I thought I was a real genius when I was setting up my turning space and purchased a few of those magnetic tool holders to hold all my turning tools up on the peg board. Never even considered the fact that my tools could become magnetized and stick on the rest as a result. Doh! I didn't notice at first... don't know if it's gotten worse, or if I've just become more sensitive, but I started realizing that it was practically impossible to make a nice long cut without hesitation along the way, due to the magnetism. Really frustrating.

Anyway, I did alot of searching and found a suggestion that if you hold your tool pointed north and run a super strong magnet up and down the shaft of the tool, with the magnet facing east-west, that it would remove the magnetism... sounded pretty crazy to me but I decided to try it... and by golly it actually worked! No more attraction to the rest! The tools are now all laying on the workbench until I find a new home for them.

Just thought I'd share the experience as a word of warning for anyone thinking about using those, and/or a possible solution if anyone ever finds themselves with the same problem