So you are demagnetizing your copper or silver cables, that also contain no iron? Interesting.
Yes, it is very interesting. Mine was bought in the 90's to be used on CDs. Figured it was BS. CDs are after all polycarbonate, aluminum, what's to demagnetize? Even way back then though I had already learned a lot of seemingly crazy stuff actually does work and so I figured Radio Shack, $20, just take it back when it doesn't work. Only thing, it did work. Easy to hear. Friend bought one when he heard how well it works.
Few years later someone said it works on records. Here we go again. See the pattern? Instead of dismissing every crazy idea I actually try them out whenever I can.
Here's maybe one of the most valuable items of information for an audiophile to know: When you can't get a good explanation exactly why something works, it does not mean it doesn't work. It only means we can't explain it.