Its just a simple little thing but Wal Mart was blowing these out for about a buck:
They're a vinyl-clad magnet with a metal cover and hook molded in about 2" in diameter. They've got a good strong grip, won't scratch your machines or tool box and are handy for hanging a brush on the side of the TS, blades on the BS or whatever. Just one of those silly things that is designed for something else but comes in handy in the shop (especially at $1 each). So if you or LOYL are at Wal Mart, check out the Xmas clearance section.
Any sufficiently advanced technology is indistinguishable from magic.
- Arthur C. Clarke