Broadband photographs and spectra of the white light flare of 1972, August 7 have been compared with hard X-ray spectra from the same event. There is a very close temporal correspondence between the hard X-ray and white light emission curves, and these emissions come from layers that are separated by a height of less than 2000 km. The flare shows at least two distinct particle acceleration phases: the first, occurring at a stationary source, gave very bluish continuum emission from 4 bright stationary knots while the X-ray (E > 60 keV) spectrum hardened and reached peak intensity. This phase occurred between 1520 and 1523 UT. In the second phase (1524–1537 UT) the bright knots dissolved and a faint wave moved out from the flare center at 40 km s–1. The spectrum of the wave was nearly flat in the range 4950–5900 Å and analysis of the spectrum indicates that the emission was probably due to heating and ionization by 20–100 keV electrons. The X-ray spectrum, as derived from Interkosmos 7 and ESRO TD-1A satellite data, becomes softer during the wave phase. The close correspondence between the X-ray and continuum emission events shows that, in effect, the hard X-ray source has been resolved. It consists of several changing patches approximately 3″ × 5″ in area, consistent with the upper limit of 1′ from balloon observations (Takakura et al., 1971).