Circular magnetic x-ray dichroism is a promising new tool for the stud
y of spin and orbital moments in ferromagnetically ordered materials.
For rare-earth systems the L(2) and L(3) edge dichroic spectra give in
formation about the magnetic properties of the 5d conduction electrons
. This article addresses a few of the key issues concerning the interp
retation of the spectra. In particular, the quadrupole nature of the d
ichroic spectra below the L absorption edges and its angular dependenc
e is discussed. The important role of the 4f-5d exchange in causing a
large and important spin dependence in the 2p-5d matrix elements is li
kewise examined.