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SUPERFUND GOLD, L.P. - 10-Q - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

August 8, 2014

INTRODUCTION

The Fund commenced the offering of its Units on February 17, 2009. The initial offering terminated on March 31, 2009, and the Fund commenced operations on April 1, 2009. The continuing offering period commenced at the termination of the initial offering period and ended as of May 1, 2014. Subscription and redemption data is presented for both the Fund, as the SEC registrant, and for Series A and Series B, individually. For the quarter ended June 30, 2014, subscriptions totaling $465,655 in the Fund have been accepted and redemptions over the same period totaled $1,664,248. For the quarter ended June 30, 2014, subscriptions totaling $0 in Series A-1, $335,760 in Series A-2, $34,314 in Series B-1, and $95,581 in Series B-2 have been accepted and redemptions over the same period totaled $988,079 in Series A-1, $352,447 in Series A-2, $135,359 in Series B-1 and $188,363 in Series B-2. The Fund operates as a commodity investment pool, whose purpose is speculative trading in the U.S. and international futures and forward markets. Specifically, the Fund trades a portfolio of more than 120 futures and

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forward contracts using a fully-automated, proprietary, computerized trading system. The Fund also seeks to maintain an investment in gold approximately equal to the total capital of each Series, as of the beginning of each month. The gold investment is intended to delink each Series' net asset value, which is determined in U.S. dollars, from the value of the U.S. dollar relative to gold, effectively denominating the Series' net asset value in terms of gold.

LIQUIDITY

Most U.S. commodity exchanges limit fluctuations in futures contracts prices during a single day by regulations referred to as "daily price fluctuation limits" or "daily limits." During a single trading day, no trades may be executed at prices beyond the daily limit. This may affect the Fund's ability to initiate new positions or close existing ones or may prevent it from having orders executed. Futures prices have occasionally moved the daily limit for several consecutive days with little or no trading. Similar occurrences could prevent the Fund from promptly liquidating unfavorable positions and subject the Fund to substantial losses, which could exceed the margin initially committed to such trades. In addition, even if futures prices have not moved the daily limit, the Fund may not be able to execute futures trades at favorable prices if little trading in such contracts is taking place.

Trading in forward contracts introduces a possible further impact on liquidity. Because such contracts are executed "off exchange" between private parties, the time required to offset or "unwind" these positions may be greater than that for regulated instruments. This potential delay could be exacerbated to the extent a counterparty is not a U.S. person.

Other than these limitations on liquidity, which are inherent in the Fund's futures and forward trading operations, the Fund's assets are expected to be highly liquid.

CAPITAL RESOURCES

The Fund will raise additional capital only through the sale of Units offered pursuant to the continuing offering and does not intend to raise any capital through borrowings. Due to the nature of the Fund's business, it will make no capital expenditures and will have no capital assets which are not operating capital or assets.

RESULTS OF OPERATIONS

Three Months Ended June 30, 2014

Series A:

Net results for the quarter ended June 30, 2014, were a gain of 1.9% in net asset value for Series A-1 and a gain of 2.4% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $130,439. This increase consisted of total income of $164, trading gains of $247,004, and total expenses of $116,729. Expenses included $41,464 in management fees, $13,821 in operating expenses, $25,650 in selling commissions, $35,308 in brokerage commissions and $486 in other expenses. At June 30, 2014, the net asset value per Unit of Series A-1 was $1,159.91, and the net asset value per Unit of Series A-2 was $1,325.06.

Series B:

Net results for the quarter ended June 30, 2014, were a gain of 2.8% in net asset value for Series B-1 and a gain of 3.4% in net asset value for Series B-2. In this period, Series B experienced a net increase in net assets from operations of $125,327. This increase consisted of total income of $134, trading gains of $193,102, and total expenses of $67,909. Expenses included $23,037 in management fees, $7,679 in operating expenses, $6,110 in selling commissions, $29,223 in brokerage commissions and $1,860 in other expenses. At June 30, 2014, the net asset value per Unit of Series B-1 was $985.67, and the net asset value per Unit of Series B-2 was $1,085.81.

Fund results for 2nd Quarter 2014:

In April, the Fund's managed futures strategy produced negative results, with long positions in U.S. stock indices suffering as the S&P500 retraced from record highs. The Fund's long positions in United States ("U.S.") ten-year treasury notes also yielded negative returns. These losses were partially offset by positive performance from the Fund's long Euro-bund positions. The Fund's short positions in natural gas and crude oil produced negative results in April as tensions and political crisis in the Ukraine remained high and rising fears that any full-scale armed conflict in the region would disrupt supplies and send oil and gas prices higher. The Fund's short positions in COMEX gold and silver remained flat as the improving U.S and European economies helped to pressure gold prices. The Fund's perpetual long gold position had a positive impact on performance in April.

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In May, the Fund's managed futures strategy produced positive performance, mainly due to allocations to the bond, stock index and metal markets. The Fund's long positions in the CME S&P500 yielded positive returns as the index continued to break all-time highs as manufacturing indices indicated that economic growth would rebound in the second quarter. The Fund's short positions in COMEX gold and silver also produced strong results as strong U.S. economic data eroded the metal's "safe-haven" appeal. The Fund's allocations to currencies produced negative results in May. The Euro tumbled from an almost 2.5-year high as European Central Bank ("ECB") President Mario Draghi said that it would be open to taking further measures to support the Euro-zone economy. The ECB signal of a potential interest-rate cut has also weighed on the Euro. The Fund's perpetual long gold position had a strong negative impact on performance in May, completely negating the positive performance produced by the Fund's managed futures strategy.

In June, the Fund's managed futures strategy yielded slightly negative results as positions in the bond and metal markets suffered. The Fund's short positions in COMEX gold lost ground as gold gained amid concerns regarding rising violence in Iraq. The Fund's allocations to the energy, agricultural and equity markets all produced positive results, helping to partially offset the losses from the Fund's bond and metal positions. The Fund's long crude oil positions gained as violence in Iraq escalated, threatening the output of OPEC's second largest producer. The Fund's short positions in corn and soybeans gained as corn dropped to a five-month low and soybean experienced its biggest slump in five years as USDA reports showed farmers will plant record acreage. The Fund's long E-mini S&P500 positions gained as the index continued to break record highs with its sixth straight quarterly gain. The Fund's perpetual long gold position had a strong positive impact on performance, offsetting the losses produced by the managed futures strategy and leading to positive overall performance for the Fund in June.

Three Months Ended March 31, 2014

Series A:

Net results for the quarter ended March 31, 2014, were a gain of 5.1% in net asset value for Series A-1 and a gain of 5.6% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $417,300. This increase consisted of total income of $232, trading gains of $561,364, and total expenses of $144,296. Expenses included $46,930 in management fees, $15,643 in operating expenses, $30,733 in selling commissions, $50,083 in brokerage commissions and $907 in other expenses. At March 31, 2014, the net asset value per Unit of Series A-1 was $1,138.34, and the net asset value per Unit of Series A-2 was $1,293.91.

Series B:

Net results for the quarter ended March 31, 2014, were a gain of 4.9% in net asset value for Series B-1 and a gain of 5.5% in net asset value for Series B-2. In this period, Series B experienced a net increase in net assets from operations of $222,878. This increase consisted of total income of $201, trading gains of $304,528, and total expenses of $81,851. Expenses included $24,525 in management fees, $8,175 in operating expenses, $7,479 in selling commissions, $39,544 in brokerage commissions and $2,128 in other expenses. At March 31, 2014, the net asset value per Unit of Series B-1 was $958.39, and the net asset value per Unit of Series B-2 was $1,050.48.

Fund results for 1st Quarter 2014:

In March, the Fund's managed futures strategy underperformed. The Fund's bond positions negatively impacted performance as treasuries fell amid hints from the U.S. government of rate increases in 2015. The Fund's allocations to energy markets also posted losses, as crude fell modestly due to tensions in Ukraine and a drop in Libyan oil production. The Fund's positions in the metals, grains and agricultural markets, however, yielded positive returns, helping to offset the losses in other sectors. Among these markets, the Fund's short positions in London Metal Exchange ("LME") copper profited on concerns that the rising debt in China will curb copper demand. The fund also benefited from long positions soybean meal and cocoa gained amid poor weather conditions in Brazil. The Fund's perpetual long gold position had a negative impact on performance in March.

In February, the Fund's managed futures strategy yielded positive returns in all market groups apart except for metals, currencies and money markets. The Fund's positions in bonds sector produced positive results as U.S. stocks rallied amid earnings and jobless claims, while German bonds fell as the ECB left interest rates unchanged and refrained from additional stimulus. The Fund's short positions in silver and gold negatively affected performance as gold made experienced its largest monthly gain since July 2013 after investors and speculators chased prices higher on concerns about the pace of the U.S. economic recovery. The Fund's long positions in crude oil and natural gas yielded profits as the markets continued to climb as cold weather demand pushed prices up in the first three weeks of the month. The Fund's perpetual long gold position had a strong positive impact on performance in February.

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In January, the Fund managed futures strategy produced negative results in as positions in the indices and energy sectors underperformed. The Fund's crude oil positions yielded losses amid speculation that the U.S. Federal Reserve (the "Fed") would curb stimulus measures further following signs of improvement in the U.S. economy. The Fund's positions in natural gas helped to minimize losses in the energies sector as it rallied throughout the second half of January due to a reported decrease in inventories to its lowest level in almost four years. The Fund's positions in the metals markets performed poorly as gold and silver continued to rise on increased demand in Asia. The Fund's allocations to indices also performed negatively as U.S. indices suffered the largest losses since 2012 on fears over emerging markets resulted in significant selloffs. The Fund's perpetual long gold position had a positive impact on performance in January.

Three Months Ended June 30, 2013

Series A:

Net results for the quarter ended June 30, 2013, were a loss of 21.9% in net asset value for Series A-1 and a loss of 21.5% in net asset value for Series A-2. In this period, Series A experienced a net decrease in net assets from operations of $2,941,925. This decrease consisted of total income of $411, trading losses of $2,743,008, and total expenses of $199,328. Expenses included $70,876 in management fees, $23,625 in operating expenses, $50,019 in selling commissions, $53,243 in brokerage commissions and $1,565 in other expenses. At June 30, 2013, the net asset value per Unit of Series A-1 was $1,133.88, and the net asset value per Unit of Series A-2 was $1,269.60.

Series B:

Net results for the quarter ended June 30, 2013, were a loss of 20.8% in net asset value for Series B-1 and a loss of 20.4% in net asset value for Series B-2. In this period, Series B experienced a net decrease in net assets from operations of $1,433,035. This decrease consisted of total income of $273, trading losses of $1,324,872, and total expenses of $108,436. Expenses included $37,709 in management fees, $12,570 in operating expenses, $13,379 in selling commissions, $41,930 in brokerage commissions and $2,848 in other expenses. At June 30, 2013, the net asset value per Unit of Series B-1 was $943.26, and the net asset value per Unit of Series B-2 was $1,018.45.

Fund results for 2nd Quarter 2013:

The Fund's strategies produced negative returns in June, driven primarily by losses from the Fund's allocation to energies markets as U.S. Department of Energy data showed higher than expected oil inventories. These losses were tempered slightly by gains experienced from the Fund's metals positions, as gold and silver each dropped to its lowest level in over two years. The Fund's allocation to the bonds markets also produced positive returns as a rise in the U.S. dollar produced sharp downward pressure on interest rate products. Based on the aforementioned decrease in price, the Fund's perpetual long gold position negatively affected performance in June.

In May, the Fund yielded disappointing results due primarily to its positions in the bonds and energies sectors. The Fund's long natural gas positions negatively affected performance amid reports from the U.S. Energy Information Administration of rising inventories. The U.S. Environmental Protection Agency also issued reports that downplayed the environmental impact of natural gas fracking. The Fund's long soybean positions produced solid returns in May as China, the world's largest soybean consumer, continued to show increased demand. The Fund's perpetual long gold position had a negative effect on performance amid speculation that the Fed will scale back its aggressive bond purchasing program.

In April, the Fund's managed futures strategy posted strong returns amidst high volatility in several key markets. The Fund's positions in the metals sector generated positive returns, as did its long natural gas positions. The Fund's allocation to the grains sector suffered in April after the U.S. Department of Agriculture reported that farmers had planted 2 million more acres of corn than expected. The Fund's perpetual long gold position had a negative effect on performance as gold experienced its sharpest monthly decline since December 2011.

Three Months Ended March 31, 2013

Series A:

Net results for the quarter ended March 31, 2013, were a gain of 2.0% in net asset value for Series A-1 and a gain of 2.5% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $307,441. This increase consisted of total income of $415, trading gains of $573,128, and total expenses of $266,102. Expenses included $85,889 in management fees, $28,633 in operating expenses, $59,849 in selling commissions, $89,422 in brokerage commissions and $2,309 in other expenses. At March 31, 2013, the net asset value per Unit of Series A-1 was $1,451.82, and the net asset value per Unit of Series A-2 was $1,617.46.

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Series B:

Net results for the quarter ended March 31, 2013, were a gain of 7.3% in net asset value for Series B-1 and a gain of 7.8% in net asset value for Series B-2. In this period, Series B experienced a net increase in net assets from operations of $514,738. This increase consisted of total income of $296, trading gains of $652,673, and total expenses of $138,231. Expenses included $40,570 in management fees, $13,523 in operating expenses, $17,836 in selling commissions, $62,650 in brokerage commissions and $3,652 in other expenses. At March 31, 2013, the net asset value per Unit of Series B-1 was $1,191.23, and the net asset value per Unit of Series B-2 was $1,279.75.

Fund results for 1st Quarter 2013:

In March, the Fund's trading strategies produced positive returns. U.S. stock indices rose for a third consecutive month with the Standard and Poor 500 approaching an all-time high, leading to profitable returns for the Fund's long positions. The Fund's long positions in European long-term interest rate futures produced significant gains as investors feared the banking crisis in Cyprus could spill over into neighboring economies. Short positions in base metals added to positive returns as markets were pressured by the debt crisis in Europe, slumping Chinese stocks, and the rising U.S. dollar. The Fund also benefited from long natural gas positions as below normal temperatures forecasted for April lifted futures to an 18-month high. Larger than expected U.S. inventories and record projected planting acreage sent Chicago Board of Trade corn to limit down conditions on the last day of trading, resulting in losses for the Fund's long positions across the grain sector. The Fund's perpetual long gold position had a small positive effect on performance in March.

The Fund produced positive results in February as unmet expectations for global demand sent commodities lower while unsettling election results in Italy and negative growth renewed European debt concerns. Long positions in equity indices yielded losses for the Fund as European political instability and the slow pace of economic activity again raised concerns over regional finances. The Fund's long bond positions generated solid returns in treasuries as European debt crisis fears were reignited in reaction to inconclusive Italian election results. Long positions in the money market sector generated favorable returns for the Funds as rising interbank borrowing costs prompted ECB President Mario Draghi to restate the ECB's readiness to loosen monetary policy, lowering yield expectations. The U.S. dollar strengthened dramatically against a basket of world currencies leading to disappointing results for the Fund's long positions in counter-currencies. The Fund's short position in LME aluminum generated healthy returns as anticipated increases in demand had yet to be realized, Chinese production swelled and stockpiles tracked by LME rose for a fifth straight month. After climbing 6% in January, the crude oil complex fell back as the slow pace of recovery across the globe was unable to support a further advance, leading to losses for the Fund's long positions in the energies sector. The Fund's perpetual long gold position had a negative impact on performance in February as growing optimism for a U.S. economic recovery led investors to exit safe-haven assets, sending gold lower for a fifth consecutive month.

In January, the Fund produced positive returns to start 2013 with gains across multiple market sectors. The Fund's strategies performed well in global equities as indices reached multi-year highs on growing investor optimism, producing profits for the Fund's long positions. The Fund's long positions in base metals produced favorable results with the rebound in the global economy leading to increased industrial demand. Long allocations across the energies sector also generated healthy returns for the Fund as improving global economic conditions lifted demand prospects while unrest across North Africa and the Middle East injected geopolitical risk premium. Growing global economic stability eroded demand for the safety of government securities in January, leading to negative returns for the Fund's long positions in the bonds sector. Expectations for the removal of excess liquidity from the financial system led to losses for the Fund's long positions in money market futures. The Fund's perpetual long gold position negatively affected performance in January as positive economic metrics, fading inflation concerns, and prospects for an end to the Fed's monetary stimulus led to the fourth straight monthly decline for gold.

OFF-BALANCE SHEET RISK

The term "off-balance sheet risk" refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss. The Fund trades in futures and forward contracts and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interests positions of the Fund at the same time, and if Superfund Capital Management was unable to offset such positions, the Fund could experience substantial losses. Superfund Capital Management attempts to minimize market risk through real-time monitoring of open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio in all but extreme instances not greater than 50%.

In addition to market risk, in entering into futures and forward contracts, there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for futures contracts traded in the U.S. and on most foreign

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exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions.

OFF-BALANCE SHEET ARRANGEMENTS

The Fund does not engage in off-balance sheet arrangements.

CONTRACTUAL OBLIGATIONS

The Fund does not enter into contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company. The Fund's sole business is trading futures, currency, forward and certain swap contracts, both long (contracts to buy) and short (contracts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Fund for less than four months before being offset or rolled over into new contracts with similar maturities. The financial statements of the Fund present a condensed schedule of investments setting forth net unrealized appreciation (depreciation) of such Series' open forward contracts as well as the fair value of the futures contracts purchased and sold by each Series at June 30, 2014 and December 31, 2013.

CRITICAL ACCOUNTING POLICIES - VALUATION OF THE FUND'S POSITIONS

Superfund Capital Management believes that the accounting policies that will be most critical to the Fund's financial condition and results of operations relate to the valuation of the Fund's positions. The majority of the Fund's positions will be exchange-traded futures contracts, which will be valued daily at settlement prices published by the exchanges. Any spot and forward foreign currency or swap contracts held by the Fund will also be valued at published daily settlement prices or at dealers' quotes. Thus, Superfund Capital Management expects that under normal circumstances substantially all of the Fund's assets will be valued on a daily basis using objective measures.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

ASU 2013-08

In June 2013, FASB issued ASU No. 2013-08, Amendments to the Scope, Measurement, and Disclosure Requirements ("ASU 2013-08"). ASU 2013-08 contains new guidance regarding the approach to investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value and requires additional disclosures about the investment company's status as an investment company and information required to be provided to any of its investees. The amendments in the update are effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. The adoption of the provisions of ASU 2013-08 has not had a material impact on the Fund's financial statement disclosures.

ASU 2011-11

In December 2011, FASB issued 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. 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, 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 Fund's financial statements.

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