A similarity has been found between processes of gold concentration in the volcano-sedimentary formations of Proterozoic and Devonian age of the Bohemian massif, Czechoslovakia, and of the gold concentration in the greenstone belts of the Archean shields. Based on this, the earlier concept of gold associated with Variscan granitoids has been revised and gold concentration explained in terms of mobilization of gold from the volcano-sedimentary units by metamorphic processes and granitization. Attention has been focused on the gold content of individual rocks and rock units in the central part of the Bohemian massif. Very low gold contents have been found in the unmetamorphosed Paleozoic rock units and in the high-grade crystalline rocks of the Moldanubicum. Relatively higher gold contents occur in all types of Proterozoic sedimentary and volcanic rocks and even the granitoids intruding them. The spatial relationships between gold and scheelite mineralization have been established. The new concept has led to the discovery of economically important gold and scheelite deposits in Czechoslovakia described in this paper.