The distribution of noble metals has been studied in ores and sulfide concentrates from volcanogenic massive sulfide (VMS) deposits of the Urals. Gold, silver and PGE concentrations have been determined by instrumental neutron activation analysis and wet-chemical analysis with ICP-MS.The LA-ICP-MS method has been used for trace element analysis of sulfides from the Uchaly and Valentorsk deposits. The bulk of the gold and PGE occur invisibly in pyrite and chalcopyrite. Their contents range from -0.01-42.8 ppm Au, 0.03-0.2 ppm Pd and 0.02-0.25 Rh ppm. The PGE enrichment (ppb, up to 1220 Pd, 375 Pt and 707 Rh for the Uzelginsk and 1800 Pd for the Gai deposits) was established in ultra heavy concentrates from Au rich ores. Late hydrothermal processes resulted in the redistribution of non-ferrous and precious metals and the formation of submicron-sized inclusions of Au-Ag alloys, Au (and PGE?) compounds with Те, Se, S, As, Sb and Hg.