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Research has been conducted on a magnetic induction gyroscope which is included in a class of instruments often referred to as nuclear gyroscopes. The magnetic induction gyroscope employs a set of magnetic fields of specified relative orientation, strength, and frequency applied to a sample of paramagnetic material. The theoretical studies that have been performed show that such a system is sensitive to the common rotation of the sample and the field generating structure, and that voltages proportional to the rotational velocity may be induced in a suitably located coil. This device offers the possibility of developing gyroscopic behavior with little mechanical complexity and with very low drift rates. A preliminary experiment has been performed which verifies the theoretical predictions.