Gold and silver minerals from the Kupol epithermal deposit, Chukotka, were studied. A schematic sequence of mineral formation has been compiled. Specific mineral assemblages have been revealed in jarosite breccias: with native gold, uytenbogaardtite, fischesserite, acanthite, and native sulfur. We considered a possible mechanism of formation of gold and silver sulfides and selenides in volcanogenic deposits: They might have formed during solfatara and postsolfatara processes with the participation of volcanic gases or their condensates and sublimates as well as liquid sulfur (and selenium) and sulfuric hydrotherms produced under the interaction of volcanic gases with meteoric waters. The specific features of the Kupol deposit confirm the solfatara genesis of Au–Ag sulfides and selenides.