Magnetite (Fe$_{3}$O$_{4}$) is a mixed valent system where electronic conductivity occurs on the B-site (octahedral) iron sublattice of the spinel structure. Below $T_{V}=122$ K, a metal-insulator transition occurs which is argued to arise from the c
harge ordering of 2+ and 3+ iron valences on the B-sites (Verwey transition). Inelastic neutron scattering measurements show that optical spin waves propagating on the B-site sublattice ($sim$80 meV) are shifted upwards in energy above $T_{V}$ due to the occurrence of B-B ferromagnetic double exchange in the mixed valent metallic phase. The double exchange interaction affects only spin waves of $Delta_{5}$ symmetry, not all modes, indicating that valence fluctuations are slow and the double exchange is constrained by electron correlations above $T_{V}$.
