A method of producing a acid/metal bifunctional catalyst may include: mixing an acid catalyst, a metal catalyst, and a fluid to produce a slurry, wherein the acid catalyst is present at 50 wt % or less relative to a total catalyst weight in the slurry; heating the slurry; producing a powder from the slurry; and calcining the powder to produce the acid/metal bifunctional catalyst. Such acid/metal bifunctional catalyst would be useful in the direct conversion of syngas to dimethyl ether as well as other reactions.