Many ore deposits are hosted by metamorphic rocks, and metamorphic fluids have been invoked as a source for various deposits, especially gold deposits. Metamorphic fluid compositions reflect original sedimentary environment: continental shelf sequences yield saline metamorphic fluids with little dissolved gas while metasediments from accretionary and oceanic settings host less saline fluids with significant CO 2 contents.The principal difficulty in reconciling ore deposits with a metamorphic origin is that many form quickly (c. 1 Ma), whereas metamorphic heating is slow (c. 10-208/Ma). Gravitational instability means that fluid cannot be retained. Metamorphic ores may nevertheless form by: (a) segregation leading to enrichment of pre-existing concentrations; (b) infiltration of water-rich fluids from schists into marbles at high temperature overstepping decarbonation reactions and allowing fast reaction that locally draws down temperature; and (c) rapid uplift driving dehydration reactions owing to pressure drop.Some orogenic lode gold deposits fit well with a purely metamorphic origin during rapid uplift, but others are problematic. At Sunrise Dam, Western Australia, anomalies in Sr-isotope ratios and in apatite compositions indicate a partial mantle/magmatic source. Low salinity, H 2 O-CO 2 fluids commonly associated with hydrothermal gold reflect the effect of salt on gas solubility, not the origin of the fluid.Gold Open Access: This article is published under the terms of the CC-BY 3.0 license.Many hydrothermal ore deposits are hosted by metamorphic rocks, and so the possibility that ore deposits may form from metamorphic fluids has been discussed for many years. In this paper we will review what is known about metamorphic fluids from a chemical perspective, and the implications that this may have for their ore-forming potential, and then put this in the context of the history of regional metamorphism and the physical supply of fluid to possible ore systems. Possible natural examples of metamorphic fluids giving rise to ore deposits are also discussed with an emphasis on gold mineralization, because this is the type of mineralization for which metamorphic fluids have been most widely invoked.The term metamorphic fluid is used here in the strict sense to denote fluids present during prograde metamorphism. They will commonly include a component of pre-metamorphic formation waters as well as fluid released by breakdown of volatilebearing minerals, all modified by ongoing interactions with host rock. This definition is much more restrictive than that often used in stable isotope studies, which embraces all fluids that have isotopically equilibrated with metamorphic rocks, irrespective of their origin.Despite some clear evidence to the contrary (e.g. Roedder 1972), until recently crustal fluids were generally assumed to carry only small amounts of potential ore metal in solution. Thus the problem of understanding ore deposits was seen as one of accounting for extensive focussing of fluid flow. With the ...