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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 September 30, 2012

¨	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.

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

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 September 30, 2012 and December 31, 2011		3

Condensed Schedule of Investments as of September 30, 2012		4

Condensed Schedule of Investments as of December 31, 2011		5

Statements of Operations for the Three and Nine Months Ended September 30, 2012 and September 30, 2011		6

Statements of Changes in Net Assets for the Nine Months Ended September 30, 2012 and September 30, 2011		7

Statement of Cash Flows for the Nine Months Ended September 30, 2012 and September 30, 2011		8

Unaudited Financial Statements: Superfund Gold, L.P. – Series A

Statements of Assets and Liabilities as of September 30, 2012 and December 31, 2011		9

Condensed Schedule of Investments as of September 30, 2012		10

Condensed Schedule of Investments as of December 31, 2011		11

Statements of Operations for the Three and Nine Months Ended September 30, 2012 and September 30, 2011		12

Statements of Changes in Net Assets for the Nine Months Ended September 30, 2012 and September 30, 2011		13

Statement of Cash Flows for the Nine Months Ended September 30, 2012 and September 30, 2011		14

Unaudited Financial Statements: Superfund Gold, L.P. – Series B

Statements of Assets and Liabilities as of September 30, 2012 and December 31, 2011		15

Condensed Schedule of Investments as of September 30, 2012		16

Condensed Schedule of Investments as of December 31, 2011		17

Statements of Operations for the Three and Nine Months Ended September 30, 2012 and September 30, 2011		18

Statements of Changes in Net Assets for the Nine Months Ended September 30, 2012 and September 30, 2011		19

Statements of Cash Flows for the Nine Months Ended September 30, 2012 and September 30, 2011		20

Notes to Unaudited Financial Statements as of and for the Three and Nine Months ended September 30, 2012		21-43

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2012 and December 31, 2011


	September 30, 2012		December 31, 2011

ASSETS

U.S. Government securities, at fair value (amortized cost of $6,400,000 as of December 31, 2011)	$	—	$	6,400,000

Due from brokers		13,751,117		17,505,597

Unrealized appreciation on open forward contracts		92,083		134,988

Futures contracts purchased		2,339,662		—

Futures contracts sold		—		378,483

Cash		11,784,649		5,304,787

Total assets		27,967,511		29,723,855

LIABILITIES

Unrealized depreciation on open forward contracts		94,342		95,397

Futures contracts purchased		—		2,237,362

Futures contracts sold		531,698		—

Subscriptions received in advance		261,901		914,000

Redemptions payable		86,157		904,938

Management fee payable		50,774		107,656

Other fees payable		49,245		105,056

Total liabilities		1,074,117		4,364,409

NET ASSETS	$	26,893,394	$	25,359,446

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2012


	Percentage of
	Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on forward contracts Currency		0.3	%	$	92,083

Total unrealized appreciation on forward contracts		0.3			92,083

Unrealized depreciation on forward contracts Currency		(0.4	)		(94,342	)

Total unrealized depreciation on forward contracts		(0.4	)		(94,342	)

Total forward contracts, at fair value		(0.0	)*%	$	(2,259	)

Futures contracts, at fair value
Futures contracts purchased
Currency		(1.0	)%	$	(278,010	)
Energy		0.4			111,474
Financial		0.8			219,428
Food & Fiber		0.1			34,738
Indices		(2.1	)		(554,731	)
Livestock		0.2			53,850
Metals
CMX Gold expiring December 2012		8.9			2,406,750
Other		1.3			346,163

Total Metals		10.2			2,752,913

Total futures contracts purchased		8.7			2,339,662

Futures contracts sold
Currency		0.1			22,585
Energy		(0.1	)		(38,290	)
Financial		(0.0	)*		(6,608	)
Food & Fiber		(0.1	)		(38,717	)
Livestock		(0.6	)		(159,631	)
Metals		(1.2	)		(311,037	)

Total futures contracts sold		(2.0	)		(531,698	)

Total futures contracts, at fair value		6.7	%	$	1,807,964

Futures and forward contracts by country composition
Australia		0.0	*%	$	12,738
European Monetary Union		(0.0	)*		(13,220	)
Great Britain		0.3			81,797
Japan		(0.1	)		(13,732	)
United States		7.5			2,016,196
Other		(1.0	)		(278,074	)

Total futures and forward contracts by country		6.7	%	$	1,805,705

*	Due to rounding

See accompanying notes to unaudited financial statements.

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
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.

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF OPERATIONS


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Investment income
Interest income	$	1,358		$	2,232		$	2,548		$	10,645
Other Income		1			—			968			—

Total income		1,359			2,232			3,516			10,645

Expenses
Brokerage commissions		161,576			115,714			493,364			410,721
Management fee		150,810			177,498			460,357			505,376
Selling commission		95,667			113,580			290,913			322,540
Incentive fee		—			—			—			648,939
Operating expenses		50,270			59,166			153,452			168,456
Loss on MF Global		—			—			12,764			—
Other		4,360			6,314			12,766			15,479

Total expenses		462,683			472,272			1,423,616			2,071,511

Net investment loss	$	(461,324	)	$	(470,040	)	$	(1,420,100	)	$	(2,060,866	)

Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	478,267		$	2,261,814		$	(401,448	)	$	6,411,015
Net change in unrealized appreciation (depreciation) on futures and forward contracts:		1,171,821			1,682,395			3,624,993			(883,098	)

Net gain on investments	$	1,650,088		$	3,944,209		$	3,223,545		$	5,527,917

Net increase in net assets from operations	$	1,188,764		$	3,474,169		$	1,803,445		$	3,467,051

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS


	Nine Months Ended September 30,
	2012			2011
Increase in net assets from operations
Net investment loss	$	(1,420,100	)	$	(2,060,866	)
Net realized gain (loss) on futures and forward contracts		(401,448	)		6,411,015
Net change in unrealized appreciation (depreciation) on futures and forward contracts		3,624,993			(883,098	)

Net increase in net assets from operations		1,803,445			3,467,051

Capital share transactions
Issuance of Units		2,731,861			8,149,507
Redemption of Units		(3,001,358	)		(8,571,679	)

Net decrease in net assets from capital share transactions		(269,497	)		(422,172	)

Net increase in net assets		1,533,948			3,044,879

Net assets, beginning of period		25,359,446			26,675,225

Net assets, end of period	$	26,893,394		$	29,720,104

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CASH FLOWS


	Nine Months Ended September 30,
	2012			2011
Cash flows from operating activities
Net increase in net assets from operations	$	1,803,445		$	3,467,051
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		(7,948,374	)		(27,546,385	)
Maturities of U.S. government securities		14,350,000			29,848,550
Amortization of discounts and premiums		(1,626	)		(4,078	)
Due from brokers		3,754,480			(4,946,864	)
Due from affiliate		—			5,599
Unrealized appreciation on open forward contracts		42,905			(99,565	)
Unrealized depreciation on open forward contracts		(1,055	)		201,760
Futures contracts purchased		(4,577,024	)		3,273,971
Futures contracts sold		910,181			(2,493,068	)
Incentive fee		—			(409,223	)
Management fees payable		(56,882	)		4,970
Fees payable		(55,811	)		5,810

Net cash provided by operating activities		8,220,239			1,308,528

Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		2,079,762			8,231,690
Redemptions, net of change in redemptions payable		(3,820,139	)		(8,543,610	)

Net cash used in financing activities		(1,740,377	)		(311,920	)

Net increase in cash		6,479,862			996,608
Cash, beginning of period		5,304,787			3,630,425

Cash, end of period	$	11,784,649		$	4,627,033

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. - SERIES A

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2012 and December 31, 2011


	September 30, 2012		December 31, 2011
ASSETS
U.S. Government securities, at fair value (amortized cost of $3,700,000 as of December 31, 2011)	$	—	$	3,700,000

Due from brokers		7,820,253		10,182,255

Unrealized appreciation on open forward contracts		51,923		69,300

Futures contracts purchased		1,519,786		—

Futures contracts sold		—		189,971

Cash		8,883,022		4,325,976

Total assets		18,274,984		18,467,502

LIABILITIES

Unrealized depreciation on open forward contracts		54,399		51,238

Futures contracts purchased		—		1,411,823

Futures contracts sold		286,544		—

Subscriptions received in advance		250,401		336,000

Redemptions payable		86,157		711,068

Management fee payable		33,157		67,674

Other fees payable		34,682		70,546

Total liabilities		745,340		2,648,349

NET ASSETS	$	17,529,644	$	15,819,153

Superfund Gold, L.P. Series A-1 Net Assets	$	14,059,893	$	12,507,057

Number of Units outstanding		8,734.171		8,359.510

Superfund Gold, L.P. Series A-1 Net Asset Value per Unit	$	1,609.76	$	1,496.15

Superfund Gold, L.P. Series A-2 Net Assets	$	3,469,751	$	3,312,096

Number of Units outstanding		1,954.230		2,037.421

Superfund Gold, L.P. Series A-2 Net Asset Value per Unit	$	1,775.51	$	1,625.63

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. - SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2012


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency		0.3	%	$	51,923

Total unrealized appreciation on forward contracts		0.3			51,923

Unrealized depreciation on forward contracts
Currency		(0.3	)		(54,399	)

Total unrealized depreciation on forward contracts		(0.3	)		(54,399	)

Total forward contracts, at fair value		(0.0	)*%	$	(2,476	)

Futures contracts, at fair value
Futures Contracts Purchased
Currency		(0.9	)%	$	(153,649	)
Energy		0.4			68,632
Financial		0.7			119,714
Food & Fiber		0.1			20,025
Indices		(1.7	)		(304,342	)
Livestock		0.2			29,169
Metals
CMX Gold expiring December 2012		8.9			1,556,570
Other		1.0			183,667

Total Metals		9.9			1,740,237

Total futures contracts purchased		8.7			1,519,786

Futures Contracts Sold
Currency		0.1			12,343
Energy		(0.1	)		(20,970	)
Financial		(0.0	)*		(3,482	)
Food & Fiber		(0.1	)		(22,150	)
Livestock		(0.5	)		(86,423	)
Metals		(0.9	)		(165,862	)
Total futures contracts sold		(1.5	)		(286,544	)

Total futures contracts, at fair value		7.2	%	$	1,233,242

Futures and forward contracts by country composition
Australia		0.0	*%	$	6,539
European Monetary Union		(0.0	)*		(6,160	)
Great Britain		0.3			44,419
Japan		(0.0	)*		(4,323	)
United States		7.7			1,342,270
Other		(0.8	)		(151,979	)

Total futures and forward contracts by country		7.2	%	$	1,230,766

*	Due to rounding

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. - SERIES A

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 $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
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.

SUPERFUND GOLD, L.P. - SERIES A

UNAUDITED STATEMENTS OF OPERATIONS


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Investment income
Interest income	$	742		$	1,330		$	1,330		$	5,365
Other income		1			—			520			—

Total income		743			1,330			1,850			5,365

Expenses
Brokerage commissions		87,909			57,575			265,548			186,379
Management fee		97,456			105,613			292,392			279,880
Selling commission		69,139			75,744			206,653			198,842
Incentive fee		—			—			—			243,449
Operating expenses		32,486			35,204			97,464			93,293
Loss on MF Global		—			—			6,925			—
Other		1,953			2,071			5,408			5,524

Total expenses		288,943			276,207			874,390			1,007,367

Net investment loss	$	(288,200	)	$	(274,877	)	$	(872,540	)	$	(1,002,002	)

Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	352,590		$	1,275,578		$	(286,350	)	$	3,190,579
Net change in unrealized appreciation (depreciation) on futures and forward contracts:		805,069			812,130			2,434,556			(368,875	)

Net gain on investments	$	1,157,659		$	2,087,708		$	2,148,206		$	2,821,704

Net increase in net assets from operations	$	869,459		$	1,812,831		$	1,275,666		$	1,819,702

Net increase in net assets from operations per Unit (based upon weighted average number of units outstanding during period) for Series A-1*	$	78.40		$	180.47		$	112.40		$	183.05

Net increase in net assets from operations per Unit (based upon change in net asset value per unit during period) for Series A-1	$	78.34		$	190.76		$	113.61		$	188.38

Net increase in net assets from operations per Unit (based upon weighted average number of units outstanding during period) for Series A-2**	$	95.16		$	191.48		$	151.90		$	204.67

Net increase in net assets from operations per Unit (based upon change in net asset value per unit during period) for Series A-2	$	94.86		$	214.69		$	149.88		$	226.37

See accompanying notes to unaudited financial statements.

*	Weighted average number of Units outstanding for Series A-1 for the Three Months Ended September 30, 2012 and September 30, 2011: 8,637.54 and 8,122.38, respectively; and for the Nine Months Ended September 30, 2012 and September 30, 2011: 8,586.83 and 7,871.84, respectively.

**	Weighted average number of Units outstanding for Series A-2 for the Three Months Ended September 30, 2012 and September 30, 2011: 1,996.61 and 1,811.97, respectively; and for the Nine Months Ended September 30, 2012 and September 30, 2011: 2,027.37 and 1,850.80, respectively.

SUPERFUND GOLD, L.P. - SERIES A

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS


	Nine Months Ended September 30,
	2012			2011
Increase in net assets from operations
Net investment loss	$	(872,540	)	$	(1,002,002	)
Net realized gain (loss) on futures and forward contracts		(286,350	)		3,190,579
Net change in unrealized appreciation (depreciation) on futures and forward contracts		2,434,556			(368,875	)

Net increase in net assets from operations		1,275,666			1,819,702

Capital share transactions
Issuance of Units		1,960,941			6,077,919
Redemption of Units		(1,526,116	)		(3,564,084	)

Net increase in net assets from capital share transactions		434,825			2,513,835

Net increase in net assets		1,710,491			4,333,537

Net assets, beginning of period		15,819,153			13,716,691

Net assets, end of period	$	17,529,644		$	18,050,228

Series A-1 Units, beginning of period		8,359.510			6,916.044
Issuance of Series A-1 Units		1,152.289			2,965.586
Redemption of Series A-1 Units		(777.628	)		(1,645.853	)

Series A-1 Units, end of period		8,734.171			8,235.777

Series A-2 Units, beginning of period		2,037.421			1,724.508
Issuance of Series A-2 Units		88.686			691.201
Redemption of Series A-2 Units		(171.877	)		(520.336	)

Series A-2 Units, end of period		1,954.230			1,895.373

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. - SERIES A

UNAUDITED STATEMENTS OF CASH FLOWS


	Nine Months Ended September 30,
	2012			2011
Cash flows from operating activities
Net increase in net assets from operations	$	1,275,666		$	1,819,702
Adjustments to reconcile net increase 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		(4,249,133	)		(14,448,163	)
Maturities of U.S. government securities		7,950,000			15,199,271
Amortization of discounts and premiums		(867	)		(2,089	)
Due from brokers		2,362,002			(3,753,063	)
Due from affiliate		—			5,599
Unrealized appreciation on open forward contracts		17,377			(66,320	)
Unrealized depreciation on open forward contracts		3,161			106,482
Futures contracts purchased		(2,931,609	)		1,548,342
Futures contracts sold		476,515			(1,219,629	)
Incentive Fee		—			(198,986	)
Management fees payable		(34,517	)		8,075
Fees payable		(35,864	)		8,749

Net cash provided by (used in) operating activities		4,832,731			(992,030	)

Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		1,875,342			6,272,289
Redemptions, net of change in redemptions payable		(2,151,027	)		(3,380,113	)

Net cash used in (provided by) financing activities		(275,685	)		2,892,176

Net increase in cash		4,557,046			1,900,146

Cash, beginning of period		4,325,976			2,215,532

Cash, end of period	$	8,883,022		$	4,115,678

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. - SERIES B

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2012 and December 31, 2011


	September 30, 2012		December 31, 2011
ASSETS
U.S. Government securities, at fair value, (amortized cost of $2,700,000 as of December 31, 2011)	$	—	$	2,700,000
Due from brokers		5,930,864		7,323,342
Unrealized appreciation on open forward contracts		40,160		65,688
Futures contracts purchased		819,876		—
Futures contracts sold		—		188,512
Cash		2,901,627		978,811

Total assets		9,692,527		11,256,353

LIABILITIES
Unrealized depreciation on open forward contracts		39,943		44,159
Futures contracts purchased		—		825,539
Futures contracts sold		245,154		—
Subscriptions received in advance		11,500		578,000
Redemptions payable		—		193,870
Management fee payable		17,617		39,982
Other fees payable		14,563		34,510

Total liabilities		328,777		1,716,060

NET ASSETS	$	9,363,750	$	9,540,293

Superfund Gold, L.P. Series B-1 Net Assets	$	5,191,774	$	5,617,352

Number of Units outstanding		4,025.986		4,524.265

Superfund Gold, L.P. Series B-1 Net Asset Value per Unit	$	1,289.57	$	1,241.61

Superfund Gold, L.P. Series B-2 Net Assets	$	4,171,976	$	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	$	1,371.56	$	1,300.90

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. - SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2012


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency		0.4	%	$	40,160

Total unrealized appreciation on forward contracts		0.4			40,160

Unrealized depreciation on forward contracts
Currency		(0.4	)		(39,943	)

Total unrealized depreciation on forward contracts		(0.4	)		(39,943	)

Total forward contracts, at fair value		0.0	*%	$	217

Futures contracts, at fair value
Futures Contracts Purchased
Currency		(1.3	)%	$	(124,361	)
Energy		0.5			42,842
Financial		1.1			99,714
Food & Fiber		0.2			14,713
Indices		(2.7	)		(250,389	)
Livestock		0.3			24,681
Metals
CMX Gold expiring December 2012		9.1			850,180
Other metals		1.7			162,496

Total Metals		10.8			1,012,676

Total futures contracts purchased		8.9			819,876

Futures Contracts Sold
Currency		0.1			10,242
Energy		(0.2	)		(17,320	)
Financial		(0.0	)*		(3,126	)
Food & Fiber		(0.2	)		(16,567	)
Livestock		(0.8	)		(73,208	)
Metals		(1.6	)		(145,175	)

Total futures contracts sold		(2.7	)		(245,154	)

Total futures contracts, at fair value		6.2	%	$	574,722

Futures and forward contracts by country composition
Australia		0.1	%	$	6,199
European Monetary Union		(0.1	)		(7,060	)
Great Britain		0.4			37,378
Japan		(0.1	)		(9,409	)
United States		7.2			673,926
Other		(1.3	)		(126,095	)

Total futures and forward contracts by country		6.2	%	$	574,939

*	Due to rounding

See accompanying notes to unaudited financial statements.

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
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.

SUPERFUND GOLD, L.P. - SERIES B

UNAUDITED STATEMENTS OF OPERATIONS


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Investment income
Interest income	$	616		$	902		$	1,218		$	5,280
Other income		—			—			448			—

Total income		616			902			1,666			5,280

Expenses
Brokerage commissions		73,667			58,139			227,816			224,342
Management fee		53,354			71,885			167,965			225,496
Selling commission		26,528			37,836			84,260			123,698
Incentive Fee		—			—			—			405,490
Operating expenses		17,784			23,962			55,988			75,163
Loss on MF Global		—			—			5,839			—
Other		2,407			4,243			7,358			9,955

Total expenses		173,740			196,065			549,226			1,064,144

Net investment loss	$	(173,124	)	$	(195,163	)	$	(547,560	)	$	(1,058,864	)

Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	125,677		$	986,236		$	(115,098	)	$	3,220,436
Net change in unrealized appreciation (depreciation) on futures and forward contracts:		366,752			870,265			1,190,437			(514,223	)

Net gain on investments	$	492,429		$	1,856,501		$	1,075,339		$	2,706,213

Net increase in net assets from operations	$	319,305		$	1,661,338		$	527,779		$	1,647,349

Net increase in net assets from operations per Unit (based upon weighted average number of units outstanding during period) for Series B-1*	$	41.01		$	205.46		$	58.96		$	161.94

Net increase in net assets from operations per Unit (based upon change in net asset value per unit during period) for Series B-1	$	40.56		$	195.61		$	47.96		$	179.66

Net increase in net assets from operations per Unit (based upon weighted average number of units outstanding during period) for Series B-2**	$	49.78		$	229.20		$	88.63		$	212.79

Net increase in net assets from operations per Unit (based upon change in net asset value per unit during period) for Series B-2	$	49.78		$	210.88		$	70.66		$	206.16

See accompanying notes to unaudited financial statements.

*	Weighted average number of Units outstanding for Series B-1 for the Three Months Ended September 30, 2012 and September 30, 2011: 4,099.83 and 4,648.34, respectively; and for the Nine Months Ended September 30, 2012 and September 30, 2011: 4,293.04 and 5,696.03, respectively.

**	Weighted average number of Units outstanding for Series B-2 for the Three Months Ended September 30, 2012 and September 30, 2011: 3,041.78 and 3,081.49, respectively; for the Nine Months Ended September 30, 2012 and September 30, 2011: 3,108.25 and 3,406.81, respectively.

SUPERFUND GOLD, L.P. - SERIES B

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS


	Nine Months Ended September 30,
	2012			2011
Increase in net assets from operations
Net investment loss	$	(547,560	)	$	(1,058,864	)
Net realized gain (loss) on futures and forward contracts		(115,098	)		3,220,436
Net change in unrealized appreciation (depreciation) on futures and forward Contracts		1,190,437			(514,223	)

Net increase in net assets from operations		527,779			1,647,349

Capital share transactions
Issuance of Units		770,920			2,071,588
Redemption of Units		(1,475,242	)		(5,007,595	)

Net decrease in net assets from capital share transactions		(704,322	)		(2,936,007	)

Net decrease in net assets		(176,543	)		(1,288,658	)

Net assets, beginning of period		9,540,293			12,958,534

Net assets, end of period	$	9,363,750		$	11,669,876

Series B-1 Units, beginning of period		4,524.265			5,784.122
Issuance of Series B-1 Units		206.778			1,273.912
Redemption of Series B-1 Units		(705.057	)		(2,523.599	)

Series B-1 Units, end of period		4,025.986			4,534.435

Series B-2 Units, beginning of period		3,015.557			3,700.480
Issuance of Series B-2 Units		389.874			233.456
Redemption of Series B-2 Units		(363.648	)		(971.329	)

Series B-2 Units, end of period		3,041.783			2,962.607

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. - SERIES B

UNAUDITED STATEMENTS OF CASH FLOWS


	Nine Months Ended September 30,
	2012			2011
Cash flows from operating activities
Net increase in net assets from operations	$	527,779		$	1,647,349
Adjustments to reconcile net increase 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	)		(13,098,222	)
Maturities of U.S. government securities		6,400,000			14,649,279
Amortization of discounts and premiums		(759	)		(1,989	)
Due from brokers		1,392,478			(1,193,801	)
Unrealized appreciation on open forward contracts		25,528			(33,245	)
Unrealized depreciation on open forward contracts		(4,216	)		95,278
Futures contracts purchased		(1,645,415	)		1,725,629
Futures contracts sold		433,666			(1,273,439	)
Incentive fee		—			(210,237	)
Management fees payable		(22,365	)		(3,105	)
Fees payable		(19,947	)		(2,939	)

Net cash provided by operating activities		3,387,508			2,300,558

Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		204,420			1,959,401
Redemptions, net of change in redemptions payable		(1,669,112	)		(5,163,497	)

Net cash used in financing activities		(1,464,692	)		(3,204,096	)

Net increase (decrease) in cash		1,922,816			(903,538	)

Cash, beginning of period		978,811			1,414,893

Cash, end of period	$	2,901,627		$	511,355

See accompanying notes to unaudited financial statements.

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

NOTES TO UNAUDITED FINANCIAL STATEMENTS

September 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.

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

Superfund Gold, L.P.


	Balance September 30, 2012		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	92,083	$	—	$	92,083	$	—
Futures contracts purchased		2,339,662		2,339,662		—		—

Total Assets Measured at Fair Value	$	2,431,745	$	2,339,662	$	92,083	$	—

LIABILITIES
Unrealized depreciation on open forward contracts	$	94,342	$	—	$	94,342	$	—
Futures contracts sold		531,698		531,698		—		—

Total Liabilities Measured at Fair Value	$	626,040	$	531,698	$	94,342	$	—


	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 sold		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 purchased		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 September 30, 2012		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	51,923	$	—	$	51,923	$	—
Futures contracts purchased		1,519,786		1,519,786		—		—

Total Assets Measured at Fair Value	$	1,571,709	$	1,519,786	$	51,923	$	—

LIABILITIES
Unrealized depreciation on open forward contracts	$	54,399	$	—	$	54,399	$	—
Futures contracts sold		286,544		286,544		—		—

Total Liabilities Measured at Fair Value	$	340,943	$	286,544	$	54,399	$	—


	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 sold		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 purchased		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 September 30, 2012		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	5,930,864	$	—	$	5,930,864	$	—
Futures contracts purchased		819,876		819,876		—		—

Total Assets Measured at Fair Value	$	6,750,740	$	819,876	$	5,930,864	$	—

LIABILITIES
Unrealized depreciation on open forward contracts	$	39,943	$	—	$	39,943	$	—
Futures contracts sold		245,154		245,154		—		—

Total Liabilities Measured at Fair Value	$	285,097	$	245,154	$	39,943	$	—


	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 sold		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 purchased		825,539		825,539		—		—

Total Liabilities Measured at Fair Value	$	869,698	$	825,539	$	44,159	$	—

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 September 30, 2012, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2012		Liability Derivatives at September 30, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	92,083	$	—		$	92,083
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(94,342	)		(94,342	)
Futures contracts	Futures contracts purchased		2,339,662		—			2,339,662
Futures contracts	Futures contracts sold		—		(531,698	)		(531,698	)

Totals		$	2,431,745	$	(626,040	)	$	1,805,705

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 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 September 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 on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	(435,379	)	$	193,387
Futures contracts	Net realized gain on futures and forward contracts		913,646			978,434

Total		$	478,267		$	1,171,821

Effects of Derivative Instruments on the Statement of Operations for the Nine Months Ended September 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	$	286,444		$	(41,850	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(687,892	)		3,666,843

Total		$	(401,448	)	$	3,624,993

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


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 on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	(255,706	)	$	78,253
Futures contracts	Net realized gain on futures and forward contracts		2,517,520			1,604,142

Total		$	2,261,814		$	1,682,395

Effects of Derivative Instruments on the Statement of Operations for the Nine Months Ended September 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	$	92,885	$	(102,193	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		6,318,130		(780,905	)

Total		$	6,411,015	$	(883,098	)

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


	As of September 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 Gains (Losses) on Open Positions
Foreign Exchange	$	76,179		0.3	$	(42,845	)		(0.2	)	$	15,904		0.1	$	(51,497	)		(0.2	)	$	(2,259	)
Currency		48,288		0.2		(326,298	)		(1.2	)		24,022		0.1		(1,437	)		(0.0	)*		(255,425	)
Financial		233,281		0.9		(13,853	)		(0.1	)		—		—		(6,608	)		(0.0	)*		212,820
Food & Fiber		34,738		0.1		—			—			16,706		0.1		(55,423	)		(0.2	)		(3,979	)
Indices		35,106		0.1		(589,837	)		(2.2	)		—		—		—			—			(554,731	)
Metals		2,755,888		10.2		(2,975	)		(0.0	)*		—		—		(311,037	)		(1.2	)		2,441,876
Livestock		53,850		0.2		—			—			14,910		0.1		(174,541	)		(0.6	)		(105,781	)
Energy		124,344		0.5		(12,870	)		(0.0	)*		—		—		(38,290	)		(0.1	)		73,184

Totals	$	3,361,674		12.5	$	(988,678	)		(3.7	)	$	71,542		0.3	$	(638,833	)		(2.4	)	$	1,805,705

*	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 September 30, 2012:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		86		58	$	179,828	$	338,488


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		917		869
Financial		2,798		533
Food & Fiber		40		69
Indices		1,622		689
Metals		644		206
Livestock		28		89
Energy		464		308

Totals		6,599		2,821

*	Based on quarterly holdings

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


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		54		53	$	302,988	$	304,712


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		783		163
Financial		1,405		390
Food & Fiber		200		77
Indices		453		561
Metals		311		161
Livestock		64		46
Energy		218		489

Totals		3,488		1,940

*	Based on quarterly holdings

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


	For the Three Months Ended September 30, 2012
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(435,379	)	$	193,387		$	(241,992	)
Currency		(723,348	)		(176,540	)		(899,888	)
Financial		379,116			231,909			611,025
Food & Fiber		348,496			12,076			360,572
Indices		147,234			(540,502	)		(393,268	)
Metals		1,558,127			1,451,467			3,009,594
Livestock		(82,950	)		(77,591	)		(160,541	)
Energy		(713,029	)		77,615			(635,414	)

Total net trading gains	$	478,267		$	1,171,821		$	1,650,088


	For the Nine Months Ended September 30, 2012
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	286,444		$	(41,850	)	$	244,594
Currency		(1,565,482	)		(409,190	)		(1,974,672	)
Financial		843,671			218,877			1,062,548
Food & Fiber		(526,221	)		(57,989	)		(584,210	)
Indices		106,786			(621,795	)		(515,009	)
Metals		(1,011,165	)		4,586,528			3,575,363
Livestock		124,155			(124,731	)		(576	)
Energy		1,340,364			75,143			1,415,507

Total net trading gains (losses)	$	(401,448	)	$	3,624,993		$	3,223,545


	For the Three Months Ended September 30, 2011
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(255,706	)	$	78,253		$	(177,453	)
Currency		(791,442	)		56,094			(735,348	)
Financial		2,943,880			(234,568	)		2,709,312
Food & Fiber		(406,064	)		165,339			(240,725	)
Indices		(203,692	)		(322,098	)		(525,790	)
Metals		2,195,727			499,846			2,695,573
Livestock		(211,200	)		11,520			(199,680	)
Energy		(1,009,689	)		1,428,009			418,320

Total net trading gains	$	2,261,814		$	1,682,395		$	3,944,209


	For the Nine Months Ended September 30, 2011
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	92,885		$	(102,193	)	$	(9,308	)
Currency		(330,404	)		(351,429	)		(681,833	)
Financial		3,357,654			(134,801	)		3,222,853
Food & Fiber		(644,748	)		39,374			(605,374	)
Indices		(1,129,675	)		(246,451	)		(1,376,126	)
Metals		5,110,059			(1,174,394	)		3,935,665
Livestock		(147,690	)		(84,320	)		(232,010	)
Energy		102,934			1,171,116			1,274,050

Total net trading gains (losses)	$	6,411,015		$	(883,098	)	$	5,527,917

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 September 30, 2012, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2012		Liability Derivatives at September 30, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	51,923	$	—		$	51,923
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(54,399	)		(54,399	)
Futures contracts	Futures contracts purchased		1,519,786		—			1,519,786
Futures contracts	Futures contracts sold		—		(286,544	)		(286,544	)

Totals		$	1,571,709	$	(340,943	)	$	1,230,766

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 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 September 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 on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	(242,724	)	$	104,711
Futures contracts	Net realized gain on futures and forward contracts		595,314			700,358

Total		$	352,590		$	805,069

Effects of Derivative Instruments on the Statement of Operations for the Nine Months Ended September 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	$	134,463		$	(20,538	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(420,813	)		2,455,094

Total		$	(286,350	)	$	2,434,556

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


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 on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	(132,628	)	$	37,751
Futures contracts	Net realized gain on futures and forward contracts		1,408,206			774,379

Total		$	1,275,578		$	812,130

Effects of Derivative Instruments on the Statement of Operations for the Nine Months Ended September 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	$	26,624	$	(40,161	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		3,163,955		(328,714	)

Total		$	3,190,579	$	(368,875	)

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


	As of September 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 Gains (Losses) on Open Positions
Foreign Exchange	$	42,893		0.2	$	(26,737	)		(0.1	)	$	9,030		0.1		$	(27,662	)		(0.2	)	$	(2,476	)
Currency		26,313		0.1		(179,962	)		(1.0	)		13,088		0.1			(745	)		(0.0	)*		(141,306	)
Financial		127,329		0.7		(7,615	)		(0.0	)*		—		—			(3,482	)		(0.0	)*		116,232
Food & Fiber		20,025		0.1		—			—			8,848		0.1			(30,998	)		(0.2	)		(2,125	)
Indices		18,720		0.1		(323,062	)		(1.8	)		—		—			—			—			(304,342	)
Metals		1,741,912		9.9		(1,675	)		(0.0	)*		—		—			(165,862	)		(0.9	)		1,574,375
Livestock		29,169		0.2		—			—			7,960		0.0	*		(94,383	)		(0.5	)		(57,254	)
Energy		75,808		0.4		(7,176	)		(0.0	)*		—		—			(20,970	)		(0.1	)		47,662

Totals	$	2,082,169		11.7	$	(546,227	)		(2.9	)	$	38,926		0.3		$	(344,102	)		(1.9	)	$	1,230,766

*	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	$	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 September 30, 2012:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		45		30	$	99,466	$	188,230


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		500		468
Financial		1,513		289
Food & Fiber		21		39
Indices		894		367
Metals		359		110
Livestock		15		48
Energy		253		168

Totals		3,600		1,519

*	Based on quarterly holdings

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


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		27		26	$	149,110	$	151,417


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		389		79
Financial		674		183
Food & Fiber		98		38
Indices		219		280
Metals		163		80
Livestock		32		23
Energy		109		242

Totals		1,711		951

*	Based on quarterly holdings

Series A trading results by market sector:


	For the Three Months Ended September 30, 2012
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(242,724	)	$	104,711		$	(138,013	)
Currency		(392,736	)		(97,992	)		(490,728	)
Financial		202,544			125,242			327,786
Food & Fiber		182,618			5,801			188,419
Indices		102,522			(301,944	)		(199,422	)
Metals		938,160			963,045			1,901,205
Livestock		(44,540	)		(42,224	)		(86,764	)
Energy		(393,254	)		48,430

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SUPERFUND GOLD, L.P. 10-Q