Hold that Drill Chuck Key with a Speaker Magnet

I have this drill chuck key that I tied a string to so it wouldn't wander off from my bench drill press. Needless to say I wasn't all that impressed with the result.

So I poked around the garage and came up with a speaker magnet to hold it to the drill press with when not in use. Now I realize the string prevented the key from wandering off, but this is really what I had in mind.

 It doesn't take much of a magnet to hold a key, but a bit of overkill shouldn't hurt.

More hassle than a string, but it was worth the effort to me.