Why is iron magnetic?

Abstract
The unravelling of the origin of magnetism in iron, cobalt, nickel and their alloys has been a fascinating subject of study for many years. It is elusive because the structure of the valence electrons in the transition metals is very complex. Only in the last decade has there been a sufficient understanding of this structure to appreciate the crucial features of ferromagnetism. We now know the two conditions the electronic structure of a metal must satisfy for it to be a ferromagnet, and this understanding is helping us synthesize new magnetic alloys.