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Magnets on Oil Filters

The other day I lost the magnet I had on my oil filter, so I had to call
Edmund Scientific and get a new one, but it reminded me to ask you all on
the list if anyone else does this?

I have an NIB (Neodymium-Iron-Boron, i.e. expensive and powerful) permanent
magnet attached to my oil filter on the bottom.  The idea is...ferromagnetic
particles that get through the filter will stick to the inside on the filter
can and get removed when I replace the filter.  I just put the magnet on the
new filter at each change.  It's easier than having the magnet in the drain

I realize that not all bits-o-crud in the oil are magnetic, but alot are.

Any thoughts?

 - Mitch