Here's a solution I came up with that is easy to use, fast, and takes very little effort (to use). It's also not too hard to make. It will change the way you use your kitchen towels! Ya.
** Because there's been some confusion, I just want to clarify that this method allows the magnet to be removable. Yes, the magnet can be removed easily for washing (of the towel).
Step 1: Magnetowel - Materials
Kitchen towel (not pictured)
Ruler - or any other length-measuring tool
Pen and/or pencil - or any cloth/paper marking utensil
Scissors - or any cutting utensil (Xacto-knife, cutting wheel, etc)
Neodymium magnet - available online and probably at some hobby stores
Fabric of some sort - for making the pocket
Iron-on adhesive - available at most hobby stores
Iron - ... no comment at this time
The magnet I used was purchased from K&J Magnetics , but you can probably get them at a lot of other places online, and probably at some hobby stores. It is about 1.5 cm in diameter, and about 0.5 cm thick.
I used iron-on adhesive because I didn't have a sewing machine, and didn't want to go through the hassle of sewing everything together by hand. If you do have a sewing machine, it may be easier and more secure. Just sew along the same lines as where the adhesives go. The iron-on seems to be holding nicely, however.