Supported, highly dispersed, high activity potassium or rubidium-Group VIII metal cluster catalysts demonstrating improved selectivity to olefinic and paraffinic hydrocarbons in CO/H.sub.2 reactions prepared by the process which comprises depositing known, well-characterized potassium or rubidium-Group VIII metal carbonyl cluster complexes and mixtures thereof on a high surface area support material, drying the carbonyl cluster complex impregnated support in the absence of oxygen, and reducing the supported complex at elevated temperatures to effect the essentially complete reduction of the supported potassium or rubidium-Group VIII metal carbonyl cluster complexes to discrete potassium or rubidium-Group VIII clusters of metals on the support surface.