Au-Co and Au-Co-B alloys have been prepared by rapid solidification, f
ollowed by heat treatment. The precipitation of the ferromagnetic phas
es Co and Co2B in the Au matrix phase has been observed during anneali
ng. At room temperature, both magnetization and magnetoresistance are
determined by the superparamagnetic behavior of the ferromagnetic part
icles. The magnetoresistance is believed to have the same origin as th
at in multilayers and granular films. Both Co particles and the precip
itates of the Co2B intermetallic phase give rise to a high magnetoresi
stance. The magnetoresistance effect was less than 1% in the as-quench
ed samples and increased to about 3% after an appropriate heat treatme
nt.