losses	0.00%		0.00%
SERIES A [Member] | Indices [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains			38,232
Percentage of Net Assets, Gains			0.20%
Losses	(56,223)		(12,206)
Percentage of Net Assets, Losses	(0.30%)		(0.10%)
SERIES A [Member] | Metals [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	611,330		(1,364,858)
SERIES A [Member] | Metals [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	506,331		1,110
Percentage of Net Assets, Gains	3.10%		0.00%
Losses	(4,159)		(1,428,849)
Percentage of Net Assets, Losses	0.00%		(9.00%)
SERIES A [Member] | Metals [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	120,288		88,207
Percentage of Net Assets, Gains	0.80%		0.60%
Losses	(11,130)		(25,326)
Percentage of Net Assets, Losses	(0.10%)		(0.20%)
SERIES A [Member] | Livestock [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(15,030)		9,670
SERIES A [Member] | Livestock [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains			9,670
Percentage of Net Assets, Gains			0.10%
Losses	(15,030)
Percentage of Net Assets, Losses	(0.10%)
SERIES A [Member] | Energy [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(768)		(2,573)
SERIES A [Member] | Energy [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	16,635
Percentage of Net Assets, Gains	0.10%
Losses			(45,053)
Percentage of Net Assets, Losses			(0.30%)
SERIES A [Member] | Energy [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	5,561		42,480
Percentage of Net Assets, Gains	0.00%		0.30%
Losses	(22,964)
Percentage of Net Assets, Losses	(0.10%)
SERIES B [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	208,187
SERIES B [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	403,476		70,442
Percentage of Net Assets, Gains	4.40%		0.50%
Losses	(63,884)		914,367
Percentage of Net Assets, Losses	(0.70%)		(9.60%)
SERIES B [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	111,742		314,151
Percentage of Net Assets, Gains	1.20%		3.20%
Losses	(243,147)		(85,724)
Percentage of Net Assets, Losses	2.50%		(0.90%)
Net Unrealized Gains (Losses) on Open Positions			615,498
SERIES B [Member] | Foreign Exchange Contract [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(88,459)
SERIES B [Member] | Foreign Exchange Contract [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	9,142		2,769
Percentage of Net Assets, Gains	0.10%		0.00%
Losses	(5,043)		(21,155)
Percentage of Net Assets, Losses	(0.10%)		(0.30%)
SERIES B [Member] | Foreign Exchange Contract [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	2,490		62,919
Percentage of Net Assets, Gains	0.00%		0.70%
Losses	(95,408)		(23,004)
Percentage of Net Assets, Losses	(1.00%)		(0.20%)
Net Unrealized Gains (Losses) on Open Positions			21,529
SERIES B [Member] | Currency [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(35,571)	[1]
SERIES B [Member] | Currency [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	5,782		31,783
Percentage of Net Assets, Gains	0.10%		0.30%
Losses	(6,268)		(200)
Percentage of Net Assets, Losses	(0.10%)		0.00%
SERIES B [Member] | Currency [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains			43,619
Percentage of Net Assets, Gains			0.40%
Losses	(35,085)		(2,300)
Percentage of Net Assets, Losses	(0.40%)		0.00%
Net Unrealized Gains (Losses) on Open Positions			72,902
SERIES B [Member] | Financial [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(10,079)
SERIES B [Member] | Financial [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	36,883		16,373
Percentage of Net Assets, Gains	0.40%		0.10%
Losses	(46,595)		(13,107)
Percentage of Net Assets, Losses	(0.50%)		(0.10%)
SERIES B [Member] | Financial [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	94
Percentage of Net Assets, Gains	0.00%
Losses	(461)		(5,281)
Percentage of Net Assets, Losses	0.00%		(0.10%)
Net Unrealized Gains (Losses) on Open Positions			(2,015)
SERIES B [Member] | Food and Fiber [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(8,129)
SERIES B [Member] | Food and Fiber [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	2,263		15,100
Percentage of Net Assets, Gains	0.00%		0.10%
Losses	(1,356)		(1,125)
Percentage of Net Assets, Losses	0.00%		0.00%
SERIES B [Member] | Food and Fiber [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains			40,823
Percentage of Net Assets, Gains			0.40%
Losses	(9,036)		(29,133)
Percentage of Net Assets, Losses	(0.10%)		(0.30%)
Net Unrealized Gains (Losses) on Open Positions			25,665
SERIES B [Member] | Indices [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(11,831)
SERIES B [Member] | Indices [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	46,033		4,417
Percentage of Net Assets, Gains	0.50%		0.00%
Losses	(464)		(941)
Percentage of Net Assets, Losses	0.00%		0.00%
SERIES B [Member] | Indices [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains			39,390
Percentage of Net Assets, Gains			0.40%
Losses	(57,400)		(6,545)
Percentage of Net Assets, Losses	(0.60%)		(0.10%)
Net Unrealized Gains (Losses) on Open Positions			36,321
SERIES B [Member] | Metals [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	379,079
SERIES B [Member] | Metals [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	285,657
Percentage of Net Assets, Gains	3.10%
Losses	(4,158)		(836,253)
Percentage of Net Assets, Losses	0.00%		(8.80%)
SERIES B [Member] | Metals [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	103,490		75,440
Percentage of Net Assets, Gains	1.10%		0.80%
Losses	(5,910)		(18,981)
Percentage of Net Assets, Losses	0.00%		(0.20%)
Net Unrealized Gains (Losses) on Open Positions			(779,794)
SERIES B [Member] | Livestock [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(13,160)
SERIES B [Member] | Livestock [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains			9,760
Percentage of Net Assets, Gains			0.10%
Losses	(13,160)		(480)
Percentage of Net Assets, Losses	(0.10%)		0.00%
Net Unrealized Gains (Losses) on Open Positions			9,280
SERIES B [Member] | Energy [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Net Unrealized Gains (Losses) on Open Positions	(3,663)
SERIES B [Member] | Energy [Member] | Long Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	17,716
Percentage of Net Assets, Gains	0.20%
Losses			(41,586)
Percentage of Net Assets, Losses			(0.40%)
SERIES B [Member] | Energy [Member] | Short Positions Gross Unrealized [Member]
Summary of gross and net unrealized gains and losses by long and short positions
Gains	5,668		42,200
Percentage of Net Assets, Gains	0.10%		0.40%
Losses	(27,047)
Percentage of Net Assets, Losses	0.30%
Net Unrealized Gains (Losses) on Open Positions			$ 614

[1] Due to rounding

XML

Statements of Changes in Net Assets (Unaudited) (USD $)	3 Months Ended			6 Months Ended
	Jun. 30, 2012		Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Increase (decrease) in net assets from operations
Net investment loss	$ (510,049)		$ (1,109,671)	$ (958,776)	$ (1,590,826)
Net realized gain (loss) on futures and forward contracts	82,934		1,319,934	(879,715)	4,149,201
Net change in unrealized appreciation (depreciation) on futures and forward contracts	925,183		(291,388)	2,453,172	(2,565,492)
Net increase (decrease) in net assets from operations	498,068		(81,125)	614,681	(7,117)
Capital share transactions
Issuance of Units				2,153,773	5,889,045
Redemption of Units				(2,516,698)	(6,659,082)
Net increase (decrease) in net assets from capital share transactions				(362,925)	(770,037)
Net increase (decrease) in net assets				251,756	(777,154)
Net assets, beginning of period				25,359,446	26,675,225
Net assets, end of period	25,611,202		25,898,071	25,611,202	25,898,071
SUPERFUND GOLD, L.P. - SERIES A
Increase (decrease) in net assets from operations
Net investment loss	(309,818)		(486,129)	(584,340)	(727,125)
Net realized gain (loss) on futures and forward contracts	(67,753)	[1]	610,192	(638,940)	1,915,001
Net change in unrealized appreciation (depreciation) on futures and forward contracts	614,169		(130,948)	1,629,487	(1,181,004)
Net increase (decrease) in net assets from operations	236,598		(6,885)	406,207	6,872
Capital share transactions
Issuance of Units				1,405,603	4,206,104
Redemption of Units				(1,186,717)	(2,800,982)
Net increase (decrease) in net assets from capital share transactions				218,886	1,405,122
Net increase (decrease) in net assets				625,093	1,411,994
Net assets, beginning of period				15,819,153	13,716,691
Net assets, end of period	16,444,246		15,128,685	16,444,246	15,128,685
SUPERFUND GOLD, L.P. - SERIES B
Increase (decrease) in net assets from operations
Net investment loss	(200,231)		(623,542)	(374,436)	(863,701)
Net realized gain (loss) on futures and forward contracts	150,687		709,742	(240,775)	2,234,200
Net change in unrealized appreciation (depreciation) on futures and forward contracts	311,014		(160,440)	823,685	(1,384,488)
Net increase (decrease) in net assets from operations	261,470		(74,240)	208,474	(13,989)
Capital share transactions
Issuance of Units				748,170	1,682,941
Redemption of Units				(1,329,981)	(3,858,100)
Net increase (decrease) in net assets from capital share transactions				(581,811)	(2,175,159)
Net increase (decrease) in net assets				(373,337)	(2,189,148)
Net assets, beginning of period				9,540,293	12,958,534
Net assets, end of period	9,166,956		10,769,386	9,166,956	10,769,386
Series A-1
Capital share transactions
Net assets, beginning of period				12,507,057
Net assets, end of period	13,072,768			13,072,768
Series Units, beginning of period				8,359.510	6,916.044
Issuance of Units				810.164	2,164.86
Redemption of Units				(633.297)	(1,263.949)
Series Units, end of period	8,536.377		7,816.955	8,536.377	7,816.955
Series A-2
Capital share transactions
Net assets, beginning of period				3,312,096
Net assets, end of period	3,371,478			3,371,478
Series Units, beginning of period				2,037.421	1,724.508
Issuance of Units				76.785	495.189
Redemption of Units				(108.152)	(495.734)
Series Units, end of period	2,006.054		1,723.963	2,006.054	1,723.963
Series B-1
Capital share transactions
Net assets, beginning of period				5,617,352
Net assets, end of period	5,146,391			5,146,391
Series Units, beginning of period				4,524.265	5,784.122
Issuance of Units				188.978	1,105.590
Redemption of Units				(592.883)	(2,074.405)
Series Units, end of period	4,120.360		4,815.307	4,120.360	4,815.307
Series B-2
Capital share transactions
Net assets, beginning of period				3,922,941
Net assets, end of period	$ 4,020,565			$ 4,020,565
Series Units, beginning of period				3,015.557	3,700.480
Issuance of Units				389.874	163.209
Redemption of Units				(363.648)	(730.538)
Series Units, end of period	3,041.783		3,133.151	3,041.783	3,133.151

[1] Due to rounding

XML

Disclosure of Derivative Instruments and Hedging Activities (Details 3) (USD $)	3 Months Ended
	Jun. 30, 2012 Contract	Jun. 30, 2011 Contract
Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	5,440	5,011
Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	5,401	1,386
Currency [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	799	1,188
Currency [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	898	79
Financial [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	3,193	2,052
Financial [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	501	323
Food and Fiber [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	89	132
Food and Fiber [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	353	53
Indices [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	346	957
Indices [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	1,511	365
Metals [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	667	444
Metals [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	440	161
Livestock [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts		25
Livestock [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	77	26
Energy [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	246	151
Energy [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	511	299
Foreign Exchange [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	100	62
Derivatives average value of positions	936,111	715,089
Foreign Exchange [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	110	80
Derivatives average value of positions	890,728	426,029
SERIES A [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	2,922	2,191
SERIES A [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	2,892	606
SERIES A [Member] | Currency [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	429	528
SERIES A [Member] | Currency [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	1,009	31
SERIES A [Member] | Financial [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	1,713	889
SERIES A [Member] | Financial [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	267	143
SERIES A [Member] | Food and Fiber [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	47	58
SERIES A [Member] | Food and Fiber [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	190	24
SERIES A [Member] | Indices [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	185	408
SERIES A [Member] | Indices [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	816	157
SERIES A [Member] | Metals [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	367	204
SERIES A [Member] | Metals [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	238	70
SERIES A [Member] | Livestock [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts		11
SERIES A [Member] | Livestock [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	41	11
SERIES A [Member] | Energy [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	130	64
SERIES A [Member] | Energy [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	274	130
SERIES A [Member] | Foreign Exchange [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	51	29
Derivatives average value of positions	512,532	309,218
SERIES A [Member] | Foreign Exchange [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	57	40
Derivatives average value of positions	487,638	185,307
SERIES B [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	2,518	2,820
SERIES B [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	2,509	780
SERIES B [Member] | Currency [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	370	660
SERIES B [Member] | Currency [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	889	48
SERIES B [Member] | Financial [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	1,480	1,163
SERIES B [Member] | Financial [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	234	180
SERIES B [Member] | Food and Fiber [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	42	74
SERIES B [Member] | Food and Fiber [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	163	29
SERIES B [Member] | Indices [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	161	549
SERIES B [Member] | Indices [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	695	208
SERIES B [Member] | Metals [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	300	240
SERIES B [Member] | Metals [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	202	91
SERIES B [Member] | Livestock [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts		14
SERIES B [Member] | Livestock [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	36	15
SERIES B [Member] | Energy [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	116	87
SERIES B [Member] | Energy [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	237	169
SERIES B [Member] | Foreign Exchange [Member] | Long Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	49	33
Derivatives average value of positions	423,579	405,871
SERIES B [Member] | Foreign Exchange [Member] | Short Positions Gross Unrealized [Member]
Summary of contract volume by market sector
Derivatives number of contracts	53	40
Derivatives average value of positions	403,090	240,722

XML

Statements of Assets and Liabilities (Unaudited) (USD $)	Jun. 30, 2012	Dec. 31, 2011
ASSETS
US Government securities, at fair value (amortized cost)	$ 3,898,822	$ 6,400,000
Due from brokers	9,889,343	17,505,597
Unrealized appreciation on open forward contracts	27,616	134,988
Futures contracts purchased	899,302
Futures contracts sold		378,483
Cash	11,676,267	5,304,787
Total assets	26,391,350	29,723,855
LIABILITIES
Unrealized depreciation on open forward contracts	223,262	95,397
Futures contracts purchased		2,237,362
Futures contracts sold	69,772
Subscriptions received in advance	174,250	914,000
Redemptions payable	217,131	904,938
Management fee payable	48,638	107,656
Other fees payable	47,095	105,056
Total liabilities	780,148	4,364,409
NET ASSETS	25,611,202	25,359,446
SUPERFUND GOLD, L.P. - SERIES A
ASSETS
US Government securities, at fair value (amortized cost)	2,099,366	3,700,000
Due from brokers	5,457,414	10,182,255
Unrealized appreciation on open forward contracts	15,984	69,300
Futures contracts purchased	563,809
Futures contracts sold		189,971
Cash	8,798,282	4,325,976
Total assets	16,934,855	18,467,502
LIABILITIES
Unrealized depreciation on open forward contracts	123,171	51,238
Futures contracts purchased		1,411,823
Futures contracts sold	30,925
Subscriptions received in advance	153,000	336,000
Redemptions payable	119,797	711,068
Management fee payable	31,207	67,674
Other fees payable	32,509	70,546
Total liabilities	490,609	2,648,349
NET ASSETS	16,444,246	15,819,153
SUPERFUND GOLD, L.P. - SERIES B
ASSETS
US Government securities, at fair value (amortized cost)	1,799,456	2,700,000
Due from brokers	4,431,929	7,323,342
Unrealized appreciation on open forward contracts	11,632	65,688
Futures contracts purchased	335,493
Futures contracts sold		188,512
Cash	2,877,985	978,811
Total assets	9,456,495	11,256,353
LIABILITIES
Unrealized depreciation on open forward contracts	100,091	44,159
Futures contracts purchased		825,539
Futures contracts sold	38,847
Subscriptions received in advance	21,250	578,000
Redemptions payable	97,334	193,870
Management fee payable	17,431	39,982
Other fees payable	14,586	34,510
Total liabilities	289,539	1,716,060
NET ASSETS	9,166,956	9,540,293
Series A-1
LIABILITIES
NET ASSETS	13,072,768	12,507,057
Number of Units outstanding	8,536.377	8,359.510
Net asset value per unit	$ 1,531.42	$ 1,496.15
Series A-2
LIABILITIES
NET ASSETS	3,371,478	3,312,096
Number of Units outstanding	2,006.054	2,037.421
Net asset value per unit	$ 1,680.65	$ 1,625.63
Series B-1
LIABILITIES
NET ASSETS	5,146,391	5,617,352
Number of Units outstanding	4,120.360	4,524.265
Net asset value per unit	$ 1,249.01	$ 1,241.61
Series B-2
LIABILITIES
NET ASSETS	$ 4,020,565	$ 3,922,941
Number of Units outstanding	3,041.783	3,015.557
Net asset value per unit	$ 1,321.78	$ 1,300.90

XML

Statements of Operations (Unaudited) (USD $)	3 Months Ended				6 Months Ended
	Jun. 30, 2012		Jun. 30, 2011		Jun. 30, 2012		Jun. 30, 2011
Investment income
Interest income	$ 1,182		$ 3,714		$ 1,190		$ 8,413
Other Income	17				967
Total income	1,199		3,714		2,157		8,413
Expenses
Brokerage commissions	194,838		137,497		331,788		295,007
Management fee	150,949		170,000		309,547		327,878
Selling commission	95,994		109,469		195,246		208,960
Incentive fee			635,383				648,939
Operating expenses	50,316		56,667		103,182		109,290
Loss on MF Global	12,764				12,764
Other	6,387		4,369		8,406		9,165
Total expenses	511,248		1,113,385		960,933		1,599,239
Net investment loss	(510,049)		(1,109,671)		(958,776)		(1,590,826)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	82,934		1,319,934		(879,715)		4,149,201
Net change in unrealized appreciation (depreciation) on futures and forward contracts:	925,183		(291,388)		2,453,172		(2,565,492)
Net gain on investments	1,008,117		1,028,546		1,573,457		1,583,709
Net increase (decrease) in net assets from operations	498,068		(81,125)		614,681		(7,117)
SUPERFUND GOLD, L.P. - SERIES A
Investment income
Interest income	580		1,790		588		4,035
Other Income	12				519
Total income	592		1,790		1,107		4,035
Expenses
Brokerage commissions	104,683		59,814		177,639		128,804
Management fee	95,954		90,402		194,936		174,267
Selling commission	67,964		64,176		137,514		123,098
Incentive fee			241,830				243,449
Operating expenses	31,984		30,134		64,978		58,089
Loss on MF Global	6,925				6,925
Other	2,900		1,563		3,455		3,453
Total expenses	310,410		487,919		585,447		731,160
Net investment loss	(309,818)		(486,129)		(584,340)		(727,125)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	(67,753)	[1]	610,192		(638,940)		1,915,001
Net change in unrealized appreciation (depreciation) on futures and forward contracts:	614,169		(130,948)		1,629,487		(1,181,004)
Net gain on investments	546,416		479,244		990,547		733,997
Net increase (decrease) in net assets from operations	236,598		(6,885)		406,207		6,872
SUPERFUND GOLD, L.P. - SERIES B
Investment income
Interest income	602		1,924		602		4,378
Other Income	5				448
Total income	607		1,924		1,050		4,378
Expenses
Brokerage commissions	90,155		77,683		154,149		166,203
Management fee	54,995		79,598		114,611		153,611
Selling commission	28,030		45,293		57,732		85,862
Incentive fee			393,553				405,490
Operating expenses	18,332		26,533		38,204		51,201
Loss on MF Global	5,839				5,839
Other	3,487		2,806		4,951		5,712
Total expenses	200,838		625,466		375,486		868,079
Net investment loss	(200,231)		(623,542)		(374,436)		(863,701)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	150,687		709,742		(240,775)		2,234,200
Net change in unrealized appreciation (depreciation) on futures and forward contracts:	311,014		(160,440)		823,685		(1,384,488)
Net gain on investments	461,701		549,302		582,910		849,712
Net increase (decrease) in net assets from operations	$ 261,470		$ (74,240)		$ 208,474		$ (13,989)
Series A-1
Realized and unrealized gain (loss) on investments
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period)	$ 20.03	[2]	$ (4.36)	[2]	$ 33.58	[2]	$ (3.22)	[2]
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit)	$ 19.94		$ 5.79		$ 35.27		$ (2.38)
Series A-2
Realized and unrealized gain (loss) on investments
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period)	$ 31.58	[3]	$ 14.80	[3]	$ 57.79	[3]	$ 17.02	[3]
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit)	$ 30.19		$ 12.90		$ 55.02		$ 11.68
Series B-1
Realized and unrealized gain (loss) on investments
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period)	$ 34.79	[4]	$ (9.82)	[4]	$ 19.24	[4]	$ (5.24)	[4]
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit)	$ 28.79		$ (14.89)		$ 7.40		$ (15.95)
Series B-2
Realized and unrealized gain (loss) on investments
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period)	$ 36.96	[5]	$ (3.86)	[5]	$ 39.55	[5]	$ 5.22	[5]
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit)	$ 36.94		$ (9.48)		$ 20.88		$ (4.72)

[1] Due to rounding

[2] Weighted average number of Units outstanding for Series A-1 for Three Months Ended June 30, 2012 and June 30, 2011: 8,600.62 and 7,646.91, respectively; and for the Six Months Ended June 30, 2012 and June 30, 2011: 8,550.60 and 7,691.16, respectively.

[3] Weighted average number of Units outstanding for Series A-2 for Three Months Ended June 30, 2012 and June 30, 2011: 2,020.41 and 1,817.26, respectively; and for the Six Months Ended June 30, 2012 and June 30, 2011: 2,041.90 and 1,864.83, respectively

[4] * Weighted average number of Units outstanding for Series B-1 for the Three Months Ended June 30, 2012 and June 30, 2011: 4,290.72 and 6,280.74, respectively; and for the Six Months Ended June 30, 2012 and June 30, 2011: 4,378.78 and 6,209.79, respectively.

[5] ** Weighted average number of Units outstanding for Series B-2 for the Three Months Ended June 30, 2012 and June 30, 2011: 3,040.59 and 3,412.06, respectively; for the Six Months Ended June 30, 2012 and June 30, 2011: 3,136.73 and 3,591.53, respectively.

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Related Party Transactions (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Related Party Transactions (Additional Textual) [Abstract]
Management fee			2.25%
Incentive fees			25.00%
Offering expenses percentage	0.75%		0.75%
Maximum cumulative selling commission percentage	10.00%		10.00%
Series A-1 [Member]
Related Party Transactions (Textual) [Abstract]
Selling commissions percentage	2.00%		2.00%
Related Party Transactions (Additional Textual) [Abstract]
Incentive fees	0.00%	1.50%	0.00%	1.60%
Series B-1 [Member]
Related Party Transactions (Textual) [Abstract]
Selling commissions percentage	2.00%		2.00%
Related Party Transactions (Additional Textual) [Abstract]
Incentive fees	0.00%	3.80%	0.00%	3.90%
Superfund Capital Management [Member]
Related Party Transactions (Textual) [Abstract]
Combined value	1,330,956		1,330,956
Gains allocated to Units of Series A-1 and Series B-1	22,775		22,775
Superfund Capital Management [Member] | Series A-1 [Member]
Related Party Transactions (Textual) [Abstract]
General partners ownership in capital accounts units issued	514.918		514.918
General partners ownership in capital accounts units issued percentage	6.03%		6.03%
Superfund Capital Management [Member] | Series B-1 [Member]
Related Party Transactions (Textual) [Abstract]
General partners ownership in capital accounts units issued	434.258		434.258
General partners ownership in capital accounts units issued percentage	10.54%		10.54%

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Basis of Presentation and Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2012

Nature of Operations, Basis of Presentation and Significant Accounting Policies and Financial Highlights [Abstract]

Basis of Presentation

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. (“U.S. GAAP”) 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, 2011.

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

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 on the last business day of the period, which represents market value for those commodity interests for which market quotes are readily available.

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 nature of such instruments; accordingly, the cost of securities plus accreted discount or minus amortized premium approximates fair value (See Section 3 – Fair Value Measurements).

Translation of Foreign Currency

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 realized and unrealized gain (loss) on investments in the Statements of Operations.

Investment Transactions, Investment Income and Expenses

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. The Fund uses the amortized cost method for valuing U.S. Treasury Bills due to the short-term nature of such instruments; accordingly, the cost of securities plus accreted discount, or minus amortized premium approximates fair value. Operating expenses of the Fund are allocated to each Series in proportion to the net asset value of the Series at the beginning of each month. Expenses directly attributable to a particular Series are charged directly to that Series.

Gains or losses are realized when contracts are liquidated. Unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the statements of financial condition as a net gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 210-20, Offsetting – Balance Sheet.

Income Taxes

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 ASC Topic 740, Income Taxes (“ASC 740”), to the Fund to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this evaluation, Superfund Capital Management has determined no reserves for uncertain tax positions are required to be recorded as a result of the application of ASC 740. Superfund Capital Management 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 Fund files federal and various state tax returns. The 2009 through 2011 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP 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. Actual results could differ from those estimates.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

ASU 2011-11

In December 2011, FASB issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards (“IFRS”). The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. New disclosures are required for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Superfund Capital Management is evaluating the impact of ASU 2011-11 on the financial statements and disclosures.

ASU 2011-04

In May 2011, FASB issued ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. The Fund adopted ASU 2011-04 as of January 1, 2012. The adoption of the provisions of ASU 2011-04 has not had a material impact on the Fund’s financial statement disclosures.

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Financial Highlights (Details) (USD $)	3 Months Ended				6 Months Ended
	Jun. 30, 2012		Jun. 30, 2011		Jun. 30, 2012		Jun. 30, 2011
Summary of Financial Highlights
Incentive fees					25.00%
Series A-1 [Member]
Summary of Financial Highlights
Total return before incentive fees	0.00%		1.90%		2.40%		1.40%
Incentive fees	0.00%		1.50%		0.00%		1.60%
MF Global reserve	0.00%				0.00%
Total return after incentive fees	1.40%		0.40%		2.40%		(0.20%)
Operating expenses before incentive fees	1.90%		6.80%		3.60%		6.90%
Total expenses	0.20%		8.30%		3.70%		8.40%
Net investment loss**	1.90%		(6.70%)		(3.60%)		(6.80%)
Net asset value per unit, beginning of period	$ 1,511.48		$ 1,558.48		$ 1,496.15		$ 1,566.65
Net investment loss	$ (30.31)		$ (52.11)		$ (0.5757)		$ (77.96)
Net gain on investments	$ 50.25		$ 57.90		$ 92.84		$ 75.58
Net asset value per unit, end of period	$ 1,531.42		$ 1,564.27		$ 1,531.42		$ 1,564.27
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period)	$ 20.03	[1]	$ (4.36)	[1]	$ 33.58	[1]	$ (3.22)	[1]
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit)	$ 19.94		$ 5.79		$ 35.27		$ (2.38)
Series A-2 [Member]
Summary of Financial Highlights
Total return before incentive fees	1.90%		2.60%		3.40%		2.60%
Incentive fees	0.00%		1.70%		0.00%		1.80%
MF Global reserve	0.00%				0.00%
Total return after incentive fees	1.90%		0.90%		3.40%		0.80%
Operating expenses before incentive fees	1.40%		4.60%		2.60%		4.80%
Total expenses	1.40%		6.30%		2.60%		6.60%
Net investment loss**	(1.40%)		(4.60%)		(2.60%)		(48.00%)
Net asset value per unit, beginning of period	$ 1,650.46		$ 1,669.77		$ 1,625.63		$ 1,671.00
Net investment loss	$ (24.31)		$ (49.51)		$ (0.4508)		$ (69.44)
Net gain on investments	$ 54.50		$ 62.42		$ 100.10		$ 81.12
Net asset value per unit, end of period	$ 1,680.65		$ 1,682.68		$ 1,680.65		$ 1,682.68
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period)	$ 31.58	[2]	$ 14.80	[2]	$ 57.79	[2]	$ 17.02	[2]
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit)	$ 30.19		$ 12.90		$ 55.02		$ 11.68
Series B-1 [Member]
Summary of Financial Highlights
Total return before incentive fees	2.40%		2.70%		0.70%		2.70%
Incentive fees	0.00%		3.80%		0.00%		3.90%
MF Global reserve	(0.10%)				(0.10%)
Total return after incentive fees	2.30%		(1.10%)		0.60%		(1.20%)
Operating expenses before incentive fees	2.30%		7.70%		4.10%		7.90%
Total expenses	2.40%		10.70%		4.20%		10.90%
Net investment loss**	(2.30%)		(7.70%)		(4.10%)		(7.80%)
Net asset value per unit, beginning of period	$ 1,220.22		$ 1,350.16		$ 1,241.61		$ 1,351.22
Net investment loss	$ (29.58)		$ (68.59)		$ (0.5442)		$ (94.70)
Net gain on investments	$ 58.37		$ 53.70		$ 61.82		$ 78.75
Net asset value per unit, end of period	$ 1,249.01		$ 1,335.27		$ 1,249.01		$ 1,335.27
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period)	$ 34.79	[3]	$ (9.82)	[3]	$ 19.24	[3]	$ (5.24)	[3]
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit)	$ 28.79		$ (14.89)		$ 7.40		$ (15.95)
Series B-2 [Member]
Summary of Financial Highlights
Total return before incentive fees	2.90%		2.60%		1.70%		3.10%
Incentive fees	0.00%		3.30%		0.00%		3.40%
MF Global reserve	(0.10%)				(0.10%)
Total return after incentive fees	2.80%		(0.70%)		1.60%		(0.30%)
Operating expenses before incentive fees	1.70%		5.40%		3.10%		5.60%
Total expenses	1.80%		8.30%		3.20%		8.60%
Net investment loss**	1.70%		(5.40%)		(3.10%)		(5.50%)
Net asset value per unit, beginning of period	$ 1,284.84		$ 1,394.56		$ 1,300.90		$ 1,389.80
Net investment loss	$ (24.11)		$ (62.14)		$ (0.4340)		$ (80.97)
Net gain on investments	$ 61.05		$ 52.66		$ 64.28		$ 76.25
Net asset value per unit, end of period	$ 1,321.78		$ 1,385.08		$ 1,321.78		$ 1,385.08
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period)	$ 36.96	[4]	$ (3.86)	[4]	$ 39.55	[4]	$ 5.22	[4]
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit)	$ 36.94		$ (9.48)		$ 20.88		$ (4.72)

[1] Weighted average number of Units outstanding for Series A-1 for Three Months Ended June 30, 2012 and June 30, 2011: 8,600.62 and 7,646.91, respectively; and for the Six Months Ended June 30, 2012 and June 30, 2011: 8,550.60 and 7,691.16, respectively.

[2] Weighted average number of Units outstanding for Series A-2 for Three Months Ended June 30, 2012 and June 30, 2011: 2,020.41 and 1,817.26, respectively; and for the Six Months Ended June 30, 2012 and June 30, 2011: 2,041.90 and 1,864.83, respectively

[3] * Weighted average number of Units outstanding for Series B-1 for the Three Months Ended June 30, 2012 and June 30, 2011: 4,290.72 and 6,280.74, respectively; and for the Six Months Ended June 30, 2012 and June 30, 2011: 4,378.78 and 6,209.79, respectively.

[4] ** Weighted average number of Units outstanding for Series B-2 for the Three Months Ended June 30, 2012 and June 30, 2011: 3,040.59 and 3,412.06, respectively; for the Six Months Ended June 30, 2012 and June 30, 2011: 3,136.73 and 3,591.53, respectively.

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Disclosure of Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2012

Disclosure of Derivative Instruments and Hedging Activities [Abstract]

Summary of 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

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at June 30, 2012		Liability Derivatives at June 30, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	27,616	$	—		$	27,616
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(223,262	)		(223,262	)
Futures contracts	Futures contracts purchased		899,302		—			899,302
Futures contracts	Futures contracts sold		—		(69,772	)		(69,772	)
Totals		$	926,918	$	(293,034	)	$	633,884

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2011		Liability Derivatives at December 31, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	134,988	$	—		$	134,988
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(95,397	)		(95,397	)
Futures contracts	Futures contracts purchased		—		(2,237,362	)		(2,237,362	)
Futures contracts	Futures contracts sold		378,483		—			378,483
Totals		$	513,471	$	(2,332,759	)	$	(1,819,288	)

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at June 30, 2012		Liability Derivatives at June 30, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	15,984	$	—		$	15,984
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(123,171	)		(123,171	)
Futures contracts	Futures contracts purchased		563,809		—			563,809
Futures contracts	Futures contracts sold		—		(30,925	)		(30,925	)
Totals		$	579,793	$	(154,096	)	$	425,697

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2011		Liability Derivatives at December 31, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	69,300	$	—		$	69,300
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(51,238	)		(51,238	)
Futures contracts	Futures contracts purchased		—		(1,411,823	)		(1,411,823	)
Futures contracts	Futures contracts sold		189,971		—			189,971
Totals		$	259,271	$	(1,463,061	)	$	(1,203,790	)

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at June 30, 2012		Liability Derivatives at June 30, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	11,632	$	—		$	11,632
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(100,091	)		(100,091	)
Futures contracts	Futures contracts purchased		335,493		—			335,493
Futures contracts	Futures contracts purchased & futures contacts sold		—		(38,847	)		(38,847	)
Totals		$	347,125	$	(138,938	)	$	208,187

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2011		Liability Derivatives at December  31, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	65,688	$	—		$	65,688
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(44,159	)		(44,159	)
Futures contracts	Futures contracts purchased		—		(825,539	)		(825,539	)
Futures contracts	Futures contracts sold		188,512		—			188,512
Totals		$	254,200	$	(869,698	)	$	(615,498	)

Summary of Effects of Derivative Instruments on the Statement of Operations

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized  Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	631,711		$	(136,923	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(548,777	)		1,062,106
Total		$	82,934		$	925,183

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized  Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	721,822		$	(235,237	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(1,601,537	)		2,688,409
Total		$	(879,715	)	$	2,453,172

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain on Derivatives Recognized in Income		Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	229,577	$	(29,341	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		1,090,357		(262,047	)
Total		$	1,319,934	$	(291,388	)

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain  on Derivatives Recognized in Income		Net Change in Unrealized  Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	348,591	$	(180,445	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		3,800,610		(2,385,047	)
Total		$	4,149,201	$	(2,565,492	)

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	342,467		$	(75,077	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(410,220	)		689,246
Total		$	(67,753	)	$	614,169

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	377,187		$	(125,249	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(1,016,127	)		1,754,736
Total		$	(638,940	)	$	1,629,487

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain on Derivatives Recognized in Income		Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	103,062	$	(12,890	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		507,130		(118,058	)
Total		$	610,192	$	(130,948	)

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain on Derivatives Recognized in Income		Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	159,252	$	(77,911	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		1,755,749		(1,103,093	)
Total		$	1,915,001	$	(1,181,004	)

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	289,244		$	(61,846	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(138,557	)		372,860
Total		$	150,687		$	311,014

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	344,635		$	(109,988	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(585,410	)		933,673
Total		$	(240,775	)	$	823,685

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain  on Derivatives Recognized in Income		Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign Exchange contracts	Net realized gain (loss) on futures and forward contracts	$	126,515	$	(16,451	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		583,227		(143,989	)
Total		$	709,742	$	(160,440	)

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain  on Derivatives Recognized in Income		Net Change in Unrealized  Depreciation on Derivatives Recognized in Income
Foreign Exchange contracts	Net realized gain (loss) on futures and forward contracts	$	189,339	$	(102,534	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		2,044,861		(1,281,954	)
Total		$	2,234,200	$	(1,384,488	)

Summary of gross and net unrealized gains and losses by long and short positions

	As of June 30, 2012
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	22,448		0.1		$	(10,965	)		(0.0	)*	$	5,168		0.0	*	$	(212,297	)		(0.8	)	$	(195,646	)
Currency		11,620		0.0	*		(13,250	)		(0.1	)		—		—			(77,255	)		(0.3	)		(78,885	)
Financial		82,745		0.3			(100,858	)		(0.4	)		94		0.0	*		(1,070	)		(0.0	)*		(19,089	)
Food & Fiber		4,856		0.0	*		(3,227	)		(0.0	)*		389		0.0	*		(18,073	)		(0.1	)		(16,055	)
Indices		100,585		0.4			(1,191	)		(0.0	)*		—		—			(113,623	)		(0.4	)		(14,229	)
Metals		791,988		3.1			(8,317	)		(0.0	)*		223,778		0.9			(17,040	)		(0.1	)		990,409
Livestock		—		—			—			—			—		—			(28,190	)		(0.1	)		(28,190	)
Energy		34,351		0.1			—			—			11,229		0.0	*		(50,011	)		(0.2	)		(4,431	)
Totals	$	1,048,593		4.1		$	(137,808	)		(0.5	)	$	240,658		0.9		$	(517,559	)		(2.0	)	$	633,884

* Due to rounding

	As of December 31, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gains  (Losses) on Open Positions
Foreign Exchange	$	5,543		0.0	*	$	(44,476	)		(0.2	)	$	129,445		0.5	$	(50,921	)		(0.2	)	$	39,591
Currency		68,883		0.3			(400	)		(0.0	)*		91,363		0.4		(6,081	)		(0.0	)*		153,765
Financial		33,539		0.1			(27,659	)		(0.1	)		—		—		(11,937	)		(0.0	)*		(6,057	)
Food & Fiber		32,513		0.1			(1,800	)		(0.0	)*		85,412		0.3		(62,115	)		(0.2	)		54,010
Indices		10,041		0.0	*		(1,848	)		(0.0	)*		77,622		0.3		(18,751	)		(0.1	)		67,064
Metals		1,110		0.0	*		(2,265,102	)		(8.9	)		163,647		0.6		(44,307	)		(0.2	)		(2,144,652	)
Livestock		—		—			—			—			19,430		0.1		(480	)		(0.0	)*		18,950
Energy		—		—			(86,639	)		(0.3	)		84,680		0.3		—			—			(1,959	)
Totals	$	151,629		0.5		$	(2,427,924	)		(9.5	)	$	651,599		2.5	$	(194,592	)		(0.7	)	$	(1,819,288	)

* Due to rounding

	As of June 30, 2012
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	13,306		0.1		$	(5,922	)		(0.0	)*	$	2,678		0.0	*	$	(117,249	)		(0.7	)	$	(107,187	)
Currency		5,838		0.0	*		(6,982	)		(0.0	)*		—		—			(42,170	)		(0.3	)		(43,314	)
Financial		45,862		0.3			(54,263	)		(0.4	)		—		—			(609	)		(0.0	)*		(9,010	)
Food & Fiber		2,593		0.0	*		(1,871	)		(0.0	)*		389		0.0	*		(9,037	)		(0.1	)		(7,926	)
Indices		54,552		0.3			(727	)		(0.0	)*		—		—			(56,223	)		(0.3	)		(2,398	)
Metals		506,331		3.1			(4,159	)		(0.0	)*		120,288		0.8			(11,130	)		(0.1	)		611,330
Livestock		—		—			—			—			—		—			(15,030	)		(0.1	)		(15,030	)
Energy		16,635		0.1			—			—			5,561		0.0	*		(22,964	)		(0.1	)		(768	)
Totals	$	645,117		3.9		$	(73,924	)		(0.4	)	$	128,916		0.8		$	(274,412	)		(1.7	)	$	425,697

* Due to rounding

	As of December 31, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gains  (Losses) on Open Positions
Foreign Exchange	$	2,774		0.0	*	$	(23,321	)		(0.1	)	$	66,526		0.4	$	(27,917	)		(0.2	)	$	18,062
Currency		37,100		0.2			(200	)		(0.0	)*		47,744		0.3		(3,781	)		(0.0	)*		80,863
Financial		17,166		0.1			(14,552	)		(0.1	)		—		—		(6,656	)		(0.0	)*		(4,042	)
Food & Fiber		17,413		0.1			(675	)		(0.0	)*		44,589		0.3		(32,982	)		(0.2	)		28,345
Indices		5,624		0.1			(907	)		(0.0	)*		38,232		0.2		(12,206	)		(0.1	)		30,743
Metals		1,110		0.0	*		(1,428,849	)		(9.0	)		88,207		0.6		(25,326	)		(0.2	)		(1,364,858	)
Livestock		—		—			—			—			9,670		0.1		—			—			9,670
Energy		—		—			(45,053	)		(0.3	)		42,480		0.3		—			—			(2,573	)
Totals	$	81,187		0.5		$	(1,513,557	)		(9.5	)	$	337,448		2.2	$	(108,868	)		(0.7	)	$	(1,203,790	)

* Due to rounding

	As of June 30, 2012
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	9,142		0.1		$	(5,043	)		(0.1	)	$	2,490		0.0	*	$	(95,048	)		(1.0	)	$	(88,459	)
Currency		5,782		0.1			(6,268	)		(0.1	)		—		—			(35,085	)		(0.4	)		(35,571	)
Financial		36,883		0.4			(46,595	)		(0.5	)		94		0.0	*		(461	)		(0.0	)*		(10,079	)
Food & Fiber		2,263		0.0	*		(1,356	)		(0.0	)*		—		—			(9,036	)		(0.1	)		(8,129	)
Indices		46,033		0.5			(464	)		(0.0	)*		—		—			(57,400	)		(0.6	)		(11,831	)
Metals		285,657		3.1			(4,158	)		(0.0	)*		103,490		1.1			(5,910	)		(0.0	)*		379,079
Livestock		—		—			—			—			—		—			(13,160	)		(0.1	)		(13,160	)
Energy		17,716		0.2			—			—			5,668		0.1			(27,047	)		(0.3	)		(3,663	)
Totals	$	403,476		4.4		$	(63,884	)		(0.7	)	$	111,742		1.2		$	(243,147	)		(2.5	)	$	208,187

* Due to rounding

	As of December 31, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gains  (Losses) on Open Positions
Foreign Exchange	$	2,769		0.0	*	$	(21,155	)		(0.3	)	$	62,919		0.7	$	(23,004	)		(0.2	)	$	21,529
Currency		31,783		0.3			(200	)		(0.0	)*		43,619		0.4		(2,300	)		(0.0	)*		72,902
Financial		16,373		0.1			(13,107	)		(0.1	)		—		—		(5,281	)		(0.1	)		(2,015	)
Food & Fiber		15,100		0.1			(1,125	)		(0.0	)*		40,823		0.4		(29,133	)		(0.3	)		25,665
Indices		4,417		0.0	*		(941	)		(0.0	)*		39,390		0.4		(6,545	)		(0.1	)		36,321
Metals		—		—			(836,253	)		(8.8	)		75,440		0.8		(18,981	)		(0.2	)		(779,794	)
Livestock		—		—			—			—			9,760		0.1		(480	)		(0.0	)*		9,280
Energy		—		—			(41,586	)		(0.4	)		42,200		0.4		—			—			614
Totals	$	70,442		0.5		$	(914,367	)		(9.6	)	$	314,151		3.2	$	(85,724	)		(0.9	)	$	615,498

* Due to rounding

Summary of derivative contract volume by market sector

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		51		57	$	512,532	$	487,638

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		429		1,009
Financial		1,713		267
Food & Fiber		47		190
Indices		185		816
Metals		367		238
Livestock		—		41
Energy		130		274
Totals		2,922		2,892

* Based on quarterly holdings

Summary of derivative trading results by market sector

	For the Three Months Ended June 30, 2012
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	631,711		$	(136,923	)	$	494,788
Currency		140,536			(107,630	)		32,906
Financial		1,005,626			(72,030	)		933,596
Food & Fiber		(533,667	)		116,128			(417,539	)
Indices		161,466			(141,989	)		19,477
Metals		(2,169,001	)		1,382,704			(786,297	)
Livestock		222,800			(232,990	)		(10,190	)
Energy		623,463			117,913			741,376
Total net trading gains	$	82,934		$	925,183		$	1,008,117

	For the Six Months Ended June 30, 2012
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	721,823		$	(235,237	)	$	486,586
Currency		(842,134	)		(232,650	)		(1,074,784	)
Financial		464,555			(13,032	)		451,523
Food & Fiber		(874,717	)		(70,065	)		(944,782	)
Indices		(40,448	)		(81,293	)		(121,741	)
Metals		(2,569,292	)		3,135,061			565,769
Livestock		207,105			(47,140	)		159,965
Energy		2,053,393			(2,472	)		2,050,921
Total net trading gains (losses)	$	(879,715	)	$	2,453,172		$	1,573,457

	For the Three Months Ended June 30, 2011
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	229,577		$	(29,341	)	$	200,236
Currency		471,777			(141,157	)		330,620
Financial		871,619			274,793			1,146,412
Food & Fiber		(320,831	)		63,485			(257,346	)
Indices		(748,401	)		217,480			(530,921	)
Metals		1,289,996			(231,217	)		1,058,779
Livestock		(83,630	)		(79,600	)		(163,230	)
Energy		(390,173	)		(365,831	)		(756,004	)
Total net trading gains (losses)	$	1,319,934		$	(291,388	)	$	1,028,546

	For the Six Months Ended June 30, 2011
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	348,591		$	(180,445	)	$	168,146
Currency		461,038			(407,523	)		53,515
Financial		413,774			99,767			513,541
Food & Fiber		(238,684	)		(125,965	)		(364,649	)
Indices		(925,983	)		75,647			(850,336	)
Metals		2,914,332			(1,674,240	)		1,240,092
Livestock		63,510			(95,840	)		(32,330	)
Energy		1,112,623			(256,893	)		855,730
Total net trading gains (losses)	$	4,149,201		$	(2,565,492	)	$	1,583,709

	For the Three Months Ended June 30, 2012
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	342,467		$	(75,077	)	$	267,390
Currency		97,770			(57,131	)		40,639
Financial		561,137			(36,337	)		524,800
Food & Fiber		(286,206	)		64,000			(222,206	)
Indices		132,631			(69,372	)		63,259
Metals		(1,367,374	)		841,762			(525,612	)
Livestock		117,070			(124,090	)		(7,020	)
Energy		334,752			70,414			405,166
Total net trading gains (losses)	$	(67,753	)	$	614,169		$	546,416

	For the Six Months Ended June 30, 2012
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	377,187		$	(125,249	)	$	251,938
Currency		(417,100	)		(124,177	)		(541,277	)
Financial		272,797			(4,968	)		267,829
Food & Fiber		(467,893	)		(36,271	)		(504,164	)
Indices		27,357			(33,141	)		(5,784	)
Metals		(1,643,035	)		1,976,188			333,153
Livestock		107,017			(24,700	)		82,317
Energy		1,104,730			1,805			1,106,535
Total net trading gains (losses)_	$	(638,940	)	$	1,629,487		$	990,547

	For the Three Months Ended June 30, 2011
	Net Realized Gains  (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	103,062		$	(12,890	)	$	90,172
Currency		180,708			(60,596	)		120,112
Financial		395,073			122,901			517,974
Food & Fiber		(141,854	)		27,022			(114,832	)
Indices		(352,522	)		109,383			(243,139	)
Metals		634,850			(117,814	)		517,036
Livestock		(34,690	)		(37,260	)		(71,950	)
Energy		(174,435	)		(161,694	)		(336,129	)
Total net trading gains (losses)	$	610,192		$	(130,948	)	$	479,244

	For the Six Months Ended June 30, 2011
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	159,252		$	(77,911	)	$	81,341
Currency		176,419			(173,723	)		2,696
Financial		232,107			49,441			281,548
Food & Fiber		(109,067	)		(51,723	)		(160,790	)
Indices		(483,821	)		52,248			(431,573	)
Metals		1,473,655			(822,337	)		651,318
Livestock		29,560			(42,590	)		(13,030	)
Energy		436,896			(114,409	)		322,487
Total net trading gains (losses)	$	1,915,001		$	(1,181,004	)	$	733,997

	For the Three Months Ended June 30, 2012
	Net Realized Gains  (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	289,244		$	(61,846	)	$	227,398
Currency		42,766			(50,499	)		(7,733	)
Financial		444,489			(35,693	)		408,796
Food & Fiber		(247,461	)		52,128			(195,333	)
Indices		28,835			(72,617	)		(43,782	)
Metals		(801,627	)		540,942			(260,685	)
Livestock		105,730			(108,900	)		(3,170	)
Energy		288,711			47,499			336,210
Total net trading gains	$	150,687		$	311,014		$	461,701

	For the Six Months Ended June 30, 2012
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	344,636		$	(109,988	)	$	234,648
Currency		(425,034	)		(108,473	)		(533,507	)
Financial		191,758			(8,064	)		183,694
Food & Fiber		(406,824	)		(33,794	)		(440,618	)
Indices		(67,805	)		(48,152	)		(115,957	)
Metals		(926,257	)		1,158,873			232,616
Livestock		100,088			(22,440	)		77,648
Energy		948,663			(4,277	)		944,386
Total net trading gains (losses)	$	(240,775	)	$	823,685		$	582,910
	For the Three Months Ended June 30, 2011
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	126,515		$	(16,451	)	$	110,064
Currency		291,069			(80,561	)		210,508
Financial		476,546			151,892			628,438
Food & Fiber		(178,977	)		36,463			(142,514	)
Indices		(395,879	)		108,097			(287,782	)
Metals		655,146			(113,403	)		541,743
Livestock		(48,940	)		(42,340	)		(91,280	)
Energy		(215,738	)		(204,137	)		(419,875	)
Total net trading gains (losses)	$	709,742		$	(160,440	)	$	549,302
	For the Six Months Ended June 30, 2011
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	189,339		$	(102,534	)	$	86,805
Currency		284,619			(233,800	)		50,819
Financial		181,667			50,326			231,993
Food & Fiber		(129,617	)		(74,242	)		(203,859	)
Indices		(442,162	)		23,399			(418,763	)
Metals		1,440,677			(851,903	)		588,774
Livestock		33,950			(53,250	)		(19,300	)
Energy		675,727			(142,484	)		533,243
Total net trading gains (losses)	$	2,234,200		$	(1,384,488	)	$	849,712

XML

Statements of Operations (Unaudited) (Parenthetical)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Series A-1
Limited Partners' Capital Account [Line Items]
Weighted Average Limited Partnership Units Outstanding, Basic	8,630.35	7,646.91	8,581.21	7,691.16
Series A-2
Limited Partners' Capital Account [Line Items]
Weighted Average Limited Partnership Units Outstanding, Basic	2,018.81	1,817.26	2,042.24	1,864.83
Series B-1
Limited Partners' Capital Account [Line Items]
Weighted Average Limited Partnership Units Outstanding, Basic	4,284.71	6,280.74	4,353.59	6,209.79
Series B-2
Limited Partners' Capital Account [Line Items]
Weighted Average Limited Partnership Units Outstanding, Basic	3,040.99	3,412.06	3,153.78	3,591.53

XML

Statements of Assets and Liabilities (Unaudited) (Parenthetical) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Limited Partners' Capital Account [Line Items]
U.S. Government securities, amortized cost	$ 3,898,822	$ 6,400,000
SUPERFUND GOLD, L.P. - SERIES A
Limited Partners' Capital Account [Line Items]
U.S. Government securities, amortized cost	2,099,366	3,700,000
SUPERFUND GOLD, L.P. - SERIES B
Limited Partners' Capital Account [Line Items]
U.S. Government securities, amortized cost	$ 1,799,456	$ 2,700,000

XML

Financial Highlights

6 Months Ended

Jun. 30, 2012

Nature of Operations, Basis of Presentation and Significant Accounting Policies and Financial Highlights [Abstract]

Financial highlights

8. Financial highlights

Financial highlights for the period January 1 through June 30, 2012 are as follows:

	2012
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees and MF Global reserve		2.4	%		3.4	%		0.7	%		1.7	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
MF Global reserve		0.0	%		0.0	%		(0.1	)%		(0.1	)%
Total return after incentive fees		2.4	%		3.4	%		0.6	%		1.6	%
Ratios to average partners’ capital
Operating expenses before incentive fees		3.6	%		2.6	%		4.1	%		3.1	%
Incentive fees		0.0	%		0.0			0.0	%		0.0	%
MF Global reserve		0.0	%		0.0	%		0.1	%		0.1	%
Total expenses		3.7	%		2.6	%		4.2	%		3.2	%
Net investment loss		(3.6	)%		(2.6	)%		(4.1	)%		(3.1	)%
Net asset value per unit, beginning of period	$	1,496.15		$	1,625.63		$	1,241.61		$	1,300.90
Net investment loss		(57.57	)		(45.08	)		(54.42	)		(43.40	)
Net gain on investments		92.84			100.10			61.82			64.28
Net asset value per unit, end of period	$	1,531.42		$	1,680.65		$	1,249.01		$	1,321.78
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period)	$	33.58		$	57.79		$	19.23		$	39.55
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)	$	35.27		$	55.02		$	7.40		$	20.88

* Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions.

Financial highlights for the period January 1 through June 30, 2011 are as follows:

	2011
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		1.4	%		2.6	%		2.7	%		3.1	%
Incentive fees		1.6	%		1.8	%		3.9	%		3.4	%
Total return after incentive fees		(0.2	)%		0.8	%		(1.2	)%		(0.3	)%
Ratios to average partners’ capital
Operating expenses before incentive fees		6.9	%		4.8	%		7.9	%		5.6	%
Incentive fees		1.6	%		1.8	%		3.1	%		3.0	%
Total expenses		8.4	%		6.6	%		10.9	%		8.6	%
Net investment loss		(6.8	)%		(4.8	)%		(7.8	)%		(5.5	)%
Net asset value per unit, beginning of period	$	1,566.65		$	1,671.00		$	1,351.22		$	1,389.80
Net investment loss		(77.96	)		(69.44	)		(94.70	)		(80.97	)
Net gain on investments		75.58			81.12			78.75			76.25
Net asset value per unit, end of period	$	1,564.27		$	1,682.68		$	1,335.27		$	1,385.08
Other per Unit information:
Net increase (decrease) in net assets from operations per Unit (based upon weighted average Number of Units during period)	$	(3.23	)	$	17.04		$	(5.39	)	$	5.24
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit)	$	(2.38	)	$	11.68		$	(15.95	)	$	(4.72	)

* Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions.

Financial highlights for the period April 1 through June 30, 2012 are as follows:

	2012
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees and MF Global reserve		1.4	%		1.9	%		2.4	%		2.9	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
MF Global reserve		0.0	%		0.0	%		(0.1	)%		(0.1	)%
Total return after incentive fees		1.4	%		1.9	%		2.3	%		2.8	%
Ratios to average partners’ capital
Operating expenses before incentive fees		1.9	%		1.4	%		2.3	%		1.7	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
MF Global reserve		0.0	%		0.0	%		0.1	%		0.1	%
Total expenses		2.0	%		1.4	%		2.4	%		1.8	%
Net investment loss		(1.9	)%		(1.4	)%		(2.3	)%		(1.7	)%
Net asset value per unit, beginning of period	$	1,511.48		$	1,650.46		$	1,220.22		$	1,284.84
Net investment loss		(30.31	)		(24.31	)		(29.58	)		(24.11	)
Net gain on investments		50.25			54.50			58.37			61.05
Net asset value per unit, end of period	$	1,531.42		$	1,680.65		$	1,249.01		$	1,321.78
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period)	$	20.03		$	31.58		$	34.79		$	36.96
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)	$	19.94		$	30.19		$	28.79		$	36.94

* Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions.

Financial highlights for the period April 1 through June 30, 2011 are as follows:

	2011
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		1.9	%		2.6	%		2.7	%		2.6	%
Incentive fees		1.5	%		1.7	%		3.8	%		3.3	%
Total return after incentive fees		0.4	%		0.9	%		(1.1	)%		(0.7	)%
Ratios to average partners’ capital
Operating expenses before incentive fees		6.8	%		4.6	%		7.7	%		5.4	%
Incentive fees		1.5	%		1.7	%		2.9	%		2.9	%
Total expenses		8.3	%		6.3	%		10.7	%		8.3	%
Net investment loss		(6.7	)%		(4.6	)%		(7.7	)%		(5.4	)%
Net asset value per unit, beginning of period	$	1,558.48		$	1,669.77		$	1,350.16		$	1,394.56
Net investment loss		(52.11	)		(49.51	)		(68.59	)		(62.14	)
Net gain on investments		57.90			62.42			53.70			52.66
Net asset value per unit, end of period	$	1,564.27		$	1,682.68		$	1,335.27		$	1,385.08
Other per Unit information:
Net increase (decrease) in net assets from operations per Unit (based upon weighted average Number of Units during period)	$	(4.39	)	$	14.85		$	(10.39	)	$	(3.90	)
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit)	$	5.79		$	12.91		$	(14.89	)	$	(9.48	)

* Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions.

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	SUPERFUND GOLD, L.P.
Entity Central Index Key	0001433147
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0

XML

Financial Instrument Risk

6 Months Ended

Jun. 30, 2012

Financial Instrument Risk [Abstract]

Financial instrument Risk

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 the Fund, gross unrealized gains and losses related to exchange-traded futures were $1,261,635 and $432,105, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $27,616 and $223,262, respectively, at June 30, 2012.

For Series A, gross unrealized gains and losses related to exchange-traded futures were $758,049 and $225,165, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $15,984 and $123,171, respectively, at June 30, 2012.

For Series B, gross unrealized gains and losses related to exchange-traded futures were $503,586 and $206,940, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $11,632 and $100,091, respectively, at June 30, 2012.

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. and Barclays Capital Inc. Prior to its insolvency, the Fund used MF Global, Inc. as one of its futures commission merchants. See Note 5 for additional discussion of MF Global.

Superfund Capital Management monitors and attempts to control 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 June 30, 2012. However, due to the nature of the Fund’s business, these instruments may not be held to maturity.

XML

Condensed Schedule of Investments (Unaudited) (USD $)	Jun. 30, 2012		Dec. 31, 2011
Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.80%)		0.20%
Fair Value	$ (195,646)		$ 39,591
Future Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	3.20%		(7.30%)
Fair Value	829,530		(1,858,879)
United States Treasury Bills due
Limited Partners' Capital Account [Line Items]
Face Value	3,900,000		6,400,000
Percentage of Net Assets	15.20%		25.20%
Fair Value	3,898,822		6,400,000
Unrealized Appreciation on Forward Contracts | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%		0.50%
Fair Value	27,616		134,988
Unrealized Appreciation on Forward Contracts | Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%		0.50%
Fair Value	27,616		134,988
Unrealized Depreciation on Forward Contracts | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.90%)		(0.40%)
Fair Value	(223,262)		(95,397)
Unrealized Depreciation on Forward Contracts | Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.90%)		(0.40%)
Fair Value	(223,262)		(95,397)
Futures Contracts Purchased | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	[1]	0.30%
Fair Value	(1,630)		68,483
Futures Contracts Purchased | Energy
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%		(0.30%)
Fair Value	34,351		(86,639)
Futures Contracts Purchased | Financial
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)		0.00%	[1]
Fair Value	(18,113)		5,880
Futures Contracts Purchased | Financial | 2 Years U.S. Treasury Note
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets			0.00%	[1]
Fair Value			1,954
Futures Contracts Purchased | Financial | 10 Years U.S. Treasury Note
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	[1]
Fair Value	63
Futures Contracts Purchased | Financial | 5 Years U.S. Treasury Note
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	[1]
Fair Value	(1,039)
Futures Contracts Purchased | Financial | Other
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)		0.00%	[1]
Fair Value	(17,137)		3,926
Futures Contracts Purchased | Food & Fiber
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	[1]	0.10%
Fair Value	1,629		30,713
Futures Contracts Purchased | Indices
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.40%		0.00%	[1]
Fair Value	99,394		8,193
Futures Contracts Purchased | CMX Gold
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets			(8.80%)
Fair Value			(2,228,620)
Futures Contracts Purchased | Other Metals
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets			(0.10%)
Fair Value			(35,372)
Futures Contracts Purchased | Metals
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	3.10%		(8.90%)
Fair Value	783,671		(2,263,992)
Futures Contracts Purchased | Future Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	3.50%		(8.80%)
Fair Value	899,302		(2,237,362)
Futures contracts Sold | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.30%	[1]	0.30%
Fair Value	(77,255)		85,282
Futures contracts Sold | Energy
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.20%	[1]	0.30%
Fair Value	(38,782)		84,680
Futures contracts Sold | Financial
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	[1]	0.00%	[1]
Fair Value	(976)		(11,937)
Futures contracts Sold | Financial | 2 Years U.S. Treasury Note
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)
Fair Value	(30,562)
Futures contracts Sold | Financial | 30 Years U.S. Treasury Note
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)
Fair Value	(17,468)
Futures contracts Sold | Financial | Other
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.20%
Fair Value	47,054
Futures contracts Sold | Food & Fiber
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)		0.10%
Fair Value	(17,684)		23,297
Futures contracts Sold | Indices
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.40%)		0.20%
Fair Value	(113,623)		58,871
Futures contracts Sold | Livestock
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)		0.10%
Fair Value	(28,190)		18,950
Futures contracts Sold | Metals
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.80%		0.50%
Fair Value	206,738		119,340
Futures contracts Sold | Future Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.30%)		1.50%
Fair Value	(69,772)		378,483
Futures and Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	2.50%		(7.20%)
Fair Value	633,884		(1,819,288)
Futures and Forward Contracts | Australia
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)		0.10%
Fair Value	(19,767)		13,630
Futures and Forward Contracts | European Monetary Union
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)	[1]	0.30%
Fair Value	(23,515)		69,960
Futures and Forward Contracts | Great Britain
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.30%		0.00%
Fair Value	75,229		5,614
Futures and Forward Contracts | Japan
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%		0.40%
Fair Value	26,513		106,637
Futures and Forward Contracts | United States
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	2.40%		(8.10%)
Fair Value	610,641		(2,048,725)
Futures and Forward Contracts | Other Countries
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)		0.10%
Fair Value	(35,217)		33,596
SUPERFUND GOLD, L.P. - SERIES A | Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.60%		0.10%
Fair Value	(107,187)		18,062
SUPERFUND GOLD, L.P. - SERIES A | Future Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	3.20%		(7.60%)
Fair Value	532,884		(1,221,852)
SUPERFUND GOLD, L.P. - SERIES A | Future Contracts | Australia
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	[1]	0.10%
Fair Value	(10,705)		8,242
SUPERFUND GOLD, L.P. - SERIES A | Future Contracts | European Monetary Union
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)	[1]	0.20%
Fair Value	(12,812)		36,313
SUPERFUND GOLD, L.P. - SERIES A | Future Contracts | Great Britain
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.20%		0.00%
Fair Value	39,024		2,711
SUPERFUND GOLD, L.P. - SERIES A | Future Contracts | Japan
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%		0.30%
Fair Value	13,943		55,550
SUPERFUND GOLD, L.P. - SERIES A | Future Contracts | United States
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	2.50%		(8.20%)
Fair Value	409,209		(1,316,556)
SUPERFUND GOLD, L.P. - SERIES A | Future Contracts | Other Countries
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)		0.10%
Fair Value	(12,962)		9,950
SUPERFUND GOLD, L.P. - SERIES A | United States Treasury Bills due
Limited Partners' Capital Account [Line Items]
Face Value	2,100,000		3,700,000
Percentage of Net Assets	12.80%		23.40%
Fair Value	2,099,366		3,700,000
SUPERFUND GOLD, L.P. - SERIES A | Unrealized Appreciation on Forward Contracts | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%		0.40%
Fair Value	15,984		69,300
SUPERFUND GOLD, L.P. - SERIES A | Unrealized Appreciation on Forward Contracts | Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%		0.40%
Fair Value	15,984		69,300
SUPERFUND GOLD, L.P. - SERIES A | Unrealized Depreciation on Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.70%)
Fair Value	(123,171)
SUPERFUND GOLD, L.P. - SERIES A | Unrealized Depreciation on Forward Contracts | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets			(0.30%)
Fair Value			(51,238)
SUPERFUND GOLD, L.P. - SERIES A | Unrealized Depreciation on Forward Contracts | Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.70%)		(0.30%)
Fair Value	(123,171)		(51,238)
SUPERFUND GOLD, L.P. - SERIES A | Futures Contracts Purchased
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets			(9.00%)
Fair Value			(1,411,823)
SUPERFUND GOLD, L.P. - SERIES A | Futures Contracts Purchased | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	[1]	0.20%
Fair Value	(1,144)		36,900
SUPERFUND GOLD, L.P. - SERIES A | Futures Contracts Purchased | Energy
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%		(0.30%)
Fair Value	16,635		(45,053)
SUPERFUND GOLD, L.P. - SERIES A | Futures Contracts Purchased | Financial
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)		0.00%	[1]
Fair Value	(8,401)		2,614
SUPERFUND GOLD, L.P. - SERIES A | Futures Contracts Purchased | Financial | 2 Years U.S. Treasury Note
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets			0.00%	[1]
Fair Value			1,016
SUPERFUND GOLD, L.P. - SERIES A | Futures Contracts Purchased | Financial | 10 Years U.S. Treasury Note
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	[1]
Fair Value	(31)
SUPERFUND GOLD, L.P. - SERIES A | Futures Contracts Purchased | Financial | 5 Years U.S. Treasury Note
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	[1]
Fair Value	(578)
SUPERFUND GOLD, L.P. - SERIES A | Futures Contracts Purchased | Financial | Other
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)		0.00%	[1]
Fair Value	(7,792)		1,598
SUPERFUND GOLD, L.P. - SERIES A | Futures Contracts Purchased | Food & Fiber
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	[1]	0.10%
Fair Value	722		16,738
SUPERFUND GOLD, L.P. - SERIES A | Futures Contracts Purchased | Indices
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.30%		0.00%	[1]
Fair Value	53,825		4,717
SUPERFUND GOLD, L.P. - SERIES A | Futures Contracts Purchased | CMX Gold
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets			(8.90%)
Fair Value			(1,407,280)
SUPERFUND GOLD, L.P. - SERIES A | Futures Contracts Purchased | Other Metals
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets			(0.10%)
Fair Value			(20,459)
SUPERFUND GOLD, L.P. - SERIES A | Futures Contracts Purchased | Metals
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	3.10%		(9.00%)
Fair Value	502,172		(1,427,739)
SUPERFUND GOLD, L.P. - SERIES A | Futures Contracts Purchased | Future Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	3.40%
Fair Value	563,809
SUPERFUND GOLD, L.P. - SERIES A | Futures contracts Sold
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets			1.40%
Fair Value			189,971
SUPERFUND GOLD, L.P. - SERIES A | Futures contracts Sold | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.30%)	[1]	0.30%
Fair Value	(42,170)		43,963
SUPERFUND GOLD, L.P. - SERIES A | Futures contracts Sold | Energy
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)		0.30%
Fair Value	(17,403)		42,480
SUPERFUND GOLD, L.P. - SERIES A | Futures contracts Sold | Financial
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	[1]	0.00%	[1]
Fair Value	(609)		(6,656)
SUPERFUND GOLD, L.P. - SERIES A | Futures contracts Sold | Financial | 2 Years U.S. Treasury Note
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)
Fair Value	(16,156)
SUPERFUND GOLD, L.P. - SERIES A | Futures contracts Sold | Financial | 30 Years U.S. Treasury Note
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)
Fair Value	(9,593)
SUPERFUND GOLD, L.P. - SERIES A | Futures contracts Sold | Financial | Other
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.20%
Fair Value	25,140
SUPERFUND GOLD, L.P. - SERIES A | Futures contracts Sold | Food & Fiber
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)		0.10%
Fair Value	(8,648)		11,607
SUPERFUND GOLD, L.P. - SERIES A | Futures contracts Sold | Indices
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.30%)		0.20%
Fair Value	(56,223)		26,026
SUPERFUND GOLD, L.P. - SERIES A | Futures contracts Sold | Livestock
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)		0.10%
Fair Value	(15,030)		9,670
SUPERFUND GOLD, L.P. - SERIES A | Futures contracts Sold | Metals
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.70%		0.40%
Fair Value	109,158		62,881
SUPERFUND GOLD, L.P. - SERIES A | Futures contracts Sold | Future Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.20%)
Fair Value	(30,925)
SUPERFUND GOLD, L.P. - SERIES A | Futures and Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	2.60%		(7.50%)
Fair Value	425,697		(1,203,790)
SUPERFUND GOLD, L.P. - SERIES B | Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	1.00%		0.20%
Fair Value	(88,459)		21,529
SUPERFUND GOLD, L.P. - SERIES B | Future Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	3.40%		(7.00%)
Fair Value	296,646		(637,027)
SUPERFUND GOLD, L.P. - SERIES B | United States Treasury Bills due
Limited Partners' Capital Account [Line Items]
Face Value	1,800,000		2,700,000
Percentage of Net Assets	19.60%		28.30%
Fair Value	1,799,456		2,700,000
SUPERFUND GOLD, L.P. - SERIES B | Unrealized Appreciation on Forward Contracts | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%		0.70%
Fair Value	11,632		65,688
SUPERFUND GOLD, L.P. - SERIES B | Unrealized Appreciation on Forward Contracts | Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%		0.70%
Fair Value	11,632		65,688
SUPERFUND GOLD, L.P. - SERIES B | Unrealized Depreciation on Forward Contracts | Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(1.10%)		(0.50%)
Fair Value	(100,091)		(44,159)
SUPERFUND GOLD, L.P. - SERIES B | Futures Contracts Purchased
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets			(8.80%)
Fair Value			(825,539)
SUPERFUND GOLD, L.P. - SERIES B | Futures Contracts Purchased | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	[1]	0.30%
Fair Value	(486)		31,583
SUPERFUND GOLD, L.P. - SERIES B | Futures Contracts Purchased | Energy
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.20%		(0.40%)
Fair Value	17,716		(41,586)
SUPERFUND GOLD, L.P. - SERIES B | Futures Contracts Purchased | Financial
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)		0.00%	[1]
Fair Value	(9,712)		3,266
SUPERFUND GOLD, L.P. - SERIES B | Futures Contracts Purchased | Financial | 2 Years U.S. Treasury Note
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets			0.00%	[1]
Fair Value			938
SUPERFUND GOLD, L.P. - SERIES B | Futures Contracts Purchased | Financial | 10 Years U.S. Treasury Note
Limited Partners' Capital Account [Line Items]
Fair Value	94
SUPERFUND GOLD, L.P. - SERIES B | Futures Contracts Purchased | Financial | 5 Years U.S. Treasury Note
Limited Partners' Capital Account [Line Items]
Fair Value	(461)
SUPERFUND GOLD, L.P. - SERIES B | Futures Contracts Purchased | Financial | Other
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets			0.00%	[1]
Fair Value	(9,345)		2,328
SUPERFUND GOLD, L.P. - SERIES B | Futures Contracts Purchased | Food & Fiber
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	[1]	0.10%
Fair Value	907		13,975
SUPERFUND GOLD, L.P. - SERIES B | Futures Contracts Purchased | Indices
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.50%		0.00%	[1]
Fair Value	45,569		3,476
SUPERFUND GOLD, L.P. - SERIES B | Futures Contracts Purchased | CMX Gold
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets			(8.60%)
Fair Value			(821,340)
SUPERFUND GOLD, L.P. - SERIES B | Futures Contracts Purchased | Other Metals
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets			(0.20%)
Fair Value			(14,913)
SUPERFUND GOLD, L.P. - SERIES B | Futures Contracts Purchased | Metals
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	3.10%		(8.80%)
Fair Value	281,499		(836,253)
SUPERFUND GOLD, L.P. - SERIES B | Futures Contracts Purchased | Future Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	3.70%
Fair Value	335,493
SUPERFUND GOLD, L.P. - SERIES B | Futures contracts Sold
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets			1.80%
Fair Value			188,512
SUPERFUND GOLD, L.P. - SERIES B | Futures contracts Sold | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.40%)		0.40%
Fair Value	(35,085)		41,319
SUPERFUND GOLD, L.P. - SERIES B | Futures contracts Sold | Energy
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.20%)	[1]	0.40%
Fair Value	(21,379)		42,200
SUPERFUND GOLD, L.P. - SERIES B | Futures contracts Sold | Financial
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	[1]	(0.10%)
Fair Value	(367)		(5,281)
SUPERFUND GOLD, L.P. - SERIES B | Futures contracts Sold | Financial | 2 Years U.S. Treasury Note
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.20%)
Fair Value	(14,406)
SUPERFUND GOLD, L.P. - SERIES B | Futures contracts Sold | Financial | 30 Years U.S. Treasury Note
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)
Fair Value	(7,875)
SUPERFUND GOLD, L.P. - SERIES B | Futures contracts Sold | Financial | Other
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.30%
Fair Value	21,914
SUPERFUND GOLD, L.P. - SERIES B | Futures contracts Sold | Food & Fiber
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)		0.10%
Fair Value	(9,036)		11,690
SUPERFUND GOLD, L.P. - SERIES B | Futures contracts Sold | Indices
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.60%)		0.30%
Fair Value	(57,400)		32,845
SUPERFUND GOLD, L.P. - SERIES B | Futures contracts Sold | Livestock
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)		0.10%
Fair Value	(13,160)		9,280
SUPERFUND GOLD, L.P. - SERIES B | Futures contracts Sold | Metals
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	1.10%		0.60%
Fair Value	97,580		56,459
SUPERFUND GOLD, L.P. - SERIES B | Futures contracts Sold | Future Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.30%)
Fair Value	(38,847)
SUPERFUND GOLD, L.P. - SERIES B | Futures and Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	2.40%		(6.80%)
Fair Value	208,187		(615,498)
SUPERFUND GOLD, L.P. - SERIES B | Futures and Forward Contracts | Australia
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	[1]	0.10%
Fair Value	(9,062)		5,388
SUPERFUND GOLD, L.P. - SERIES B | Futures and Forward Contracts | European Monetary Union
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)		0.30%
Fair Value	(10,703)		33,647
SUPERFUND GOLD, L.P. - SERIES B | Futures and Forward Contracts | Great Britain
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.40%		0.00%	[1]
Fair Value	36,205		2,903
SUPERFUND GOLD, L.P. - SERIES B | Futures and Forward Contracts | Japan
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%		0.40%
Fair Value	12,570		51,087
SUPERFUND GOLD, L.P. - SERIES B | Futures and Forward Contracts | United States
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	2.20%		(7.80%)
Fair Value	201,432		(732,169)
SUPERFUND GOLD, L.P. - SERIES B | Futures and Forward Contracts | Other Countries
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.20%)		0.20%
Fair Value	$ (22,255)		$ 23,646

[1] Due to rounding

XML

Fair Value Measurements

6 Months Ended

Jun. 30, 2012

Fair Value Measurements [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The Fund follows ASC 820, Fair Value Measurements and Disclosures. ASC 820 which 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 speculative 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 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 and swap 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 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 June 30, 2012, 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 June 30, 2012, and December 31, 2011:

Superfund Gold, L.P.

	Balance June 30, 2012		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	3,898,822	$	—	$	3,898,822	$	—
Unrealized appreciation on open forward contracts		27,616		—		27,616		—
Futures contracts purchased		899,302		899,302		—		—
Total Assets Measured at Fair Value	$	4,825,740	$	899,302	$	3,926,438	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	223,262	$	—	$	223,262	$	—
Futures contracts sold		69,772		69,772		—		—
Total Liabilities Measured at Fair Value	$	293,034	$	69,772	$	223,262	$	—
	Balance December 31, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	6,400,000	$	—	$	6,400,000	$	—
Unrealized appreciation on open forward contracts		134,988		—		134,988		—
Futures contracts purchased		378,483		378,483		—		—
Total Assets Measured at Fair Value	$	6,913,471	$	378,483	$	6,534,988	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	95,397	$	—	$	95,397	$	—
Futures contracts sold		2,237,362		2,237,362		—		—
Total Liabilities Measured at Fair Value	$	2,332,759	$	2,237,362	$	95,397	$	—

Superfund Gold, L.P. – Series A

	Balance June 30, 2012		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	2,099,366	$	—	$	2,099,366	$	—
Unrealized appreciation on open forward contracts		15,984		—		15,984		—
Futures contracts purchased		563,809		563,809		—		—
Total Assets Measured at Fair Value	$	2,679,159	$	563,809	$	2,115,350	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	123,171	$	—	$	123,171	$	—
Futures contracts sold		30,925		30,925		—		—
Total Liabilities Measured at Fair Value	$	154,096	$	30,925	$	123,171	$	—
	Balance December 31, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	3,700,000	$	—	$	3,700,000	$	—
Unrealized appreciation on open forward contracts		69,300		—		69,300		—
Futures contracts purchased		189,971		189,971		—		—
Total Assets Measured at Fair Value	$	3,959,271	$	189,971	$	3,769,300	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	51,238	$	—	$	51,238	$	—
Futures contracts sold		1,411,823		1,411,823		—		—
Total Liabilities Measured at Fair Value	$	1,463,061	$	1,411,823	$	51,238	$	—

Superfund Gold, L.P. – Series B

	Balance June 30, 2012		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	1,799,456	$	—	$	1,799,456	$	—
Unrealized appreciation on open forward contracts		11,632		—		11,632		—
Futures contracts purchased		335,493		335,493		—		—
Total Assets Measured at Fair Value	$	2,146,581	$	335,493	$	1,811,088	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	100,091	$	—	$	100,091	$	—
Futures contracts sold		38,847		38,847		—		—
Total Liabilities Measured at Fair Value	$	138,938	$	38,847	$	100,091	$	—

	Balance December 31, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	2,700,000	$	—	$	2,700,000	$	—
Unrealized appreciation on open forward contracts		65,688		—		65,688		—
Futures contracts purchased		188,512		188,512		—		—
Total Assets Measured at Fair Value	$	2,954,200	$	188,512	$	2,765,688	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	44,159	$	—	$	44,159	$	—
Futures contracts sold		825,539		825,539		—		—
Total Liabilities Measured at Fair Value	$	869,698	$	825,539	$	44,159	$	—

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Basis of Presentation and Significant Accounting Policies

6 Months Ended

Jun. 30, 2012

Nature of Operations, Basis of Presentation and Significant Accounting Policies and Financial Highlights [Abstract]

Basis of presentation and significant accounting policies

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. (“U.S. GAAP”) 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, 2011.

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 on the last business day of the period, which represents market value for those commodity interests for which market quotes are readily available.

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 nature of such instruments; accordingly, the cost of securities plus accreted discount or minus amortized premium approximates fair value (See Section 3 – Fair Value Measurements).

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 realized and unrealized 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. The Fund uses the amortized cost method for valuing U.S. Treasury Bills due to the short-term nature of such instruments; accordingly, the cost of securities plus accreted discount, or minus amortized premium approximates fair value. Operating expenses of the Fund are allocated to each Series in proportion to the net asset value of the Series at the beginning of each month. Expenses directly attributable to a particular Series are charged directly to that Series.

Gains or losses are realized when contracts are liquidated. Unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the statements of financial condition as a net gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 210-20, Offsetting – Balance Sheet.

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 ASC Topic 740, Income Taxes (“ASC 740”), to the Fund to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this evaluation, Superfund Capital Management has determined no reserves for uncertain tax positions are required to be recorded as a result of the application of ASC 740. Superfund Capital Management 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 Fund files federal and various state tax returns. The 2009 through 2011 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 U.S. GAAP 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. Actual results could differ from those estimates.

Recently Issued Accounting Pronouncements

ASU 2011-11

In December 2011, FASB issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards (“IFRS”). The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. New disclosures are required for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Superfund Capital Management is evaluating the impact of ASU 2011-11 on the financial statements and disclosures.

ASU 2011-04

In May 2011, FASB issued ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. The Fund adopted ASU 2011-04 as of January 1, 2012. The adoption of the provisions of ASU 2011-04 has not had a material impact on the Fund’s financial statement disclosures.

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value Measurements [Abstract]

Summary of valuation of Fund's assets and liabilities

	Balance June 30, 2012		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	3,898,822	$	—	$	3,898,822	$	—
Unrealized appreciation on open forward contracts		27,616		—		27,616		—
Futures contracts purchased		899,302		899,302		—		—
Total Assets Measured at Fair Value	$	4,825,740	$	899,302	$	3,926,438	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	223,262	$	—	$	223,262	$	—
Futures contracts sold		69,772		69,772		—		—
Total Liabilities Measured at Fair Value	$	293,034	$	69,772	$	223,262	$	—
	Balance December 31, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	6,400,000	$	—	$	6,400,000	$	—
Unrealized appreciation on open forward contracts		134,988		—		134,988		—
Futures contracts purchased		378,483		378,483		—		—
Total Assets Measured at Fair Value	$	6,913,471	$	378,483	$	6,534,988	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	95,397	$	—	$	95,397	$	—
Futures contracts sold		2,237,362		2,237,362		—		—
Total Liabilities Measured at Fair Value	$	2,332,759	$	2,237,362	$	95,397	$	—

	Balance June 30, 2012		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	2,099,366	$	—	$	2,099,366	$	—
Unrealized appreciation on open forward contracts		15,984		—		15,984		—
Futures contracts purchased		563,809		563,809		—		—
Total Assets Measured at Fair Value	$	2,679,159	$	563,809	$	2,115,350	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	123,171	$	—	$	123,171	$	—
Futures contracts sold		30,925		30,925		—		—
Total Liabilities Measured at Fair Value	$	154,096	$	30,925	$	123,171	$	—
	Balance December 31, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	3,700,000	$	—	$	3,700,000	$	—
Unrealized appreciation on open forward contracts		69,300		—		69,300		—
Futures contracts purchased		189,971		189,971		—		—
Total Assets Measured at Fair Value	$	3,959,271	$	189,971	$	3,769,300	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	51,238	$	—	$	51,238	$	—
Futures contracts sold		1,411,823		1,411,823		—		—
Total Liabilities Measured at Fair Value	$	1,463,061	$	1,411,823	$	51,238	$	—

	Balance June 30, 2012		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	1,799,456	$	—	$	1,799,456	$	—
Unrealized appreciation on open forward contracts		11,632		—		11,632		—
Futures contracts purchased		335,493		335,493		—		—
Total Assets Measured at Fair Value	$	2,146,581	$	335,493	$	1,811,088	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	100,091	$	—	$	100,091	$	—
Futures contracts sold		38,847		38,847		—		—
Total Liabilities Measured at Fair Value	$	138,938	$	38,847	$	100,091	$	—

	Balance December 31, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	2,700,000	$	—	$	2,700,000	$	—
Unrealized appreciation on open forward contracts		65,688		—		65,688		—
Futures contracts purchased		188,512		188,512		—		—
Total Assets Measured at Fair Value	$	2,954,200	$	188,512	$	2,765,688	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	44,159	$	—	$	44,159	$	—
Futures contracts sold		825,539		825,539		—		—
Total Liabilities Measured at Fair Value	$	869,698	$	825,539	$	44,159	$	—

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Subscriptions and Redemptions

6 Months Ended

Jun. 30, 2012

Subscriptions and Redemptions [Abstract]

Subscriptions and redemptions

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 subscription 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 the 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 $10,000 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 the 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 the 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.

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Allocation of Net Profits and Losses

6 Months Ended

Jun. 30, 2012

Allocation of Net Profits and Losses [Abstract]

Allocation of net profits and losses

6. Allocation of net profits and losses

In accordance with the Fund’s Third 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.

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Disclosure of derivative instruments and hedging activities

6 Months Ended

Jun. 30, 2012

Disclosure of Derivative Instruments and Hedging Activities [Abstract]

Disclosure of derivative instruments and hedging activities

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 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 realized and unrealized gain (loss) on investments 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:

Superfund Gold, L.P.

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities, as of June 30, 2012, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at June 30, 2012		Liability Derivatives at June 30, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	27,616	$	—		$	27,616
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(223,262	)		(223,262	)
Futures contracts	Futures contracts purchased		899,302		—			899,302
Futures contracts	Futures contracts sold		—		(69,772	)		(69,772	)
Totals		$	926,918	$	(293,034	)	$	633,884

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 December 31, 2011, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2011		Liability Derivatives at December 31, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	134,988	$	—		$	134,988
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(95,397	)		(95,397	)
Futures contracts	Futures contracts purchased		—		(2,237,362	)		(2,237,362	)
Futures contracts	Futures contracts sold		378,483		—			378,483
Totals		$	513,471	$	(2,332,759	)	$	(1,819,288	)

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended June 30, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized  Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	631,711		$	(136,923	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(548,777	)		1,062,106
Total		$	82,934		$	925,183

Effects of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized  Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	721,822		$	(235,237	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(1,601,537	)		2,688,409
Total		$	(879,715	)	$	2,453,172

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended June 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain on Derivatives Recognized in Income		Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	229,577	$	(29,341	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		1,090,357		(262,047	)
Total		$	1,319,934	$	(291,388	)

Effects of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain  on Derivatives Recognized in Income		Net Change in Unrealized  Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	348,591	$	(180,445	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		3,800,610		(2,385,047	)
Total		$	4,149,201	$	(2,565,492	)

Superfund Gold, L.P. gross and net unrealized gains and losses by long and short positions as of June 30, 2012:

	As of June 30, 2012
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	22,448		0.1		$	(10,965	)		(0.0	)*	$	5,168		0.0	*	$	(212,297	)		(0.8	)	$	(195,646	)
Currency		11,620		0.0	*		(13,250	)		(0.1	)		—		—			(77,255	)		(0.3	)		(78,885	)
Financial		82,745		0.3			(100,858	)		(0.4	)		94		0.0	*		(1,070	)		(0.0	)*		(19,089	)
Food & Fiber		4,856		0.0	*		(3,227	)		(0.0	)*		389		0.0	*		(18,073	)		(0.1	)		(16,055	)
Indices		100,585		0.4			(1,191	)		(0.0	)*		—		—			(113,623	)		(0.4	)		(14,229	)
Metals		791,988		3.1			(8,317	)		(0.0	)*		223,778		0.9			(17,040	)		(0.1	)		990,409
Livestock		—		—			—			—			—		—			(28,190	)		(0.1	)		(28,190	)
Energy		34,351		0.1			—			—			11,229		0.0	*		(50,011	)		(0.2	)		(4,431	)
Totals	$	1,048,593		4.1		$	(137,808	)		(0.5	)	$	240,658		0.9		$	(517,559	)		(2.0	)	$	633,884

* Due to rounding

Superfund Gold, L.P. gross and net unrealized gains and losses by long and short positions as of December 31, 2011:

	As of December 31, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gains  (Losses) on Open Positions
Foreign Exchange	$	5,543		0.0	*	$	(44,476	)		(0.2	)	$	129,445		0.5	$	(50,921	)		(0.2	)	$	39,591
Currency		68,883		0.3			(400	)		(0.0	)*		91,363		0.4		(6,081	)		(0.0	)*		153,765
Financial		33,539		0.1			(27,659	)		(0.1	)		—		—		(11,937	)		(0.0	)*		(6,057	)
Food & Fiber		32,513		0.1			(1,800	)		(0.0	)*		85,412		0.3		(62,115	)		(0.2	)		54,010
Indices		10,041		0.0	*		(1,848	)		(0.0	)*		77,622		0.3		(18,751	)		(0.1	)		67,064
Metals		1,110		0.0	*		(2,265,102	)		(8.9	)		163,647		0.6		(44,307	)		(0.2	)		(2,144,652	)
Livestock		—		—			—			—			19,430		0.1		(480	)		(0.0	)*		18,950
Energy		—		—			(86,639	)		(0.3	)		84,680		0.3		—			—			(1,959	)
Totals	$	151,629		0.5		$	(2,427,924	)		(9.5	)	$	651,599		2.5	$	(194,592	)		(0.7	)	$	(1,819,288	)

* Due to rounding

Superfund Gold, L.P. average* monthly contract volume by market sector as of quarter ended June 30, 2012:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		100		110	$	936,111	$	890,728

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		799		898
Financial		3,193		501
Food & Fiber		89		353
Indices		346		1,511
Metals		667		440
Livestock		—		77
Energy		246		511
Totals		5,440		5,401

* Based on quarterly holdings

Superfund Gold, L.P. average* monthly contract volume by market sector as of quarter ended June 30, 2011:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		62		80	$	715,089	$	426,029

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		1,188		79
Financial		2,052		323
Food & Fiber		132		53
Indices		957		365
Metals		444		161
Livestock		25		26
Energy		151		299
Totals		5,011		1,386

* Based on quarterly holdings

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

	For the Three Months Ended June 30, 2012
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	631,711		$	(136,923	)	$	494,788
Currency		140,536			(107,630	)		32,906
Financial		1,005,626			(72,030	)		933,596
Food & Fiber		(533,667	)		116,128			(417,539	)
Indices		161,466			(141,989	)		19,477
Metals		(2,169,001	)		1,382,704			(786,297	)
Livestock		222,800			(232,990	)		(10,190	)
Energy		623,463			117,913			741,376
Total net trading gains	$	82,934		$	925,183		$	1,008,117

	For the Six Months Ended June 30, 2012
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	721,823		$	(235,237	)	$	486,586
Currency		(842,134	)		(232,650	)		(1,074,784	)
Financial		464,555			(13,032	)		451,523
Food & Fiber		(874,717	)		(70,065	)		(944,782	)
Indices		(40,448	)		(81,293	)		(121,741	)
Metals		(2,569,292	)		3,135,061			565,769
Livestock		207,105			(47,140	)		159,965
Energy		2,053,393			(2,472	)		2,050,921
Total net trading gains (losses)	$	(879,715	)	$	2,453,172		$	1,573,457

	For the Three Months Ended June 30, 2011
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	229,577		$	(29,341	)	$	200,236
Currency		471,777			(141,157	)		330,620
Financial		871,619			274,793			1,146,412
Food & Fiber		(320,831	)		63,485			(257,346	)
Indices		(748,401	)		217,480			(530,921	)
Metals		1,289,996			(231,217	)		1,058,779
Livestock		(83,630	)		(79,600	)		(163,230	)
Energy		(390,173	)		(365,831	)		(756,004	)
Total net trading gains (losses)	$	1,319,934		$	(291,388	)	$	1,028,546

	For the Six Months Ended June 30, 2011
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	348,591		$	(180,445	)	$	168,146
Currency		461,038			(407,523	)		53,515
Financial		413,774			99,767			513,541
Food & Fiber		(238,684	)		(125,965	)		(364,649	)
Indices		(925,983	)		75,647			(850,336	)
Metals		2,914,332			(1,674,240	)		1,240,092
Livestock		63,510			(95,840	)		(32,330	)
Energy		1,112,623			(256,893	)		855,730
Total net trading gains (losses)	$	4,149,201		$	(2,565,492	)	$	1,583,709

Superfund Gold, L.P. – Series A

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities, as of June 30, 2012, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at June 30, 2012		Liability Derivatives at June 30, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	15,984	$	—		$	15,984
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(123,171	)		(123,171	)
Futures contracts	Futures contracts purchased		563,809		—			563,809
Futures contracts	Futures contracts sold		—		(30,925	)		(30,925	)
Totals		$	579,793	$	(154,096	)	$	425,697

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 December 31, 2011, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2011		Liability Derivatives at December 31, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	69,300	$	—		$	69,300
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(51,238	)		(51,238	)
Futures contracts	Futures contracts purchased		—		(1,411,823	)		(1,411,823	)
Futures contracts	Futures contracts sold		189,971		—			189,971
Totals		$	259,271	$	(1,463,061	)	$	(1,203,790	)

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended June 30, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	342,467		$	(75,077	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(410,220	)		689,246
Total		$	(67,753	)	$	614,169

Effects of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	377,187		$	(125,249	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(1,016,127	)		1,754,736
Total		$	(638,940	)	$	1,629,487

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended June 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain on Derivatives Recognized in Income		Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	103,062	$	(12,890	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		507,130		(118,058	)
Total		$	610,192	$	(130,948	)

Effects of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain on Derivatives Recognized in Income		Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	159,252	$	(77,911	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		1,755,749		(1,103,093	)
Total		$	1,915,001	$	(1,181,004	)

Superfund Gold, L.P. – Series A gross and net unrealized gains and losses by long and short positions as of June 30, 2012:

	As of June 30, 2012
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	13,306		0.1		$	(5,922	)		(0.0	)*	$	2,678		0.0	*	$	(117,249	)		(0.7	)	$	(107,187	)
Currency		5,838		0.0	*		(6,982	)		(0.0	)*		—		—			(42,170	)		(0.3	)		(43,314	)
Financial		45,862		0.3			(54,263	)		(0.4	)		—		—			(609	)		(0.0	)*		(9,010	)
Food & Fiber		2,593		0.0	*		(1,871	)		(0.0	)*		389		0.0	*		(9,037	)		(0.1	)		(7,926	)
Indices		54,552		0.3			(727	)		(0.0	)*		—		—			(56,223	)		(0.3	)		(2,398	)
Metals		506,331		3.1			(4,159	)		(0.0	)*		120,288		0.8			(11,130	)		(0.1	)		611,330
Livestock		—		—			—			—			—		—			(15,030	)		(0.1	)		(15,030	)
Energy		16,635		0.1			—			—			5,561		0.0	*		(22,964	)		(0.1	)		(768	)
Totals	$	645,117		3.9		$	(73,924	)		(0.4	)	$	128,916		0.8		$	(274,412	)		(1.7	)	$	425,697

* Due to rounding

Superfund Gold, L.P. – Series A gross and net unrealized gains and losses by long and short positions as of December 31, 2011:

	As of December 31, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gains  (Losses) on Open Positions
Foreign Exchange	$	2,774		0.0	*	$	(23,321	)		(0.1	)	$	66,526		0.4	$	(27,917	)		(0.2	)	$	18,062
Currency		37,100		0.2			(200	)		(0.0	)*		47,744		0.3		(3,781	)		(0.0	)*		80,863
Financial		17,166		0.1			(14,552	)		(0.1	)		—		—		(6,656	)		(0.0	)*		(4,042	)
Food & Fiber		17,413		0.1			(675	)		(0.0	)*		44,589		0.3		(32,982	)		(0.2	)		28,345
Indices		5,624		0.1			(907	)		(0.0	)*		38,232		0.2		(12,206	)		(0.1	)		30,743
Metals		1,110		0.0	*		(1,428,849	)		(9.0	)		88,207		0.6		(25,326	)		(0.2	)		(1,364,858	)
Livestock		—		—			—			—			9,670		0.1		—			—			9,670
Energy		—		—			(45,053	)		(0.3	)		42,480		0.3		—			—			(2,573	)
Totals	$	81,187		0.5		$	(1,513,557	)		(9.5	)	$	337,448		2.2	$	(108,868	)		(0.7	)	$	(1,203,790	)

* Due to rounding

Series A average* monthly contract volume by market sector as of quarter ended June 30, 2012:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		51		57	$	512,532	$	487,638

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		429		1,009
Financial		1,713		267
Food & Fiber		47		190
Indices		185		816
Metals		367		238
Livestock		—		41
Energy		130		274
Totals		2,922		2,892

* Based on quarterly holdings

Series A average* monthly contract volume by market sector as of quarter ended June 30, 2011:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		29		40	$	309,218	$	185,307

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		528		31
Financial		889		143
Food & Fiber		58		24
Indices		408		157
Metals		204		70
Livestock		11		11
Energy		64		130
Totals		2,191		606

* Based on quarterly holdings

Series A trading results by market sector:

	For the Three Months Ended June 30, 2012
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	342,467		$	(75,077	)	$	267,390
Currency		97,770			(57,131	)		40,639
Financial		561,137			(36,337	)		524,800
Food & Fiber		(286,206	)		64,000			(222,206	)
Indices		132,631			(69,372	)		63,259
Metals		(1,367,374	)		841,762			(525,612	)
Livestock		117,070			(124,090	)		(7,020	)
Energy		334,752			70,414			405,166
Total net trading gains (losses)	$	(67,753	)	$	614,169		$	546,416

	For the Six Months Ended June 30, 2012
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	377,187		$	(125,249	)	$	251,938
Currency		(417,100	)		(124,177	)		(541,277	)
Financial		272,797			(4,968	)		267,829
Food & Fiber		(467,893	)		(36,271	)		(504,164	)
Indices		27,357			(33,141	)		(5,784	)
Metals		(1,643,035	)		1,976,188			333,153
Livestock		107,017			(24,700	)		82,317
Energy		1,104,730			1,805			1,106,535
Total net trading gains (losses)_	$	(638,940	)	$	1,629,487		$	990,547

	For the Three Months Ended June 30, 2011
	Net Realized Gains  (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	103,062		$	(12,890	)	$	90,172
Currency		180,708			(60,596	)		120,112
Financial		395,073			122,901			517,974
Food & Fiber		(141,854	)		27,022			(114,832	)
Indices		(352,522	)		109,383			(243,139	)
Metals		634,850			(117,814	)		517,036
Livestock		(34,690	)		(37,260	)		(71,950	)
Energy		(174,435	)		(161,694	)		(336,129	)
Total net trading gains (losses)	$	610,192		$	(130,948	)	$	479,244

	For the Six Months Ended June 30, 2011
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	159,252		$	(77,911	)	$	81,341
Currency		176,419			(173,723	)		2,696
Financial		232,107			49,441			281,548
Food & Fiber		(109,067	)		(51,723	)		(160,790	)
Indices		(483,821	)		52,248			(431,573	)
Metals		1,473,655			(822,337	)		651,318
Livestock		29,560			(42,590	)		(13,030	)
Energy		436,896			(114,409	)		322,487
Total net trading gains (losses)	$	1,915,001		$	(1,181,004	)	$	733,997

Superfund Gold, L.P. – Series B

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities, as of June 30, 2012, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at June 30, 2012		Liability Derivatives at June 30, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	11,632	$	—		$	11,632
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(100,091	)		(100,091	)
Futures contracts	Futures contracts purchased		335,493		—			335,493
Futures contracts	Futures contracts purchased & futures contacts sold		—		(38,847	)		(38,847	)
Totals		$	347,125	$	(138,938	)	$	208,187

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 December 31, 2011, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2011		Liability Derivatives at December  31, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	65,688	$	—		$	65,688
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(44,159	)		(44,159	)
Futures contracts	Futures contracts purchased		—		(825,539	)		(825,539	)
Futures contracts	Futures contracts sold		188,512		—			188,512
Totals		$	254,200	$	(869,698	)	$	(615,498	)

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended June 30, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	289,244		$	(61,846	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(138,557	)		372,860
Total		$	150,687		$	311,014

Effects of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	344,635		$	(109,988	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(585,410	)		933,673
Total		$	(240,775	)	$	823,685

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended June 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain  on Derivatives Recognized in Income		Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign Exchange contracts	Net realized gain (loss) on futures and forward contracts	$	126,515	$	(16,451	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		583,227		(143,989	)
Total		$	709,742	$	(160,440	)

Effects of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain  on Derivatives Recognized in Income		Net Change in Unrealized  Depreciation on Derivatives Recognized in Income
Foreign Exchange contracts	Net realized gain (loss) on futures and forward contracts	$	189,339	$	(102,534	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		2,044,861		(1,281,954	)
Total		$	2,234,200	$	(1,384,488	)

Superfund Gold, L.P. – Series B gross and net unrealized gains and losses by long and short positions as of June 30, 2012:

	As of June 30, 2012
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	9,142		0.1		$	(5,043	)		(0.1	)	$	2,490		0.0	*	$	(95,048	)		(1.0	)	$	(88,459	)
Currency		5,782		0.1			(6,268	)		(0.1	)		—		—			(35,085	)		(0.4	)		(35,571	)
Financial		36,883		0.4			(46,595	)		(0.5	)		94		0.0	*		(461	)		(0.0	)*		(10,079	)
Food & Fiber		2,263		0.0	*		(1,356	)		(0.0	)*		—		—			(9,036	)		(0.1	)		(8,129	)
Indices		46,033		0.5			(464	)		(0.0	)*		—		—			(57,400	)		(0.6	)		(11,831	)
Metals		285,657		3.1			(4,158	)		(0.0	)*		103,490		1.1			(5,910	)		(0.0	)*		379,079
Livestock		—		—			—			—			—		—			(13,160	)		(0.1	)		(13,160	)
Energy		17,716		0.2			—			—			5,668		0.1			(27,047	)		(0.3	)		(3,663	)
Totals	$	403,476		4.4		$	(63,884	)		(0.7	)	$	111,742		1.2		$	(243,147	)		(2.5	)	$	208,187

* Due to rounding

Superfund Gold, L.P. – Series B gross and net unrealized gains and losses by long and short positions as of December 31, 2011:

	As of December 31, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gains  (Losses) on Open Positions
Foreign Exchange	$	2,769		0.0	*	$	(21,155	)		(0.3	)	$	62,919		0.7	$	(23,004	)		(0.2	)	$	21,529
Currency		31,783		0.3			(200	)		(0.0	)*		43,619		0.4		(2,300	)		(0.0	)*		72,902
Financial		16,373		0.1			(13,107	)		(0.1	)		—		—		(5,281	)		(0.1	)		(2,015	)
Food & Fiber		15,100		0.1			(1,125	)		(0.0	)*		40,823		0.4		(29,133	)		(0.3	)		25,665
Indices		4,417		0.0	*		(941	)		(0.0	)*		39,390		0.4		(6,545	)		(0.1	)		36,321
Metals		—		—			(836,253	)		(8.8	)		75,440		0.8		(18,981	)		(0.2	)		(779,794	)
Livestock		—		—			—			—			9,760		0.1		(480	)		(0.0	)*		9,280
Energy		—		—			(41,586	)		(0.4	)		42,200		0.4		—			—			614
Totals	$	70,442		0.5		$	(914,367	)		(9.6	)	$	314,151		3.2	$	(85,724	)		(0.9	)	$	615,498

* Due to rounding

Series B average* monthly contract volume by market sector for quarter ended June 30, 2012:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		49		53	$	423,579	$	403,090

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		370		889
Financial		1,480		234
Food & Fiber		42		163
Indices		161		695
Metals		300		202
Livestock		—		36
Energy		116		237
Totals		2,518		2,509

* Based on quarterly holdings

Series B average* monthly contract volume by market sector for quarter ended June 30, 2011:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		33		40	$	405,871	$	240,722

	Average Number of Long Contracts		Average Number of  Short Contracts
Currency		660		48
Financial		1,163		180
Food & Fiber		74		29
Indices		549		208
Metals		240		91
Livestock		14		15
Energy		87		169
Totals		2,820		780

* Based on quarterly holdings

Series B trading results by market sector:

	For the Three Months Ended June 30, 2012
	Net Realized Gains  (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	289,244		$	(61,846	)	$	227,398
Currency		42,766			(50,499	)		(7,733	)
Financial		444,489			(35,693	)		408,796
Food & Fiber		(247,461	)		52,128			(195,333	)
Indices		28,835			(72,617	)		(43,782	)
Metals		(801,627	)		540,942			(260,685	)
Livestock		105,730			(108,900	)		(3,170	)
Energy		288,711			47,499			336,210
Total net trading gains	$	150,687		$	311,014		$	461,701

	For the Six Months Ended June 30, 2012
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	344,636		$	(109,988	)	$	234,648
Currency		(425,034	)		(108,473	)		(533,507	)
Financial		191,758			(8,064	)		183,694
Food & Fiber		(406,824	)		(33,794	)		(440,618	)
Indices		(67,805	)		(48,152	)		(115,957	)
Metals		(926,257	)		1,158,873			232,616
Livestock		100,088			(22,440	)		77,648
Energy		948,663			(4,277	)		944,386
Total net trading gains (losses)	$	(240,775	)	$	823,685		$	582,910
	For the Three Months Ended June 30, 2011
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	126,515		$	(16,451	)	$	110,064
Currency		291,069			(80,561	)		210,508
Financial		476,546			151,892			628,438
Food & Fiber		(178,977	)		36,463			(142,514	)
Indices		(395,879	)		108,097			(287,782	)
Metals		655,146			(113,403	)		541,743
Livestock		(48,940	)		(42,340	)		(91,280	)
Energy		(215,738	)		(204,137	)		(419,875	)
Total net trading gains (losses)	$	709,742		$	(160,440	)	$	549,302
	For the Six Months Ended June 30, 2011
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	189,339		$	(102,534	)	$	86,805
Currency		284,619			(233,800	)		50,819
Financial		181,667			50,326			231,993
Food & Fiber		(129,617	)		(74,242	)		(203,859	)
Indices		(442,162	)		23,399			(418,763	)
Metals		1,440,677			(851,903	)		588,774
Livestock		33,950			(53,250	)		(19,300	)
Energy		675,727			(142,484	)		533,243
Total net trading gains (losses)	$	2,234,200		$	(1,384,488	)	$	849,712

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Due from/to Brokers

6 Months Ended

Jun. 30, 2012

Due from/to Brokers [Abstract]

Due from/to Brokers

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 June 30, 2012 and December 31, 2011, 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.

On October 31, 2011, MF Global reported to the SEC and the CFTC possible deficiencies in customer segregated accounts held at the firm. As a result, the SEC and CFTC determined that a liquidation proceeding led by the Securities Investor Protection Corporation (“SIPC”) would be the safest and most prudent course of action to protect customer accounts and assets, and SIPC initiated the liquidation of MF Global under the Securities Investor Protection Act. Superfund Capital Management closely monitored MF Global in the weeks prior to October 31, 2011 and began reducing the Fund’s exposure to MF Global. In October, total trading positions and assets of the Fund held at MF Global were reduced and steps were initiated to transfer all remaining positions and assets from MF Global to other clearing brokers prior to the bankruptcy filing. In the fourth quarter of 2011, the SIPC liquidation Trustee announced that the shortfall in the customer segregated funds account could be as much as 22% or more. After consideration of the Fund’s exposure, Superfund Capital Management caused the Fund to take a reserve to account for the Fund’s estimated exposure to such 22% shortfall. Series A-1 recorded a reserve that reduced the net asset value by approximately $74,000, Series A-2 recorded a reserve that reduced the net asset value by approximately $19,000, Series B-1 recorded a reserve that reduced the net asset value by approximately $58,000 and Series B-2 recorded a reserve that reduced the net asset value by approximately $43,000.

Since the Fund’s initial reserve was taken, an active market has developed for MF Global claims similar to the Fund’s. As a result, Superfund Capital Management recently received bids from third parties for the purchase of the Fund’s MF Global claims. Following this process, Superfund Capital Management determined it was in the best interests of the Fund to sell its MF Global claims, and the Fund closed on the sale in the amount of $312,885 for Series A and $335,057 for Series B on June 11, 2012. Although the sale did not close until June 11, 2012, Superfund Capital Management recognized the change in reserve prior to closing the Fund’s books effective May 31, 2012. Because the sale price was slightly less than the carrying amount of the Fund’s assets on deposit at MF Global as reduced by the reserve taken as of October 31, 2011, each Series recognized an additional reduction in value as of May 31, 2012 due to the sale. Such change in reserve is presented as “Loss on MF Global” on the Statements of Operations. The net asset value of the Series A-1 Units was reduced by approximately 0.05% (or approximately $0.86 per Unit); the net asset value of the Series A-2 Units was reduced by approximately 0.05% (or approximately $0.94 per Unit); the net asset value of the Series B-1 Units was reduced by approximately 0.07% (or approximately $1.06 per Unit); and the net asset value of the Series B-2 Units was reduced by approximately 0.07% (or approximately $1.12 per Unit). Following this sale, the Fund no longer has any exposure to MF Global.

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Related Party Transactions

6 Months Ended

Jun. 30, 2012

Related Party Transactions [Abstract]

Related party transactions

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 operating and ongoing offering expenses equal to one-twelfth of 0.75% of month-end net assets (0.75% per annum), when considered together, not to exceed the amount of actual expenses incurred. Superfund Capital Management will also be paid a monthly performance/incentive fee equal to 25% of the new appreciation without respect to interest income or any changes in net asset due to changes in value of the Fund’s dollar for dollar gold position. Trading losses will be carried forward and no further performance/incentive fee may be paid until prior losses have been recovered. In addition, Superfund Asset Management, LLC, an affiliate of Superfund Capital Management, serves as the introducing broker for the Fund’s futures transactions and receives a portion of the brokerage commissions paid by the Fund in connection with its futures trading. Superfund USA, an entity related to Superfund Capital Management by common beneficial 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 commission” 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.

As of June 30, 2012, Superfund Capital Management owned 514.918 Units of Series A-1, representing 6.03% of the total issued Units of Series A-1, and 434.258 Units of Series B-1, representing 10.54% of the total issued Units of Series B-1, having a combined value of 1,330,956. Gains allocated to Units of Series A-1 and Series B-1 owned by Superfund Capital Management were $22,775 for the quarter ended June 30, 2012. Superfund Capital Management did not make any contributions to or withdrawals from any Series during this period.

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Due from/to Brokers (Details) (USD $)	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2012 Series A-1 [Member]	Oct. 31, 2011 Series A-1 [Member]	Jun. 30, 2012 Series A-2 [Member]	Oct. 31, 2011 Series A-2 [Member]	Jun. 30, 2012 Series B-1 [Member]	Oct. 31, 2011 Series B-1 [Member]	Jun. 30, 2012 Series B-2 [Member]	Oct. 31, 2011 Series B-2 [Member]	Jun. 11, 2012 MF Global [Member] SERIES A [Member]	Jun. 11, 2012 MF Global [Member] SERIES B [Member]
Due from to Brokers (Textual) [Abstract]
Reduction in net asset value				$ 74,000		$ 19,000		$ 58,000		$ 43,000
Assets under management carrying amount											312,885	335,057
Percentage of net asset representing reserve changes			0.05%		0.05%		0.07%		0.07%
Net asset representing reserve changes, per unit			0.86		0.94		1.06		1.12
Due from to Brokers (Additional Textual) [Abstract]
Amounts due to brokers	$ 0	$ 0
Percentage of shortfall in customer segregated fund account		22.00%

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Subsequent events

6 Months Ended

Jun. 30, 2012

Subsequent events [Abstract]

Subsequent events

12. 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.

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Nature of Operations (Details) (USD $)	6 Months Ended
	Jun. 30, 2012
Nature of Operations (Additional Textual) [Abstract]
Percentage of Owning Units by Limited Partners of Outstanding Units of Each Series Having Right of Dissolution of Fund	50.00%
Minimum Notice Period for Dissolution	90 days
Minimum Aggregate Net Assets Position Not Resulting in Dissolution	$ 500,000
SERIES A [Member]
Nature of Operations (Textual) [Abstract]
Targeted Average Ratio of Margin to Equity Percentage	20.00%
SERIES B [Member]
Nature of Operations (Textual) [Abstract]
Targeted Average Ratio of Margin to Equity Percentage	30.00%
Leverage ratio used for implementation of fund's futures and forward trading program	1.5

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Condensed Schedule of Investments (Unaudited) (Parenthetical) (USD $)	Aug. 23, 2012	Feb. 23, 2012
United States Treasury Bills due
Limited Partners' Capital Account [Line Items]
United States Treasury Bills, amortized cost	$ 3,898,822	$ 6,400,000
CMX Gold
Limited Partners' Capital Account [Line Items]
Number of contracts		171
SUPERFUND GOLD, L.P. - SERIES A | United States Treasury Bills due
Limited Partners' Capital Account [Line Items]
United States Treasury Bills, amortized cost	2,099,366	3,700,000
SUPERFUND GOLD, L.P. - SERIES A | CMX Gold
Limited Partners' Capital Account [Line Items]
Number of contracts		108
SUPERFUND GOLD, L.P. - SERIES B | United States Treasury Bills due
Limited Partners' Capital Account [Line Items]
United States Treasury Bills, amortized cost	$ 1,799,456	$ 2,700,000
SUPERFUND GOLD, L.P. - SERIES B | CMX Gold
Limited Partners' Capital Account [Line Items]
Number of contracts		63

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Nature of Operations

6 Months Ended

Jun. 30, 2012

Nature of Operations, Basis of Presentation and Significant Accounting Policies and Financial Highlights [Abstract]

Nature of operations

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 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 (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. Series B implements the Fund’s futures and forward trading program at a leverage level equal to approximately 1.5 times that implemented on behalf of Series A. Over the long term (periods of several years), the targeted average ratio of margin to equity for Series A is approximately 20% and approximately 30% for Series B. The leverage with which each of the Series is traded is the only difference between the Series. Sub-Series within a Series are not managed differently. Rather, Series A-1 Units and Series B-1 Units are subject to selling commissions. Series A-2 Units and Series B-2 Units are not subject to selling commissions but are available exclusively to: (i) investors participating in selling agent asset-based or fixed-fee investment programs or a registered investment adviser’s asset-based fee or fixed-fee advisory program through which an investment adviser recommends a portfolio allocation to the Fund and for which Superfund USA, LLC (“Superfund USA”) serves as selling agent, (ii) investors who purchased the Units through Superfund USA or an affiliated broker and who are commodity pools operated by commodity pool operators registered as such with the Commodity Futures Trading Commission (“CFTC”) and (iii) investors who have paid the maximum selling commission on their Series A-1 or Series B-1 Units (by re-designation of such Units as Series A-2 Units or Series B-2 Units as described herein). The foregoing eligibility requirements and selling commissions are the only differences between the Sub-Series within a Series.

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.

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Fair Value Measurements (Details) (USD $)	Jun. 30, 2012	Dec. 31, 2011
ASSETS
Total Assets Measured at Fair Value	$ 4,825,740	$ 6,913,471
LIABILITIES
Total Liabilities Measured at Fair Value	293,034	2,332,759
U S Government Securities [Member]
ASSETS
Total Assets Measured at Fair Value	3,898,822	6,400,000
Unrealized appreciation on open forward contracts [Member]
ASSETS
Total Assets Measured at Fair Value	27,616	134,988
Futures contracts purchased [Member]
ASSETS
Total Assets Measured at Fair Value	899,302	378,483
Unrealized depreciation on open forward contracts [Member]
LIABILITIES
Total Liabilities Measured at Fair Value	223,262	95,397
Futures Contracts Sold [Member]
LIABILITIES
Total Liabilities Measured at Fair Value	69,772	2,237,362
SERIES A [Member]
ASSETS
Total Assets Measured at Fair Value	2,679,159	3,959,271
LIABILITIES
Total Liabilities Measured at Fair Value	154,096	1,463,061
SERIES A [Member] | U S Government Securities [Member]
ASSETS
Total Assets Measured at Fair Value	2,099,366	3,700,000
SERIES A [Member] | Unrealized appreciation on open forward contracts [Member]
ASSETS
Total Assets Measured at Fair Value	15,984	69,300
SERIES A [Member] | Futures contracts purchased [Member]
ASSETS
Total Assets Measured at Fair Value	563,809	189,971
SERIES A [Member] | Unrealized depreciation on open forward contracts [Member]
LIABILITIES
Total Liabilities Measured at Fair Value	123,171	51,238
SERIES A [Member] | Futures Contracts Sold [Member]
LIABILITIES
Total Liabilities Measured at Fair Value	30,925	1,411,823
SERIES B [Member]
ASSETS
Total Assets Measured at Fair Value	2,146,581	2,954,200
LIABILITIES
Total Liabilities Measured at Fair Value	138,938	869,698
SERIES B [Member] | U S Government Securities [Member]
ASSETS
Total Assets Measured at Fair Value	1,799,456	2,700,000
SERIES B [Member] | Unrealized appreciation on open forward contracts [Member]
ASSETS
Total Assets Measured at Fair Value	11,632	65,688
SERIES B [Member] | Futures contracts purchased [Member]
ASSETS
Total Assets Measured at Fair Value	335,493	188,512
SERIES B [Member] | Unrealized depreciation on open forward contracts [Member]
LIABILITIES
Total Liabilities Measured at Fair Value	100,091	44,159
SERIES B [Member] | Futures Contracts Sold [Member]
LIABILITIES
Total Liabilities Measured at Fair Value	38,847	825,539
Level 1 [Member]
ASSETS
Total Assets Measured at Fair Value	899,302	378,483
LIABILITIES
Total Liabilities Measured at Fair Value	69,772	2,237,362
Level 1 [Member] | Futures contracts purchased [Member]
ASSETS
Total Assets Measured at Fair Value	899,302	378,483
Level 1 [Member] | Futures Contracts Sold [Member]
LIABILITIES
Total Liabilities Measured at Fair Value	69,772
Level 1 [Member] | SERIES A [Member]
ASSETS
Total Assets Measured at Fair Value	563,809	189,971
LIABILITIES
Total Liabilities Measured at Fair Value	30,925	1,411,823
Level 1 [Member] | SERIES A [Member] | Futures contracts purchased [Member]
ASSETS
Total Assets Measured at Fair Value	563,809	189,971
Level 1 [Member] | SERIES A [Member] | Futures Contracts Sold [Member]
LIABILITIES
Total Liabilities Measured at Fair Value	30,925	1,411,823
Level 1 [Member] | SERIES B [Member]
ASSETS
Total Assets Measured at Fair Value	335,493	188,512
LIABILITIES
Total Liabilities Measured at Fair Value	38,847	825,539
Level 1 [Member] | SERIES B [Member] | Futures contracts purchased [Member]
ASSETS
Total Assets Measured at Fair Value	335,493	188,512
Level 1 [Member] | SERIES B [Member] | Futures Contracts Sold [Member]
LIABILITIES
Total Liabilities Measured at Fair Value	38,847	825,539
Level 2 [Member]
ASSETS
Total Assets Measured at Fair Value	3,926,438	6,534,988
LIABILITIES
Total Liabilities Measured at Fair Value	223,262	95,397
Level 2 [Member] | U S Government Securities [Member]
ASSETS
Total Assets Measured at Fair Value	3,898,822	6,400,000
Level 2 [Member] | Unrealized appreciation on open forward contracts [Member]
ASSETS
Total Assets Measured at Fair Value	27,616	134,988
Level 2 [Member] | Unrealized depreciation on open forward contracts [Member]
LIABILITIES
Total Liabilities Measured at Fair Value	223,262	95,397
Level 2 [Member] | SERIES A [Member]
ASSETS
Total Assets Measured at Fair Value	2,115,350	3,769,300
LIABILITIES
Total Liabilities Measured at Fair Value	123,171	51,238
Level 2 [Member] | SERIES A [Member] | U S Government Securities [Member]
ASSETS
Total Assets Measured at Fair Value	2,099,366	3,700,000
Level 2 [Member] | SERIES A [Member] | Unrealized appreciation on open forward contracts [Member]
ASSETS
Total Assets Measured at Fair Value	15,984	69,300
Level 2 [Member] | SERIES A [Member] | Unrealized depreciation on open forward contracts [Member]
LIABILITIES
Total Liabilities Measured at Fair Value	123,171	51,238
Level 2 [Member] | SERIES B [Member]
ASSETS
Total Assets Measured at Fair Value	1,811,088	2,765,688
LIABILITIES
Total Liabilities Measured at Fair Value	100,091	44,159
Level 2 [Member] | SERIES B [Member] | U S Government Securities [Member]
ASSETS
Total Assets Measured at Fair Value	1,799,456	2,700,000
Level 2 [Member] | SERIES B [Member] | Unrealized appreciation on open forward contracts [Member]
ASSETS
Total Assets Measured at Fair Value	11,632	65,688
Level 2 [Member] | SERIES B [Member] | Unrealized depreciation on open forward contracts [Member]
LIABILITIES
Total Liabilities Measured at Fair Value	100,091	44,159
Level 3 [Member]
ASSETS
Total Assets Measured at Fair Value
LIABILITIES
Total Liabilities Measured at Fair Value
Level 3 [Member] | U S Government Securities [Member]
ASSETS
Total Assets Measured at Fair Value
Level 3 [Member] | Unrealized appreciation on open forward contracts [Member]
ASSETS
Total Assets Measured at Fair Value
Level 3 [Member] | Futures contracts purchased [Member]
ASSETS
Total Assets Measured at Fair Value
Level 3 [Member] | Unrealized depreciation on open forward contracts [Member]
LIABILITIES
Total Liabilities Measured at Fair Value
Level 3 [Member] | Futures Contracts Sold [Member]
LIABILITIES
Total Liabilities Measured at Fair Value
Level 3 [Member] | SERIES A [Member]
ASSETS
Total Assets Measured at Fair Value
LIABILITIES
Total Liabilities Measured at Fair Value
Level 3 [Member] | SERIES A [Member] | U S Government Securities [Member]
ASSETS
Total Assets Measured at Fair Value
Level 3 [Member] | SERIES A [Member] | Unrealized appreciation on open forward contracts [Member]
ASSETS
Total Assets Measured at Fair Value
Level 3 [Member] | SERIES A [Member] | Futures contracts purchased [Member]
ASSETS
Total Assets Measured at Fair Value
Level 3 [Member] | SERIES A [Member] | Unrealized depreciation on open forward contracts [Member]
LIABILITIES
Total Liabilities Measured at Fair Value
Level 3 [Member] | SERIES A [Member] | Futures Contracts Sold [Member]
LIABILITIES
Total Liabilities Measured at Fair Value
Level 3 [Member] | SERIES B [Member]
ASSETS
Total Assets Measured at Fair Value
LIABILITIES
Total Liabilities Measured at Fair Value
Level 3 [Member] | SERIES B [Member] | U S Government Securities [Member]
ASSETS
Total Assets Measured at Fair Value
Level 3 [Member] | SERIES B [Member] | Unrealized appreciation on open forward contracts [Member]
ASSETS
Total Assets Measured at Fair Value
Level 3 [Member] | SERIES B [Member] | Futures contracts purchased [Member]
ASSETS
Total Assets Measured at Fair Value
Level 3 [Member] | SERIES B [Member] | Unrealized depreciation on open forward contracts [Member]
LIABILITIES
Total Liabilities Measured at Fair Value
Level 3 [Member] | SERIES B [Member] | Futures Contracts Sold [Member]
LIABILITIES
Total Liabilities Measured at Fair Value

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Subscriptions and Redemptions (Details) (USD $)	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Subscriptions and redemptions (Textual) [Abstract]
Partners capital account redemptions	$ 2,516,698	$ 6,659,082
Number of days for redemptions	20 days
Maximum [Member]
Subscriptions and redemptions (Textual) [Abstract]
Partners capital account redemptions	10,000
Minimum [Member]
Subscriptions and redemptions (Textual) [Abstract]
Partners capital account redemptions	$ 1,000

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Indemnification

6 Months Ended

Jun. 30, 2012

Indemnification [Abstract]

Indemnification

11. Indemnification

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund, and therefore cannot be established; however, based on experience, the risk of loss from such claims is considered remote.