Auration of o‐trimethylsilyl arylphosphines leads to the formation of gold and gold–silver clusters with ortho‐metalated phosphines displaying 3c–2e Au−C−M bonds (M=Au/Ag). Hexagold clusters [Au6L4](X)2 are obtained by reaction of (L−TMS)AuCl with AgX, whereas reaction with AgX and Ag2O leads to gold–silver clusters [Au4Ag2L4](X)2. Oxo‐trigold(I) species [Au3O]+ were identified as the intermediates in the formation of the silver‐doped clusters. Other [Au5], [Au4Ag], and [Au12Ag4] clusters were also obtained. Clusters containing PAu−Au−AuP structural motif display good catalytic activity in the activation of alkynes under homogeneous conditions.