Ultrasmall gold particles have been prepared inside the micelles of polystyrene-block-poly(ethylene oxide) and polystyrene-block-poly(2-vinylpyridine) in toluene. Starting point was the formation of a thermodynamically stable dispersion of HAuCl4 or LiAuCl4 in the inverse micelles of the block copolymer which were treated with hydrazine or pyrrole. Analysis of the effect of the reduction agent on the stability of the micelles yielded a simple model for the transformation process involving coagulation of the swelling micelles. Kinetic control of the different steps, i.e., reduction, mineralization, coagulation, film formation, allowed to prepare thin films in which highly uniform gold particles were arranged in yet unknown order. When pyrrole was employed for the reduction, the gold monocrystals got embedded in a shell of polypyrrole.