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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 March 31, 2013

¨	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 March 31, 2013 and December 31, 2012		3

Condensed Schedule of Investments as of March 31, 2013		4

Condensed Schedule of Investments as of December 31, 2012		5

Statements of Operations for the Three Months Ended March 31, 2013 and March 31, 2012		6

Statements of Changes in Net Assets for the Three Months Ended March 31, 2013 and March 31, 2012		7

Statements of Cash Flows for the Three Months Ended March 31, 2013 and March 31, 2012		8

Unaudited Financial Statements: Superfund Gold, L.P. – Series A
Statements of Assets and Liabilities as of March 31, 2013 and December 31, 2012		9

Condensed Schedule of Investments as of March 31, 2013		10

Condensed Schedule of Investments as of December 31, 2012		11

Statements of Operations for the Three Months Ended March 31, 2013 and March 31, 2012		12

Statements of Changes in Net Assets for the Three Months Ended March 31, 2013 and March 31, 2012		13

Statements of Cash Flows for the Three Months Ended March 31, 2013 and March 31, 2012		14

Unaudited Financial Statements: Superfund Gold, L.P. – Series B
Statements of Assets and Liabilities as of March 31, 2013 and December 31, 2012		15

Condensed Schedule of Investments as of March 31, 2013		16

Condensed Schedule of Investments as of December 31, 2012		17

Statements of Operations for the Three Months Ended March 31, 2013 and March 31, 2012		18

Statements of Changes in Net Assets for the Three Months Ended March 31, 2013 and March 31, 2012		19

Statements of Cash Flows for the Three Months Ended March 31, 2013 and March 31, 2012		20

Notes to Unaudited Financial Statements		21-39

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of March 31, 2013 and December 31, 2012


	March 31, 2013		December 31, 2012
ASSETS

Due from brokers	$	13,178,994	$	13,552,648

Unrealized appreciation on open forward contracts		60,288		182,189

Futures contracts purchased		839,916		30,068

Futures contracts sold		876,219		155,131

Cash		8,237,223		9,250,263


Total assets		23,192,640		23,170,299


LIABILITIES

Unrealized depreciation on open forward contracts		23,502		101,789

Futures contracts purchased		573,008		89,610

Futures contracts sold		178,547		—

Subscriptions received in advance		175,720		84,515

Redemptions payable		1,524,096		444,547

Management fee payable		41,704		42,929

Fees payable		39,193		40,220


Total liabilities		2,555,770		803,610


NET ASSETS	$	20,636,870	$	22,366,689

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of March 31, 2013


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency		0.3	%	$	60,288

Total unrealized appreciation on forward contracts		0.3			60,288


Unrealized depreciation on forward contracts
Currency		(0.1	)		(23,502	)

Total unrealized depreciation on forward contracts		(0.1	)		(23,502	)


Total forward contracts, at fair value		0.2	%	$	36,786


Futures contracts, at fair value
Futures contracts purchased
Currency		0.1	%	$	25,881
Energy
Natural Gas expiring May 2013		1.0			205,500
Other		0.8			172,441

Total Energy		1.8			377,941
Financial		1.6			324,506
Food & Fiber		(0.7	)		(146,112	)
Indices		(0.0	)*		(5,069	)
Metals		(1.5	)		(310,239	)

Total futures contracts purchased		1.3			266,908


Futures contracts sold
Currency		(0.1	)		(24,719	)
Energy		(0.3	)		(66,899	)
Food & Fiber		0.2			35,039
Indices		(0.1	)		(17,620	)
Livestock		0.1			18,240
Metals
LME Aluminum expiring June 2013		1.3			259,769
LME Copper expiring June 2013		1.4			283,963
Other		1.0			209,899

Total Metals		3.7			753,631

Total futures contracts sold		3.5			697,672


Total futures contracts, at fair value		4.8	%	$	964,580


Futures and forward contracts by country composition
Australia		0.0	*%	$	1,337
European Monetary Union		(0.1	)		(34,035	)
Great Britain		0.1			6,275
Japan		0.4			79,511
United States		4.0			828,699
Other		0.6			119,579

Total futures and forward contracts by country		5.0	%	$	1,001,366

*	Due to rounding

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2012


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency		0.8	%	$	182,189

Total unrealized appreciation on forward contracts		0.8			182,189


Unrealized depreciation on forward contracts
Currency		(0.5	)		(101,789	)

Total unrealized depreciation on forward contracts		(0.5	)		(101,789	)


Total forward contracts, at fair value		0.4	%	$	80,400


Futures contracts, at fair value
Futures contracts purchased
Currency		(0.0	)*%	$	(10,164	)
Energy		0.4			93,730
Financial		0.7			157,123
Indices		1.2			269,955
Metals		(2.5	)		(570,186	)

Total futures contracts purchased		(0.3	)		(59,542	)


Futures contracts sold
Currency		1.2			258,209
Energy		(0.0	)*		(2,904	)
Financial		0.0	*		1,613
Food & Fiber		0.5			120,345
Indices		(0.0	)*		(504	)
Metals		(1.0	)		(221,628	)

Total futures contracts sold		0.7			155,131


Total futures contracts, at fair value		0.4	%	$	95,589


Futures and forward contracts by country composition
Australian		0.1	%	$	33,214
European Monetary Union		(0.1	)		(22,837	)
Great Britain		(0.1	)		(15,450	)
Japan		1.3			282,720
United States		(1.3	)		(284,465	)
Other		0.8			182,807

Total futures and forward contracts by country		0.8	%	$	175,989

*	Due to rounding

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF OPERATIONS


	Three Months Ended March 31,
	2013			2012
Investment income
Interest income	$	710		$	8
Other income		1			950

Total income		711			958


Expenses
Brokerage commissions		152,072			136,950
Management fees		126,459			158,598
Selling commissions		77,685			99,252
Operating expenses		42,156			52,866
Other		5,961			2,019


Total expenses		404,333			449,685


Net investment loss		(403,622	)		(448,727	)


Realized and unrealized gain on investments
Net realized gain (loss) on futures and forward contracts		400,424			(962,649	)
Net change in unrealized appreciation on futures and forward contracts		825,377			1,527,989


Net gain on investments		1,225,801			565,340


Net increase in net assets from operations	$	822,179		$	116,613

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS


	Three Months Ended March 31,
	2013			2012
Increase in net assets from operations
Net investment loss	$	(403,622	)	$	(448,727	)
Net realized gain (loss) on futures and forward contracts		400,424			(962,649	)
Net change in unrealized appreciation on futures and forward contracts		825,377			1,527,989


Net increase in net assets from operations		822,179			116,613

Capital share transactions
Issuance of Units		416,885			1,414,685
Redemption of Units		(2,968,883	)		(1,532,470	)


Net decrease in net assets from capital share transactions		(2,551,998	)		(117,785	)

Net decrease in net assets		(1,729,819	)		(1,172	)

Net assets, beginning of period		22,366,689			25,359,446


Net assets, end of period	$	20,636,870		$	25,358,274

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CASH FLOWS


	Three Months Ended March 31,
	2013			2012
Cash flows from operating activities
Net increase in net assets from operations	$	822,179		$	116,613
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		—			(4,049,212	)
Sales and maturities of U.S. government securities		—			6,400,000
Amortization of discounts and premiums		—			363
Increase in due from brokers		373,654			7,284,119
Increase (decrease) in unrealized appreciation on open forward contracts		121,901			(11,338	)
Increase (decrease) in unrealized depreciation on open forward contracts		(78,287	)		109,652
Decrease in futures contracts purchased		(326,450	)		(1,626,277	)
Decrease in futures contracts sold		(542,541	)		(26	)
Decrease in management fees payable		(1,225	)		(59,295	)
Decrease in fees payable		(1,027	)		(58,373	)


Net cash provided by operating activities		368,204			8,106,226


Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		508,090			989,523
Redemptions, net of change in redemptions payable		(1,889,334	)		(2,120,001	)


Net cash used in financing activities		(1,381,244	)		(1,130,478	)


Net increase (decrease) in cash		(1,013,040	)		6,975,748

Cash, beginning of period		9,250,263			5,304,787


Cash, end of period	$	8,237,223		$	12,280,535

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. - SERIES A

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of March 31, 2013, and December 31, 2012


	March 31, 2013		December 31, 2012
ASSETS

Due from brokers	$	8,097,104	$	8,151,334

Unrealized appreciation on open forward contracts		37,561		111,557

Futures contracts purchased		489,545		—

Futures contracts sold		524,325		85,248

Cash		6,371,313		7,542,936


Total assets		15,519,848		15,891,075


LIABILITIES

Unrealized depreciation on open forward contracts		15,139		60,610

Futures contracts purchased		347,195		89,610

Futures contracts sold		106,305		—

Subscriptions received in advance		48,720		78,764

Redemptions payable		809,739		280,745

Management fee payable		28,130		29,368

Fees payable		28,986		29,552


Total liabilities		1,384,214		568,649


NET ASSETS	$	14,135,634	$	15,322,426


Superfund Gold, L.P. Series A-1 Net Assets	$	11,332,388	$	11,986,641

Number of Units outstanding		7,805.650		8,423.300

Superfund Gold, L.P. Series A-1 Net Asset Value per Unit	$	1,451.82	$	1,423.03


Superfund Gold, L.P. Series A-2 Net Assets	$	2,803,246	$	3,335,785

Number of Units outstanding		1,733.119		2,114.666

Superfund Gold, L.P. Series A-2 Net Asset Value per Unit	$	1,617.46	$	1,577.45

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. - SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of March 31, 2013


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency		0.3	%	$	37,561

Total unrealized appreciation on forward contracts		0.3			37,561

Unrealized depreciation on forward contracts
Currency		(0.1	)		(15,139	)

Total unrealized depreciation on forward contracts		(0.1	)		(15,139	)


Total forward contracts, at fair value		0.2	%	$	22,422


Futures Contracts, at fair value
Futures Contracts Purchased
Currency		0.1	%	$	14,578
Energy		1.5			218,261
Financial		1.3			189,463
Food & Fiber		(0.6	)		(83,322	)
Indices		(0.0	)*		(1,524	)
Metals		(1.4	)		(195,106	)

Total futures contracts purchased		0.9			142,350

Futures Contracts Sold
Currency		(0.1	)		(14,974	)
Energy		(0.3	)		(39,711	)
Food & Fiber		0.2			21,474
Indices		(0.1	)		(10,316	)
Livestock		0.1			12,810
Metals
LME Aluminum expiring June 2013		1.1			150,000
LME Copper expiring June 2013		1.2			173,594
Other		0.9			125,143

Total Metals		3.2			448,737

Total futures contracts sold		3.0			418,020


Total futures contracts, at fair value		3.9	%	$	560,370

Futures contracts by country composition
Australia		0.0	*%	$	780
European Monetary Union		(0.1	)		(18,934	)
Great Britain		0.0	*		6,934
Japan		0.3			47,421
United States		3.4			480,837
Other		0.5			65,754

Total futures contracts by country		4.1	%	$	582,792

*	Due to rounding

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P. - SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2012


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency		0.7	%	$	111,557

Total unrealized appreciation on forward contracts		0.7			111,557

Unrealized depreciation on forward contracts
Currency		(0.4	)		(60,610	)

Total unrealized depreciation on forward contracts		(0.4	)		(60,610	)


Total forward contracts, at fair value		0.3	%	$	50,947


Futures Contracts, at fair value
Futures Contracts Purchased
Currency		(0.0	)*%	$	(5,989	)
Energy		0.4			53,671
Financial		0.6			92,894
Indices		1.1			164,177
Metals		(2.6	)		(394,363	)

Total futures contracts purchased		(0.5	)		(89,610	)

Futures Contracts Sold
Currency		1.0			146,281
Energy		(0.1	)		(6,395	)
Financial		0.0	*		1,033
Food & Fiber		0.5			69,879
Indices		(0.0	)*		(277	)
Metals		(0.8	)		(125,273	)

Total futures contracts sold		0.6			85,248


Total futures contracts, at fair value		(0.0	)*%	$	(4,362	)

Futures contracts by country composition
Australia		0.1	%	$	18,911
European Monetary Union		(0.1	)		(13,510	)
Great Britain		(0.1	)		(10,846	)
Japan		1.1			170,893
United States		(1.4	)		(228,553	)
Other		0.7			109,690

Total futures contracts by country		0.3	%	$	46,585

*	Due to rounding

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P. - SERIES A

UNAUDITED STATEMENTS OF OPERATIONS


	Three Months Ended March 31,
	2013			2012
Investment income
Interest income	$	414		$	8
Other income		1			507

Total income		415			515


Expenses
Brokerage commissions		89,422			72,956
Management fees		85,889			98,982
Selling commission		59,849			69,550
Operating expenses		28,633			32,994
Other		2,309			555


Total expenses		266,102			275,037


Net investment loss		(265,687	)		(274,522	)


Realized and unrealized gain on investments
Net realized gain (loss) on futures and forward contracts		36,921			(571,187	)
Net change in unrealized appreciation on futures and forward contracts		536,207			1,015,318


Net gain on investments		573,128			444,131


Net increase in net assets from operations	$	307,441		$	169,609


Net increase in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series A-1*	$	27.70		$	13.52


Net increase in net assets from operations per Unit (based upon change in net asset value per Unit during period) for Series A-1	$	28.79		$	15.33


Net increase in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series A-2**	$	40.55		$	26.27


Net increase in net assets from operations per Unit (based upon change in net asset value per Unit during period) for Series A-2	$	40.01		$	24.83

*	Weighted average number of Units outstanding for Series A-1 for Three Months Ended March 31, 2013 and March 31, 2012: 8,214.28 and 8,529.69, respectively.

**	Weighted average number of Units outstanding for Series A-2 for Three Months Ended March 31, 2013 and March 31, 2012: 1,970.92 and 2,065.66, respectively.

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. - SERIES A

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS


	Three Months Ended March 31,
	2013			2012
Increase in net assets from operations
Net investment loss	$	(265,687	)		(274,522	)
Net realized gain (loss) on futures and forward contracts		36,921			(571,187	)
Net change in unrealized appreciation on futures and forward contracts		536,207			1,015,318


Net increase in net assets from operations		307,441			169,609

Capital share transactions
Issuance of Units		303,752			810,685
Redemption of Units		(1,797,985	)		(602,243	)


Net increase (decrease) in net assets from capital share transactions		(1,494,233	)		208,442

Net increase (decrease) in net assets		(1,186,792	)		378,051

Net assets, beginning of period		15,322,426			15,819,153


Net assets, end of period	$	14,135,634			16,197,204


Series A-1 Units, beginning of period		8,423.300			8,359.510
Issuance of Series A-1 Units		210.478			425.396
Redemption of Units		(828.128	)		(280.399	)


Series A-1 Units, end of period		7,805.650			8,504.507


Series A-2 Units, beginning of period		2,114.666			2,037.421
Issuance of Series A-2 Units		3.224			76.785
Redemption of Units		(384.771	)		(88.806	)


Series A-2 Units, end of period		1,733.119			2,025.400

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. - SERIES A

UNAUDITED STATEMENTS OF CASH FLOWS


	Three Months Ended March 31,
	2013			2012
Cash flows from operating activities
Net increase in net assets from operations	$	307,441		$	169,609
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		—			(2,149,584	)
Sales and maturities of U.S. government securities		—			3,700,000
Amortization of discounts and premiums		—			195
Increase in due from brokers		54,230			4,593,340
Increase (decrease) in unrealized appreciation on open forward contracts		73,996			(10,909	)
Increase (decrease) in unrealized depreciation on open forward contracts		(45,471	)		61,081
Decrease in futures contracts purchased		(231,960	)		(1,055,639	)
Decrease in futures contracts sold		(332,772	)		(9,851	)
Decrease in management fees payable		(1,238	)		(36,689	)
Decrease in fees payable		(566	)		(38,416	)


Net cash provided by (used in) operating activities		(176,340	)		5,223,137


Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		273,708			803,103
Redemptions, net of change in redemptions payable		(1,268,991	)		(1,064,074	)


Net cash used in financing activities		(995,283	)		(260,971	)


Net increase (decrease) in cash		(1,171,623	)		4,962,166

Cash, beginning of period		7,542,936			4,325,976


Cash, end of period	$	6,371,313		$	9,288,142

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. - SERIES B

STATEMENTS OF ASSETS AND LIABILITIES

as of March 31, 2013 and December 31, 2012


	March 31, 2013		December 31, 2012
ASSETS

Due from brokers	$	5,081,890	$	5,401,314

Unrealized appreciation on open forward contracts		22,727		70,632

Futures contracts purchased		350,371		30,068

Futures contracts sold		351,894		69,883

Cash		1,865,910		1,707,327


Total assets		7,672,792		7,279,224


LIABILITIES

Unrealized depreciation on open forward contracts		8,363		41,179

Futures contracts purchased		225,813		—

Futures contracts sold		72,242

Subscriptions received in advance		127,000		5,751

Redemptions payable		714,357		163,802

Management fee payable		13,574		13,561

Fees payable		10,207		10,668


Total liabilities		1,171,556		234,961


NET ASSETS	$	6,501,236	$	7,044,263


Superfund Gold, L.P. Series B-1 Net Assets	$	2,730,768	$	3,618,576

Number of Units outstanding		2,292.387		3,258.284

Superfund Gold, L.P. Series B-1 Net Asset Value per Unit	$	1,191.23	$	1,110.58


Superfund Gold, L.P. Series B-2 Net Assets	$	3,770,468	$	3,425,687

Number of Units outstanding		2,946.251		2,885.689

Superfund Gold, L.P. Series B-2 Net Asset Value per Unit	$	1,279.75	$	1,187.13

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P. - SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of March 31, 2013


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency		0.3	%	$	22,727

Total unrealized appreciation on forward contracts		0.3			22,727


Unrealized depreciation on forward contracts
Currency		(0.1	)		(8,363	)

Total unrealized depreciation on forward contracts		(0.1	)		(8,363	)


Total forward contracts, at fair value		0.2	%	$	14,364

Futures contracts, at fair value
Futures contracts purchased
Currency		0.2	%	$	11,303
Energy
Natural Gas expiring May 2013		1.4			89,240
Other		1.1			70,440

Total Energy		2.5			159,680
Financial		2.1			135,043
Food & Fiber		(1.0	)		(62,790	)
Indices		(0.1	)		(3,545	)
Metals		(1.8	)		(115,133	)

Total futures contracts purchased		1.9			124,558


Futures contracts sold
Currency		(0.1	)		(9,745	)
Energy		(0.4	)		(27,188	)
Food & Fiber		0.2			13,565
Indices		(0.1	)		(7,304	)
Livestock		0.1			5,430
Metals
LME Aluminum expiring June 2013					109,769
LME Copper expiring June 2013		1.7			110,369
Other		1.3			84,756

Total Metals		4.7			304,894

Total futures contracts sold		4.4			279,652


Total futures contracts, at fair value		6.3	%	$	404,210


Futures and forward contracts by country composition
Australian		0.0	*%	$	557
European Monetary Union		(0.2	)		(15,101	)
Great Britain		(0.0	)*		(659	)
Japan		0.5			32,090
United States		5.4			347,862
Other		0.8			53,825

Total futures and forward contracts by country		6.5	%	$	418,574

* Due to rounding

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P. - SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2012


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency		1.0	%	$	70,632

Total unrealized appreciation on forward contracts		1.0			70,632


Unrealized depreciation on forward contracts
Currency		(0.6	)		(41,179	)

Total unrealized depreciation on forward contracts		(0.6	)		(41,179	)


Total forward contracts, at fair value		0.4	%	$	29,453

Futures contracts, at fair value
Futures contracts purchased
Currency		(0.1	)%	$	(4,175	)
Energy		0.6			40,059
Financial		0.9			64,229
Indices		1.5			105,778
Metals		(2.5	)		(175,823	)

Total futures contracts purchased		0.4			30,068


Futures contracts sold
Currency		1.6			111,928
Energy		0.1			3,491
Financial		0.0	*		580
Food & Fiber		0.7			50,466
Indices		(0.0	)*		(227	)
Metals		(1.4	)		(96,355	)

Total futures contracts sold		1.0			69,883


Total futures contracts, at fair value		1.4	%	$	99,951


Futures and forward contracts by country composition
Australian		0.2	%	$	14,303
European Monetary Union		(0.1	)		(9,327	)
Great Britain		(0.1	)		(4,604	)
Japan		1.6			111,827
United States		(0.8	)		(55,912	)
Other		1.0			73,117

Total futures and forward contracts by country		1.8	%	$	129,404

*	Due to rounding

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P. - SERIES B

UNAUDITED STATEMENTS OF OPERATIONS


	Three Months Ended March 31,
	2013			2012
Investment income
Interest income	$	296		$	—
Other income		—			443


Total income		296			443


Expenses
Brokerage commissions		62,650			63,994
Management fees		40,570			59,616
Selling commissions		17,836			29,702
Operating expenses		13,523			19,872
Other		3,652			1,464


Total expenses		138,231			174,648


Net investment loss		(137,935	)		(174,205	)


Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts		363,503			(391,462	)
Net change in unrealized appreciation on futures and forward contracts		289,170			512,671


Net gain on investments		652,673			121,209


Net increase (decrease) in net assets from operations	$	514,738		$	(52,996	)


Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series B-1*	$	84.11		$	(14.77	)


Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit during period) for Series B-1	$	80.65		$	(21.39	)


Net increase in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series B-2**	$	93.31		$	3.78


Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit during period) for Series B-2	$	92.62		$	(16.06	)

*	Weighted average number of Units outstanding for Series B-1 for Three Months Ended March 31, 2013 and March 31, 2012: 2,872.86 and 4,423.85, respectively.

**	Weighted average number of Units outstanding for Series B-2 for Three Months Ended March 31, 2013 and March 31, 2012: 2,926.78 and 3,266.31, respectively.

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. - SERIES B

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS


	Three Months Ended March 31,
	2013			2012
Increase (decrease) in net assets from operations
Net investment loss	$	(137,935	)	$	(174,205	)
Net realized gain (loss) on futures and forward contracts		363,503			(391,462	)
Net change in unrealized appreciation on futures and forward contracts		289,170			512,671


Net increase (decrease) in net assets from operations		514,738			(52,996	)

Capital share transactions
Issuance of Units		113,133			604,000
Redemption of Units		(1,170,898	)		(930,227	)


Net decrease in net assets from capital share transactions		(1,057,765	)		(326,227	)


Net decrease in net assets		(543,027	)		(379,223	)

Net assets, beginning of period		7,044,263			9,540,293


Net assets, end of period	$	6,501,236		$	9,161,070


Series B-1 Units, beginning of period		3,258.284			4,524.265
Issuance of Series B-1 Units		8.637			77.496
Redemption of Units		(974.534	)		(294.390	)


Series B-1 Units, end of period		2,292.387			4,307.371


Series B-2 Units, beginning of period		2,885.689			3,015.557
Issuance of Series B-2 Units		85.326			384.349
Redemption of Units		(24.764	)		(360.515	)


Series B-2 Units, end of period		2,946.251			3,039.391

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. - SERIES B

UNAUDITED STATEMENTS OF CASH FLOWS


	Three Months Ended March 31,
	2013			2012
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	514,738		$	(52,996	)
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		—			(1,899,628	)
Sales and maturities of U.S. government securities		—			2,700,000
Amortization of discounts and premiums		—			168
Increase in due from brokers		319,424			2,690,779
Increase (decrease) in unrealized appreciation on open forward contracts		47,905			(429	)
Increase (decrease) in unrealized depreciation on open forward contracts		(32,816	)		48,571
Decrease in futures contracts purchased		(94,490	)		(570,638	)
Increase (decrease) in futures contracts sold		(209,769	)		9,825
Increase (decrease) in management fees payable		13			(22,606	)
Decrease in fees payable		(461	)		(19,957	)


Net cash provided by operating activities		544,544			2,883,089


Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		234,382			186,420
Redemptions, net of change in redemptions payable		(620,343	)		(1,055,927	)


Net cash used in financing activities		(385,961	)		(869,507	)


Net increase in cash		158,583			2,013,582

Cash, beginning of period		1,707,327			978,811


Cash, end of period	$	1,865,910		$	2,992,393

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

March 31, 2013

SUPERFUND GOLD, L.P.

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. 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 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 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 of the Fund (“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, 2012.

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. 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.

Set forth herein are instruments and transactions eligible for offset in the Statements of Assets and Liabilities and which are subject to derivative clearing agreements with the Fund’s futures commission merchants. Each futures commission merchant nets margin held on behalf of each Series of the Fund or payment obligations of the futures commission merchant to each Series against any payment obligations of that Series to the futures commission merchant. Each Series is required to deposit margin at each futures commission merchant to meet the original and maintenance requirements established by that futures commission merchant, and/or the exchange or clearinghouse associated with the exchange on which the instrument is traded. The derivative clearing agreements give each futures commission merchant a security interest in this margin to secure any liabilities owed to the futures commission merchant arising from a default by the Series. As of March 31, 2013, the Fund had on deposit $5,831,099 at ADM Investor Services, Inc. and $7,347,895 at Barclays Capital Inc. As of March 31, 2013, Series A had on deposit $3,553,091 at ADM Investor Services, Inc. and $4,544,013 at Barclays Capital Inc. As of March 31, 2013, Series B had on deposit $2,278,008 at ADM Investor Services, Inc. and $2,803,882 at Barclays Capital Inc.

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 2012 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, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards (“IFRS”). The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements.

In January 2013, the FASB issued guidance to clarify the scope of disclosures about offsetting assets and liabilities. The amendments clarify that the scope of guidance issued in December 2011 to enhance disclosures around financial instrument and derivative instruments that are either (a) offset, or (b) subject to a master netting agreement or similar agreement, irrespective of whether they are offset, applies to derivatives, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to an enforceable master netting arrangement or similar agreement. The amendments are effective for interim and annual periods beginning on or after January 1, 2013. Adoption did not have a material impact on the Funds’ financial statements.

ASU 2011-04

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

3.	Fair Value Measurements

The Fund follows ASC 820, Fair Value Measurements and Disclosures. ASC 820 which establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below:


Level 1:		Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2:		Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly;

Level 3:		Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

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

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

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

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

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 quarters ended March 31, 2013 and March 31, 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 March 31, 2013 and December 31, 2012:

Superfund Gold, L.P.


	Balance March 31, 2013		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	60,288	$	—	$	60,288	$	—
Futures contracts purchased		839,916		839,916		—		—
Futures contracts sold		876,219		876,219		—		—

Total Assets Measured at Fair Value	$	1,776,423	$	1,716,135	$	60,288	$	—


LIABILITIES
Unrealized depreciation on open forward contracts	$	23,502	$	—	$	23,502	$	—
Futures contracts purchased		573,008		573,008	$	—		—
Futures contracts sold		178,547		178,547	$	—		—

Total Liabilities Measured at Fair Value	$	775,057	$	751,555	$	23,502	$	—


	Balance December 31, 2012		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	182,189	$	—	$	182,189	$	—
Futures contracts purchased		30,068		30,068		—		—
Futures contracts sold		155,131		155,131		—		—

Total Assets Measured at Fair Value	$	367,388	$	185,199	$	182,189	$	—


LIABILITIES
Unrealized depreciation on open forward contracts	$	101,789	$	—	$	101,789	$	—
Futures contracts purchased		89,610		89,610		—		—

Total Liabilities Measured at Fair Value	$	191,399	$	89,610	$	101,789	$	—

Superfund Gold, L.P. - Series A


	Balance March 31, 2013		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	37,561	$	—	$	37,561	$	—
Futures contracts purchased		489,545		489,545		—		—
Futures contracts sold		524,325		524,325		—		—

Total Assets Measured at Fair Value	$	1,051,431	$	1,013,870	$	37,561	$	—


LIABILITIES
Unrealized depreciation on open forward contracts	$	15,139	$	—	$	15,139	$	—
Futures contracts purchased		347,195		347,195	$	—		—
Futures contracts sold		106,305		106,305	$	—		—

Total Liabilities Measured at Fair Value	$	468,639	$	453,500	$	15,139	$	—


	Balance December 31, 2012		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	111,557	$	—	$	111,557	$	—
Futures contracts sold		85,248		85,248		—		—

Total Assets Measured at Fair Value	$	196,805	$	85,248	$	111,557	$	—


LIABILITIES
Unrealized depreciation on open forward contracts	$	60,610	$	—	$	60,610	$	—
Futures contracts purchased		89,610		89,610		—		—

Total Liabilities Measured at Fair Value	$	15,220	$	89,610	$	60,610	$	—

Superfund Gold, L.P. - Series B


	Balance March 31, 2013		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	22,727	$	—	$	22,727	$	—
Futures contracts purchased		350,371		350,371		—		—
Futures contracts sold		351,894		351,894		—		—

Total Assets Measured at Fair Value	$	724,995	$	702,265	$	22,727	$	—


LIABILITIES
Unrealized depreciation on open forward contracts	$	8,363	$	—	$	8,363	$	—
Futures contracts purchased		225,813		225,813	$	—		—
Futures contracts sold		72,242		72,242	$	—		—

Total Liabilities Measured at Fair Value	$	306,418	$	298,055	$	8,363	$	—


	Balance December 31, 2012		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	70,632	$	—	$	70,632	$	—
Futures contracts purchased		30,068		30,068		—		—
Futures contracts sold		69,883		69,883		—		—

Total Assets Measured at Fair Value	$	170,583	$	99,951	$	70,632	$	—


LIABILITIES
Unrealized depreciation on open forward contracts	$	41,179		—		41,179		—

Total Liabilities Measured at Fair Value	$	41,179	$	—	$	41,179	$	—

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 Statement of Assets and Liabilities, as of March 31, 2013, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at March 31, 2013		Liability Derivatives at March 31, 2013			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	60,288	$	—		$	60,288

Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(23,502	)		(23,502	)

Futures contracts	Futures contracts purchased		839,916		(573,008	)		266,908

Futures contracts	Futures contracts sold		876,219		(178,547	)		697,672

Totals		$	1,776,423	$	(775,057	)	$	1,001,366

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2012, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2012		Liability Derivatives at December 31, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	182,189	$	—		$	182,189

Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(101,789	)		(101,789	)

Futures contracts	Futures contracts purchased		30,068		(89,610	)		(59,542	)

Futures contracts	Futures contracts sold		155,131		—			155,131

Totals		$	367,388	$	(191,399	)	$	175,989

Effects of Derivative Instruments on the Statement of Operations for the three months ended March 31, 2013:


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 and unrealized loss on investments	$	(195,977	)	$	(43,614	)

Futures contracts	Net realized and unrealized gain on investments		596,401			868,991


Total		$	400,424		$	825,377

Effects of Derivative Instruments on the Statement of Operations for the three months ended March 31, 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 and unrealized gain (loss) on investments	$	90,112		$	(98,314	)

Futures contracts	Net realized and unrealized gain (loss) on investments		(1,052,761	)		1,626,303


Total		$	(962,649	)	$	1,527,989

Superfund Gold, L.P. gross and net unrealized gains and losses by long and short positions as of March 31, 2013:


	As of March 31, 2013
	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 on Open Positions
Foreign Exchange	$	11		0.0	*	$	(15,887	)		(0.1	)	$	60,277		0.3		$	(7,615	)		(0.0	)*	$	36,786
Currency		31,756		0.2			(5,875	)		(0.1	)		12,838		0.1			(37,557	)		(0.2	)		1,162
Financial		342,511		1.7			(18,005	)		(0.1	)		—		—			—			—			324,506
Food & Fiber		2,716		0.0	*		(148,828	)		(0.7	)		37,274		0.2			(2,235	)		(0.0	)*		(111,073	)
Indices		83,029		0.4			(88,098	)		(0.4	)		412		0.0	*		(18,032	)		(0.1	)		(22,689	)
Metals		1,084		0.0	*		(311,323	)		(1.5	)		753,631		3.7			—			—			443,392
Livestock		—		—			—			—			23,520		0.1			(5,280	)		(0.0	)*		18,240
Energy		378,822		1.8			(881	)		(0.0	)*		48,545		0.2			(115,444	)		(0.5	)		311,042

Totals	$	839,929		4.1		$	(588,897	)		(2.9	)	$	936,497		4.6		$	(186,163	)		(0.8	)	$	1,001,366

*	Due to rounding

Superfund Gold, L.P. gross and net unrealized gains and losses by long and short positions as of December 31, 2012:


	As of December 31, 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	$	181,362		0.8	$	(16,748	)		(0.1	)	$	827		0.0	*	$	(85,041	)		(0.4	)	$	80,400
Currency		80,981		0.4		(91,145	)		(0.4	)		260,503		1.2			(2,294	)		(0.0	)*		248,045
Financial		172,165		0.8		(15,042	)		(0.1	)		1,613		0.0	*		—			—			158,736
Food & Fiber		—		—		—			—			123,461		0.6			(3,116	)		(0.0	)*		120,345
Indices		365,180		1.6		(95,225	)		(0.4	)		—		—			(504	)		(0.0	)*		269,451
Metals		88,702		0.4		(658,888	)		(2.9	)		226,985		1.0			(448,613	)		(2.0	)		(791,814	)
Energy		94,444		0.4		(714	)		(0.0	)*		194,796		0.9			(197,700	)		(0.9	)		90,826

Totals	$	982,834		4.4	$	(877,762	)		(3.9	)	$	808,185		3.6		$	(737,268	)		(3.3	)	$	175,989

*	Due to rounding

Superfund Gold, L.P. average* contract volume by market sector for the three months ended March 31, 2013:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions

Foreign Exchange		59		91	$	386,965	$	347,311


	Average Number of Long Contracts		Average Number of Short Contracts

Currency		444		359
Financial		3,820		172
Food & Fiber		213		302
Indices		1,284		64
Metals		986		321
Livestock		—		123
Energy		415		465

Totals		7,221		1,897

*	Based on quarterly holdings

Superfund Gold, L.P. average* contract volume by market sector for the three months ended March 31, 2012:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions

Foreign Exchange		82		60	$	546,093	$	476,810


	Average Number of Long Contracts		Average Number of Short Contracts

Currency		836		459
Financial		1,513		315
Food & Fiber		173		152
Indices		680		353
Metals		899		103
Livestock		33		115
Energy		375		150

Totals		4,591		1,707

*	Based on quarterly holdings

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


	For the Three Months Ended March 31, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(195,977	)	$	(43,614	)	$	(239,591	)
Currency		158,510			(246,883	)		(88,373	)
Financial		(84,385	)		165,770			81,385
Food & Fiber		(98,712	)		(231,418	)		(330,130	)
Indices		1,687,973			(292,140	)		1,395,833
Metals		(1,203,185	)		1,235,206			32,021
Livestock		156,610			18,240			174,850
Energy		(20,410	)		220,216			199,806

Total net trading gains	$	400,424		$	825,377		$	1,225,801


	For the Three Months Ended March 31, 2012
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	90,112		$	(98,314	)	$	(8,202	)
Currency		(982,670	)		(125,020	)		(1,107,690	)
Financial		(541,071	)		58,998			(482,073	)
Food & Fiber		(341,050	)		(186,193	)		(527,243	)
Indices		(201,914	)		60,696			(141,218	)
Metals		(400,291	)		1,752,357			1,352,066
Livestock		(15,695	)		185,850			170,155
Energy		1,429,930			(120,385	)		1,309,545

Total net trading gains (losses)	$	(962,649	)	$	1,527,989		$	565,340

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 Statement of Assets and Liabilities, as of March 31, 2013, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at March 31, 2013		Liability Derivatives at March 31, 2013			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	37,561	$	—		$	37,561

Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(15,139	)		(15,139	)

Futures contracts	Futures contracts purchased		489,545		(347,195	)		142,350

Futures contracts	Futures contracts sold		524,325		(106,305	)		418,020

Totals		$	1,051,431	$	(468,639	)	$	582,792

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2012, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2012		Liability Derivatives at December 31, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	111,557	$	—		$	111,557

Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(60,610	)		(60,610	)

Futures contracts	Futures contracts purchased		—		(89,610	)		(89,610	)

Futures contracts	Futures contracts sold		85,248		—			85,248

Totals		$	196,805	$	(150,220	)	$	46,585

Effects of Derivative Instruments on the Statement of Operations for the three months ended March 31, 2013:


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 and unrealized loss on investments	$	(108,743	)	$	(28,525	)

Futures contracts	Net realized and unrealized gain on investments		145,664			564,732


Total		$	36,921		$	536,207

Effects of Derivative Instruments on the Statement of Operations for the three months ended March 31, 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 and unrealized gain (loss) on investments	$	34,720		$	(50,172	)

Futures contracts	Net realized and unrealized gain (loss) on investments		(605,907	)		1,065,490


Total		$	(571,187	)	$	1,015,318

Superfund Gold, L.P. – Series A gross and net unrealized gains and losses by long and short positions as of March 31, 2013:


	As of March 31, 2013
	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 on Open Positions
Foreign Exchange	$	11		0.0	*	$	(10,394	)		(0.1	)	$	37,550		0.3		$	(4,745	)		(0.0	)*	$	22,422
Currency		17,953		0.1			(3,375	)		(0.0	)*		6,894		0.0	*		(21,868	)		(0.1	)		(396	)
Financial		200,187		1.4			(10,724	)		(0.1	)		—		—			—			—			189,463
Food & Fiber		2,716		0.0	*		(86,038	)		(0.6	)		22,964		0.2			(1,490	)		(0.0	)*		(61,848	)
Indices		48,874		0.4			(50,398	)		(0.4	)		—		—			(10,316	)		(0.1	)		(11,840	)
Metals		675		0.0	*		(195,781	)		(1.4	)		448,737		3.2			—			—			253,631
Livestock		—		—			—			—			16,190		0.1			(3,380	)		(0.0	)*		12,810
Energy		219,142		1.5			(881	)		(0.0	)*		29,541		0.2			(69,252	)		(0.5	)		178,550

Totals	$	489,558		3.4		$	(357,591	)		(2.6	)	$	561,876		4.0		$	(111,051	)		(0.7	)	$	582,792

*	Due to rounding

Superfund Gold, L.P. – Series A gross and net unrealized gains and losses by long and short positions as of December 31, 2012:


	As of December 31, 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	$	111,070		0.7	$	(9,470	)		(0.1	)	$	487		0.0	*	$	(51,140	)		(0.3	)	$	50,947
Currency		47,906		0.4		(53,895	)		(0.4	)		147,619		1.0			(1,338	)		(0.0	)*		140,292
Financial		101,664		0.7		(8,770	)		(0.1	)		1,033		0.0	*		—			—			93,927
Food & Fiber		—		—		—			—			71,612		0.5			(1,733	)		(0.0	)*		69,879
Indices		220,513		1.5		(56,336	)		(0.4	)		—		—			(277	)		(0.0	)*		163,900
Metals		50,177		0.3		(444,540	)		(2.9	)		132,145		0.9			(257,418	)		(1.7	)		(519,636	)
Energy		54,057		0.4		(386	)		(0.0	)*		105,825		0.7			(112,220	)		(0.8	)		47,276

Totals	$	585,387		4.0	$	(573,397	)		(3.9	)	$	458,721		3.1		$	(424,126	)		(2.8	)	$	46,585

*	Due to rounding

Series A average* contract volume by market sector for the three months ended March 31, 2013:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions

Foreign Exchange		32		49	$	231,676	$	203,725


	Average Number of Long Contracts		Average Number of Short Contracts

Currency		257		214
Financial		2,222		99
Food & Fiber		125		177
Indices		760		38
Metals		590		187
Livestock		—		71
Energy		254		275

Totals		4,240		1,110

*	Based on quarterly holdings

Series A average* contract volume by market sector for the three months ended March 31, 2012:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions

Foreign Exchange		43		30	$	286,181	$	257,133


	Average Number of Long Contracts		Average Number of Short Contracts

Currency		440		242
Financial		799		165
Food & Fiber		91		81
Indices		360		185
Metals		501		55
Livestock		17		60
Energy		203		79

Totals		2,454		897

*	Based on quarterly holdings

Series A trading results by market sector:


	For the Three Months Ended March 31, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(108,743	)	$	(28,525	)	$	(137,268	)
Currency		86,967			(140,688	)		(53,721	)
Financial		(35,941	)		95,536			59,595
Food & Fiber		(56,711	)		(131,727	)		(188,438	)
Indices		998,480			(175,740	)		822,740
Metals		(874,680	)		773,267			(101,413	)
Livestock		86,440			12,810			99,250
Energy		(58,891	)		131,274			72,383

Total net trading gains	$	36,921		$	536,207		$	573,128


	For the Three Months Ended March 31, 2012
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	34,720		$	(50,172	)	$	(15,452	)
Currency		(514,870	)		(67,046	)		(581,916	)
Financial		(288,340	)		31,369			(256,971	)
Food & Fiber		(181,687	)		(100,271	)		(281,958	)
Indices		(105,274	)		36,231			(69,043	)
Metals		(275,661	)		1,134,426			858,765
Livestock		(10,053	)		99,390			89,337
Energy		769,978			(68,609	)		701,369

Total net trading gains (losses)	$	(571,187	)	$	1,015,318		$	444,131

Superfund Gold, L.P. - Series B

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of March 31, 2013, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at March 31, 2013		Liability Derivatives at March 31, 2013			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	22,727	$	—		$	22,727

Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(8,363	)		(8,363	)

Futures contracts	Futures contracts purchased		350,371		(225,813	)		124,558

Futures contracts	Futures contracts sold		351,894		(72,242	)		279,652

Totals		$	724,992	$	(306,418	)	$	418,574

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2012, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2012		Liability Derivatives at December 31, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	70,632	$	—		$	70,632

Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(41,179	)		(41,179	)

Futures contracts	Futures contracts purchased		30,068		—			30,068

Futures contracts	Futures contracts sold		69,883		—			69,883

Totals		$	170,583	$	(41,179	)	$	129,404

Effects of Derivative Instruments on the Statement of Operations for the three months ended March 31, 2013:


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 and unrealized loss on investments	$	(87,234	)	$	(15,089	)

Futures contracts	Net realized and unrealized gain on investments		450,737			304,259


Total		$	363,503		$	289,170

Effects of Derivative Instruments on the Statement of Operations for the three months ended March 31, 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 and unrealized gain (loss) on investments	$	55,392		$	(48,142	)

Futures contracts	Net realized and unrealized gain (loss) on investments		(446,854	)		560,813


Total		$	(391,462	)	$	512,671

Superfund Gold, L.P. – Series B gross and net unrealized gains and losses by long and short positions as of March 31, 2013:


	As of March 31, 2013
	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	$	—		—		$	(5,493	)		(0.1	)	$	22,727		0.3		$	(2,870	)		(0.0	)*	$	14,364
Currency		13,803		0.2			(2,500	)		(0.0	)*		5,944		0.1			(15,689	)		(0.2	)		1,558
Financial		142,324		2.2			(7,281	)		(0.1	)		—		—			—			—			135,043
Food & Fiber		—		—			(62,790	)		(1.0	)		14,310		0.2			(745	)		(0.0	)*		(49,225	)
Indices		34,155		0.5			(37,700	)		(0.6	)		412		0.0	*		(7,716	)		(0.1	)		(10,849	)
Metals		409		0.0	*		(115,542	)		(1.8	)		304,894		4.7			—			—			189,761
Livestock		—		—			—			—			7,330		0.1			(1,900	)		(0.0	)*		5,430
Energy		159,680		2.5			—			—			19,004		0.3			(46,192	)		(0.7	)		132,492

Totals	$	350,371		5.4		$	(231,306	)		(3.6	)	$	374,621		5.7		$	(75,112	)		(1.0	)	$	418,574

*	Due to rounding

Superfund Gold, L.P. – Series B gross and net unrealized gains and losses by long and short positions as of December 31, 2012:


	As of December 31, 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	$	70,292		1.0	$	(7,278	)		(0.1	)	$	340		0.0	*	$	(33,901	)		(0.5	)	$	29,453
Currency		33,075		0.5		(37,250	)		(0.5	)		112,884		1.5			(956	)		(0.0	)*		107,753
Financial		70,501		1.0		(6,272	)		(0.1	)		580		0.0	*		—			—			64,809
Food & Fiber		—		—		—			—			51,849		0.7			(1,383	)		(0.0	)*		50,466
Indices		144,667		2.1		(38,889	)		(0.6	)		—		—			(227	)		(0.0	)*		105,551
Metals		38,525		0.5		(214,348	)		(3.0	)		94,840		1.3			(191,195	)		(2.7	)		(272,178	)
Energy		40,387		0.6		(328	)		(0.0	)*		88,971		1.3			(85,480	)		(1.2	)		43,550

Totals	$	397,447		5.6	$	(304,365	)		(4.3	)	$	349,464		4.8		$	(313,142	)		(4.4	)	$	129,404

*	Due to rounding

Series B average* contract volume by market sector for the three months ended March 31, 2013:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions

Foreign Exchange		27		42	$	155,289	$	143,586


	Average Number of Long Contracts		Average Number of Short Contracts

Currency		187		145
Financial		1,598		73
Food & Fiber		88		125
Indices		524		26
Metals		396		134
Livestock		—		52
Energy		161		190

Totals		2,981		787

*	Based on quarterly holdings

Series B average* contract volume by market sector for the three months ended March 31, 2012:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions

Foreign Exchange		39		30	$	259,912	$	219,677


	Average Number of Long Contracts		Average Number of Short Contracts

Currency		396		217
Financial		714		150
Food & Fiber		82		71
Indices		320		168
Metals		398		48
Livestock		16		55
Energy		172		71

Totals		2,137

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SUPERFUND GOLD, L.P. 10-Q