"While set to attract, you take a –1 item penalty to your AC against attacks made by metal weapons, while creatures within a 5-foot emanation other than you gain a +1 item bonus to their AC. If set to repel, you gain a +1 item bonus to AC against attacks made with metal weapons. While attracting metal, you gain a +1 item bonus to Athletics checks to Climb metal objects and Grapple metal creatures and a –1 item penalty to Athletics checks to Shove metal creatures. While repelling metal, you gain a +1 item bonus to Athletics checks to Shove metal creatures, but you take a –1 item penalty to Climb metal objects and Grapple metal creatures."
The description of this item specificaly states that it provides an item bonus, wich would render it obsolete, since armor and armor potency runes already give you and your party members an item bonus. Was this meant to be a status bonus or did paizo expect you and all party members to doff ytheir armor before putting this on?
