To provide metal particulates which are fine and further have satisfactory dispersibility.

Using, as a reducing agent, a compound obtained by subjecting a phenol compound such as pyrogallol, phloroglucinol and gallic acid to oxidative polymerization with an oxidizer or the like, the reducing agent is mixed with a metal compound, and the metal compound is reduced, so that metal particulates is obtained in such a state that the oxidatively-polymerized product and the oxidized body thereof are present on the surfaces of the produced metal particulates, and by the dispersion effect thereof, the particles in a flocculated state are less dispersed. The metal colloidal liquid obtained by dispersing the metal particulates into a solvent is suitably used for ornaments or the like.

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