Magnetic Silly Putty "Hack" Creates Freakish Magnet-Devouring Blob

This automagically morphing blob of Silly Putty is based in science, silly, not witchcraft.

But how does one go about creating a freaky blob of magnet-devouring goodness? Instructables member Michael Saurus lays out a parts list:

Tools:
- disposable gloves (latex or other)
- disposable face mask
- disposable work area (paper plate)

Materials:
- Thinking (Silly) Putty ($2.00 or less) - any colour
- ferric iron oxide powder (artist supply stores)
- neodymium magnet

After that, it's up to you to follow his simple-yet-amazing/freaky experiment to its conclusion. Check the video—that hellspawned putty ball eats magnets! [Instructables]