A bimetallic, fully alloyed Pd/Au colloid of 3.0 nm particle size, obtained by the co‐reduction of Pd and Au salts with tetraalkylammonium triethylhydroborate, was embedded in a silica matrix employing a modified sol–gel procedure with THF as the solvent. The removal of the protecting tenside led to a mesoporous texture with a comparatively narrow pore distribution. The physical characterisation by a combination of several techniques has shown that the SiO2‐embedded Pd/Au colloid preserves the size and the structural characteristics of the colloidal metal precursor. The new material exhibits catalytic properties in selective hydrogenation.