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We have investigated the magnetic and magneto-optic properties of Co/Ni multilayers deposited on Ag and Au buffer layers. The samples with Au buffer layers show perpendicular magnetic anisotropy, but those with Ag buffer layers do not. The. structure and degree of crystalline alignment of the buffer layer are evidently crucial to development of perpendicular magnetic anisotropy. We also present the results of polar Kerr rotation measurements as a function of wavelength and layer thickness of the multilayers.