Soft x-ray magnetic circular dichroism (XMCD) measurements using circularly polarized synchro-tron radiation allow an element-specific, orbital-selective, separate determination of spin, orbital, and magnetic dipole moments in magnetic substances. The principle and the sum rules of XMCD are described. Our recent XMCD studies are presented with emphasis on the origin of colossal mag-netoresistance in perovskite manganites and on the interfacial magnetism in Au/Co nanoclusters/Au (111). Evidence is presented for a close correlation among the magnetic moments, lattice distortions, and p-d hybridization in manganites. Almost purely interfacial magnetic moments are directly deter-mined for the Co clusters by angle-resolved XMCD measurements exploiting the clusters' constant 2ML height.
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