The chemistry of the oxonium and aminium ions formed from alkynylic aldehydes or imines by transition metals, Lewis acids, Brønsted acids, or even electrophiles such as iodine (Scheme 1), has attracted wide interest. These intermediates undergo both intermolecular and intramolecular cycloadditions to carbon-carbon multiple bonds, to give myriad products of synthetic importance. [1,[2][3][4][5][6][7][8][9][10] Recently, we developed a convenient approach to 2-alkynyl-1,5-dicarbonyl derivatives, 1, from the Michael addition of activated allenes to electron-deficient olefins.[11] We envisioned that if a furanium intermediate [12] (Scheme 2) could be generated from the alkynylketone 1 containing a quaternary propargylic carbon, then the usual path A [12] would be blocked, leaving path B to engender novel transformations of the oxonium intermediate.We have now found that after only 5 min at room temperature, using gold catalysis, [13,14] 2-alkynyl-1,5-diketone 1 a furnished cyclopentenylketone 2 a-an intramolecular oxygen transferred product-in excellent yield (Scheme 3, top).Of special interest is the oxygen transfer from a carbonyl group to a carbon-carbon triple bond through an oxonium intermediate, also known as alkyne-carbonyl metathesis. [15] This has also been showcased in Yamamoto and co-workers recent papers on gold or TfOH-catalyzed intramolecular oxygen transfer of w-alkynylketones to the corresponding cyclic enones (Scheme 3, bottom).[16] A [2+2] pathway has been invoked for this oxygen transfer. [15,16] A [2+2] pathway might be invoked to rationalize the outcome in our gold-catalyzed, intramolecular oxygen transfer of 2-alkynyl-1,5-diketones to form the corresponding cyclopentenylketones. However, the fact that this reaction could be completed in minutes at room temperature, and with higher yields than those of previously reported oxygen transfers, [15,16] prompted us to propose an alternative [4+2] mechanism (Scheme 4), and to investigate the scope of this reaction. Herein, we describe the results from experimental and theoretical investigations that establish this new mechanism.To elucidate which pathway-the well-accepted [2+2] mechanism or our newly proposed [4+2] pathway [17] -was responsible for the gold-catalyzed intramolecular oxygen transfer of 2-alkynyl-1,5-diketones, we designed an isotopic Scheme 1. Formation of oxonium or aminium ions from alkynylic aldehydes or imines.Scheme 2. Formation of furanium ions from propargylic ketones.Scheme 3. Gold-catalyzed intramolecular oxygen transfer of alkynylketones.