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The device evidently exploits diamagnetism by placing non-magnetic
objects inside a strong magnetic field where they are forced to act like
weak magnets themselves.
From www.raidersnewsupdate.com... link
The team used an oxygen and nitrogen mixture to create a paramagnetic fluid. Inside the magnet, the mixture helps the objects float.
Liquid oxygen is so strongly attracted to the magnetic field that it provides enough boyancy to float even the densest of metals with ease. The image on the left shows objects from top to bottom; silicon;gallium arsenide; a £1 coin; lead and a gold coin all floating in magnetised liquid oxygen. The objects float where the bouyancy due to the magneto-Archimedes effect equals their density