UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K/A

þ

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

For the Fiscal Year Ended December 31, 2009

OR

o

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

For the transition period from                      to                     

Commission File Number 000-53764

SUPERFUND GOLD, L.P.

(Exact name of registrant as specified in its charter)

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

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

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

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

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

Units of Limited Partnership Interest
(Title of Class)

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

Yes o      No þ

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

Yes o      No þ

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

Yes þ      No o

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

Yes o      No o

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

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

Large accelerated filer o		Accelerated filer o		Non-accelerated filer o		Smaller reporting company þ
				(do not check if a smaller reporting company)

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

Yes o      No þ

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

Not applicable.

 

 

EXPLANATORY NOTE

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

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

Item 9A. Controls And Procedures.

Controls and Procedures

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

Changes in Internal Control over Financial Reporting

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

Management’s Annual Report on Internal Control over Financial Reporting

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

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

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

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

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

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

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

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

Item 15. Exhibits, Financial Statement Schedules.

(a)

The Following documents are filed as part of this report:

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

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

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

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

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

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

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

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

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

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

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

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

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

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

See accompanying notes to financial statements.

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

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

See accompanying notes to financial statements.

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

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

See accompanying notes to financial statements.

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

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

See accompanying notes to financial statements.

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

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

See accompanying notes to financial statements.

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

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

See accompanying notes to financial statements.

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

						Percentage of
		Face Value				Net Assets				Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due February 25, 2010 (amortized cost $1,549,939), securities are held in margin accounts as collateral for open futures and forwards		$	1,550,000				45.1	%		$	1,549,939
Futures Contracts, at fair value
Futures Contracts Purchased
Currency							(0.4	)			(15,097	)
Energy							(0.0	)*			(1,336	)
Financial							(0.3	)			(8,773	)
Food & Fiber							0.5				18,003
Indices							0.5				15,844
Metals
35 contracts of CMX Gold expiring February 2010							(6.8	)			(263,040	)
Other							(1.6	)			(23,830	)
Total Metals							(8.4	)			(286,870	)
Total futures contracts purchased							(8.1	)			(278,229	)
Futures Contracts Sold
Energy							(0.0)	*			(780	)
Financial							0.0	*			845
Food & Fiber							(0.1	)			(2,063	)
Livestock							(0.0)	*			(1,080	)
Total futures contracts sold							(0.1	)			(3,078	)
Total futures contracts, at fair value							(8.2	)			(281,307	)
Futures contracts by country composition
European Monetary Union							(0.4	)			(14,015	)
United States							(8.1	)			(277,640	)
Other							0.3				10,348
Total futures contracts by country							(8.2	)%		$	(281,307	)

See accompanying notes to financial statements.

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

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

See accompanying notes to financial statements.

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

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

See accompanying notes to financial statements.

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

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

See accompanying notes to financial statements.

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

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

See accompanying notes to financial statements.

 

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

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

See accompanying notes to financial statements.

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

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

See accompanying notes to financial statements.

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

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

See accompanying notes to financial statements.

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

(1)		Nature of Operations
		Organization and Business
		Superfund Gold, L.P., a Delaware Limited Partnership (the “Fund”), commenced operations on April 1, 2009. The Fund was organized to trade speculatively in the United States and international commodity futures and forward markets using a strategy developed by Superfund Capital Management, Inc., the general partner and trading advisor of the Fund (“Superfund Capital Management”). The Fund has issued two series of units of limited partnership interest (“Units”), each with a subseries, Series A-1/A-2 and Series B-1/B-2 (each a “Series”). Series A-1/A-2 and Series B-1/B-2 are traded and managed the same way, with the exception of the degree of leverage.
		The term of the Fund commenced on the day on which the Certificate of Limited Partnership was filed with the Secretary of State of the State of Delaware pursuant to the provisions of the Delaware Revised Uniform Limited Partnership Act and shall end upon the first to occur of the following: (i) receipt by Superfund Capital Management of an approval to dissolve the Fund at a specified time by limited partners (each, a “Limited Partner”) owning Units representing more than fifty percent (50%) of the outstanding Units of each Series then owned by Limited Partners of each Series, notice of which is sent by certified mail return receipt requested to Superfund Capital Management not less than 90 days prior to the effective date of such dissolution; (ii) withdrawal, insolvency or dissolution of Superfund Capital Management or any other event that causes Superfund Capital Management to cease to be the general partner of the Fund, unless (a) at the time of each event there is at least one remaining general partner of the Fund who carries on the business of the Fund (and each remaining general partner of the Fund is hereby authorized to carry on the business of general partner of the Fund in such an event), or (b) within 120 days after such event Limited Partners of a Series holding a majority of Units of such Series agree in writing to continue the business of the Fund and such Series and to the appointment, effective as of the date of such event, of one or more general partners of the Fund and such Series; (iii) a decline in the aggregate net assets of each Series to less than $500,000 at any time following commencement of trading in the Series; or (iv) any other event which shall make it unlawful for the existence of the Fund to be continued or which requires termination of the Fund.
(2)		Significant Accounting Policies

	(a)		Basis of Presentation
			Pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”), audited financial statements are presented for the Fund as a whole, as the SEC regulates, and for Series A and Series B individually. The accompanying financial statements and notes thereto have been amended from the financial statements originally issued on March 31, 2010 to include financial statements and footnote totals for the Fund as a whole. For the avoidance of doubt, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable only against the assets of such Series and not against the assets of the Fund generally or any other Series. Accordingly, the assets of one Series of the Fund include only those funds and other assets that are paid to, held by or distributed to the Fund on account of and for the benefit of that Series, including, without limitation, funds delivered to the Fund for the purchase of Units in that Series.
	(b)		Valuation of Investments in Futures Contracts, Forward Contracts, and U.S Treasury Bills
			All commodity interests (including derivative financial instruments and derivative commodity instruments) are used for trading purposes. The commodity interests are recorded on a trade date basis and open contracts are recorded in the statements of assets and liabilities at fair value based upon market quotes on the last business day of the period. Exchange-traded futures contracts are valued at settlement prices published by the recognized exchange. Any spot and forward foreign currency contracts held by the Fund will be valued at published settlement prices or at dealers’ quotes. The Fund uses the amortized cost method for valuing the U.S. Treasury Bills due to the short term nature of such investments; accordingly, the cost of securities plus accreted discount, or minus amortized premium, approximates fair value.
	(c)		Translation of Foreign Currency
			Assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the period end exchange rates. Purchases and sales of investments, and income and expenses that are denominated in foreign currencies are translated into U.S. dollar amounts on the transaction date. Adjustments arising from foreign currency transactions are reflected in the statements of operations.
			The Fund does not isolate that portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in net gain (loss) on investments in the statements of operations.
	(d)		Investment Transactions, Investment Income, and Expenses
			Investment transactions are accounted for on a trade-date basis. Interest income and expenses are recognized on the accrual basis.

	(e)		Income Taxes
			The Fund does not record a provision for U.S. income taxes because the partners report their share of the Fund’s income or loss on their returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes.
			Superfund Capital Management has evaluated the application of Accounting Standards Codification (“ASC”) 740 to the Fund, to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this evaluation, the Fund has determined no reserves for uncertain tax position are required to be recorded as a result of the application of ASC 740. As a result, no income tax liability or expense has been recorded in the accompanying financial statements. The Fund files federal and various state tax returns. The 2009 tax year generally remains subject to examination by the U.S. federal and most state tax authorities.
	(f)		Use of Estimates
			The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires Superfund Capital Management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements. Actual results could differ from those estimates.
	(g)		Recently Issued Accounting Pronouncements
			ASC 105.10.05
			In June 2009, the Financial Accounting Standards Board (“FASB”) issued FASB ASC 105.10.05, Generally Accepted Accounting Principles (“ASC 105.10.05”). ASC 105.10.05 establishes FASB ASC as the single source of authoritative generally accepted accounting principles (“GAAP”). Pursuant to the provisions of ASC 105.10.05, the Fund has adopted 105.10.05 and updated references to GAAP in its financial statements issued subsequent to September 15, 2009. The adoption of ASC 105.10.05 did not have any impact on the Fund’s results of operations, financial condition or cash flows.
			ASU 2010-06
			In January 2010, FASB issued Accounting Standards Update No. 2010-06 (“ASU 2010-06”), Improving Disclosures about Fair Value Measurements, which, among other things, amends ASC 820 to require entities to separately present purchases, sales, issuances, and settlements in their reconciliation of Level 3 fair value measurements (i.e. to present such items on a gross basis rather than on a net basis), and which clarifies existing disclosure requirements provided by ASC 820 regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy. ASU 2010-06 is effective for interim and annual periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements (which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years). Superfund Capital Management is currently evaluating the impact of ASU 2010-06 on the Fund’s financial statements.
	(h)		Fair Value Measurements
			The Fund follows ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below:

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

			A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining fair value, the Fund separates its financial instruments into two categories: U.S. government securities and derivative contracts.
			U.S. Government Securities. The Fund’s only market exposure in instruments held other than for trading is in its U.S. Treasury Bill portfolio. As the Fund uses the amortized cost method for valuing its U.S. Treasury Bill portfolio, which approximates fair value, this portfolio is classified within level 2 of the fair value hierarchy.
			Derivative Contracts. Derivative contracts can be exchange-traded or over-the-counter (“OTC”). Exchange-traded

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

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

Certain OTC derivatives traded in less liquid markets with limited pricing information, and the determination of fair value for these derivatives is inherently more difficult. Such instruments are classified within level 3 of the fair value hierarchy. Where the Fund does not have corroborating market evidence to support significant model inputs and cannot verify the model to market transactions, transaction price is initially used as the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so that the model value at inception equals the transaction price. The valuations of these less liquid OTC derivatives are typically based on level 1 and/or level 2 inputs that can be observed in the market, as well as unobservable level 3 inputs. Subsequent to initial recognition, the Fund updates the level 1 and level 2 inputs to reflect observable market changes, with resulting gains and losses reflected within level 3. Level 3 inputs are only changed when corroborated by evidence such as similar market transactions, third-party pricing services and/or broker or dealer quotations, or other empirical market data. In circumstances where the Fund cannot verify the model value to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. The Fund attempts to avoid holding less liquid OTC derivatives. However, once held, the market for any particular derivative contract could become less liquid during the holding period.

As of and during the period from April 1, 2009, through December 31, 2009, the Fund held no derivative contracts valued using level 3 inputs.

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

Superfund Gold, L.P.

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

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

Series A.

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