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An apparatus for holding an article is described. The apparatus comprises an elastic band and a depository area integrally coupled as part of the elastic band into which at least one magnet is deposited. The elastic band is formed as a continuous loop having a first width. The depository area has a

An apparatus for holding an article is described. The apparatus comprises an elastic band and a depository area integrally coupled as part of the elastic band into which at least one magnet is deposited. The elastic band is formed as a continuous loop having a first width. The depository area has a second width exceeding the first width of the continuous elastic band. The depository area includes storage of the at least one magnet that, when deposited, occupies at least seventy percent of a volume of the depository area.

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1. An apparatus comprising: an elastic band having a first width, the elastic band is formed as a continuous loop and includes a depository area integrated as part of the continuous elastic band, the depository area includes a second width and a maximum width, the maximum width greater than the seco

1. An apparatus comprising: an elastic band having a first width, the elastic band is formed as a continuous loop and includes a depository area integrated as part of the continuous elastic band, the depository area includes a second width and a maximum width, the maximum width greater than the second width, wherein the second width is equal to the first width; andat least a first magnet having a first dimension and stored within the depository area, wherein the first magnet occupies at least seventy percent of a volume of the depository area and is oriented in a direction that enables magnetic coupling of an exterior surface of the continuous elastic band at the depository area, and wherein the first magnet is bound within the depository area as a result of the first dimension being greater than the second width of the depository area. 2. The apparatus of claim 1 further comprising a second depository area positioned at a location along the continuous elastic band opposite to the depository area and separated by a diameter of the continuous loop, the second depository area for storage of a second magnet occupying the second depository area. 3. The apparatus of claim 1, wherein the first magnet is a Neodymium magnet. 4. The apparatus of claim 1, wherein the continuous elastic band is made of silicone. 5. The apparatus of claim 1, wherein a diameter of the continuous loop is sized with a first diameter at steady state and expanded to a second diameter greater than the first diameter when the elastic band is securely fit on an item, the item includes a handle portion of a hand tool. 6. The apparatus of claim 1, wherein the depository area includes a slit operating as an opening to the storage area for insertion of the first magnet. 7. The apparatus of claim 1, wherein a diameter of the continuous elastic band is sized with a first diameter and the elastic band being flexible to expand to supporting a sizing to at least a second diameter that is greater than the first diameter. 8. The apparatus of claim 1, wherein a first portion of the depository area is sized with the second width and a second portion of the depository area is sized with the maximum width. 9. An apparatus comprising: at least a first magnet and a second magnet; anda continuous elastic band having a first width, the elastic band is formed as a continuous loop and includes: a first depository area integrated as part of the continuous elastic band, the first depository area having (i) a second width equal to the first width of the continuous elastic band, (ii) a maximum width greater than the second width, and (iii) an opening sized to enable insertion of at least the first magnet into the first depository area for storage of at least the first magnet, anda second depository area integrated as part of the continuous elastic band and positioned on a portion of the continuous elastic band directly opposite the first depository area, the second depository area includes at least the second magnet,wherein the first magnet has a first dimension and is stored within the first depository area, the first magnet occupies at least seventy percent of a volume of the first depository area and is oriented in a direction that enables magnetic coupling of an exterior surface of the continuous elastic band at the first depository area, and wherein the first magnet is bound within the first depository area as a result of the first dimension being greater than the second width of the first depository area. 10. The apparatus of claim 9, wherein an interior surface of the continuous elastic band is circular. 11. The apparatus of claim 9, wherein the second depository area is positioned at a location along the continuous elastic band opposite to and facing the first depository area. 12. The apparatus of claim 9, wherein the first magnet and the second magnet are Neodymium magnets. 13. The apparatus of claim 9, wherein the continuous elastic band is made of silicone. 14. The apparatus of claim 10, wherein the continuous elastic band is maintained as a closed, continuous loop having a first diameter and is flexible to expand to a second diameter greater than the first diameter when the elastic band is securely placed on an item. 15. The apparatus of claim 14, wherein the item includes a handle of a screwdriver. 16. The apparatus of claim 10, wherein a diameter of the continuous elastic band is sized with a first diameter and the elastic band being flexible to expand to at least a second diameter that is greater than the first diameter. 17. The apparatus of claim 9, wherein a first portion of the first depository area is sized with the second width and a second portion of the depository area is sized with the maximum width. 18. An apparatus comprising: an elastic band having a first width, the elastic band is formed as a closed, continuous loop having an inner surface and includes a depository area integrated as part of the continuous elastic band, the depository area includes a second width and a maximum width, the maximum width being greater than the second width, wherein the second width is equal to the first width; andat least a first magnet having a first dimension and stored within the depository area, wherein the first magnet occupies at least seventy percent of a volume of the depository area and is oriented in a direction that enables magnetic coupling of an interior surface of the continuous elastic band at the depository area, and wherein the first magnet is bound within the depository area as a result of the first dimension being greater than the first second width of the depository area.