The importance of a study of the distribution of gold and metal values in lodes and massive deposits.The contrast between conditions at surface and those at depths where hypothermal and magmatic deposits may be presumed to have had their inception. The improbability of water having been the medium of metal transport at great depths.An examination of the implications of the probably erroneous assumption that gold has remained at the original points of separation or precipitation from the mineralizing fluids.Outline of the proposition that gold, having been one of the last minerals to crystallize, has frequently undergone extensive migration during the final stages of mineralization.The mobile fluidity of gold during the later stages of vein formation; its migration from zones of compression to zones of tensional dilation. Parallelism of the features of gold distribution with the ubiquitous nature of quartz-veining. The confinement of minerals to zones of tensional dilation dependent upon the orientation of stresses immediately prior to crystallization.Summary of the evidence visible to the eye in support of the foregoing conception. The logical basis upon which the known phenomena of gold distribution and habits may be adequately explained and forecast.The products and processes of mineralization through crystallization from a melt contrasted with those to be expected through precipitation from an aqueous solution.Concept of mobile late-stage fluidity extended to minerals other than gold.