In fact, the only thing needed to make them is iron and nitrogen, plus an understanding of crystal structure and some engineering ingenuity. To start things off, what even is a permanent magnet?

Global bullion banks are flying gold into the United States from trading hubs catering to Asian consumers, including Dubai ...

Steel contains iron, so a steel paperclip will be attracted to a magnet too. Most other metals, for example aluminium, copper and gold, are NOT magnetic.

to cater their demand in the U.S, said a Dubai-based bullion dealer. "The U.S. is like a gold magnet right now, pulling in gold from all over the world," he said.