The large variety of magnetic phenomena observed in the Co based Laves phas
es are reviewed. Following the band structure calculations it is argued tha
t the outstanding magnetic features of the RCo2 intermetallics are intimate
ly related to the position of the Fermi level, which is near to a local pea
k in N(epsilon). This is why the Co 3d-electron system reacts sensitively e
ither to the molecular field of the R partner element or to the changes of
external parameters such as a magnetic field or pressure. Magnetic, magneto
elastic and transport measurements of RCo2 compounds and related pseudobina
ries such as R(Co1-xAlx)(2) with R either magnetic or nonmagnetic rare eart
h element are shown and discussed. The conditions for the appearance of iti
nerant electron metamagnetism and spin fluctuations are outlined. In partic
ular, the influences of spin fluctuations on physical properties, e.g, the
susceptibility, thermal expansion and transport phenomena, are demonstrated
.