A silicone emulsion which can be converted into an elastomeric product under ambient conditions by eliminating and evaporating water and alcohol or carboxylic acid, comprising by weight approximately(A) 100 parts of a hydroxyl-terminated polydiorganosiloxane having a molecular weight of at least about 50,000,(B) 1 to 400 parts of a low molecular weight, reactive acyloxy or alkoxy-functional silicone resin,(C) 0.1 to 20 parts of a catalytic compound,(D) 0 to 200 parts of a thixotropic filler and(E) 0 to 200 parts by weight of a non-thixotropic filler, the silicone emulsion having a solids content of about 20 to 85% by weight. The emulsion is especially suited for coatings and sealants.