In a small bowl, combine cold water and cornmeal. Let stand 5 minutes. Meanwhile, in a medium saucepan over medium-high heat, combine chicken broth, salt and pepper. Bring mixture to a boil.

Gradually whisk in cornmeal mixture and reduce heat to low. Cook 20 minutes, stirring frequently with a wire whisk, until mixture is thick and creamy. Stir in smoked Gouda and simmer until cheese melts, stirring constantly.