A process for making small metal spheres encapsulated in an oxide glass. A metal compound, which decomposes to the elemental metal upon heating is mixed with oxide glass particles such that the final material contains from about 1 to about 15 percent of the metal by weight. The mixture is then heated to a temperature above the decomposition temperature of the metal compound as well as above the melting temperature of the metal wherein the oxide glass has a viscosity range of from 1 to about 5,000 poise. The mixture is then cooled to a temperature below the freezing point of the metal.