The source and origins of the hydrothermal fluid of orogenic, or quartz-vein lode-gold deposits remain uncertain and disputed: Resolution would likely have a significant affect on exploration strategy. The gold-carrying fluid is interpreted to be a low-salinity mixed aqueous-carbonic fluid of near ambient pH and redox state, that may be derived either magmatically through crystallisation of granites at depth in the crust or through metamorphic reactions in a range of rock types. Classic isotope and geochemical tracers of fluid source have not differentiated these possibilities and have produced conflicting conclusions. Mass balance calculations show that fluid composition will be modified by wallrock reaction between source and deposit, and tracers should not be expected to give clear indications of fluid source. Fluid oxidation state can also be modified along flow paths. Tracers should be interpreted with care and with view to possible modification. Modelling of full flow paths and examination of the hydrothermal histories of proposed source rocks may be alternative approaches to determining fluid source.