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I've heard of using a large capacitor to provide a pulse of sufficient amperage to generate a brief, yet hefty magnetic field. This setup limits the potential for fire or other serious damage. I think it's the intensity of the field rather than the duration, that does the trick. Some of the new "stiffening" capacitors I see for use in car audio installations have amazing ratings, up to several farads each. I bet they might make a fine remagnetizer-thingamajig, although they might provide enough current to set your wire on fire too!
--Dave
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