Is it safe to dismiss "magnetic" in view of the possibility of such rapid motion of an electrostatic charge pair (net neutral but with nucleus in between) or net negative charge 1-, this is, perhaps as a triplet-- H minus itself in some quasi inner orbital?
On principle, I think it's rarely safe to dismiss any proposal out of hand, and so I always leave a little wiggle room for the possibility that my assumptions are bad. In this case I would be quite surprised to learn that there is an exotic electron-proton species that is burrowed in the electron cloud of an iron atom against the strong mutual Coulomb repulsion felt between the proton and the nucleus, and via magnetic attraction no less. And that this system forms a bound state stable enough for an iron atom to masquerade as cobalt. For that to happen the electrons in the H- ion must remain bound to the proton, against the dissociative agency of the electron cloud, which normally strips electrons from hydrogen atoms when, for example, they electrochemically migrate into a metal lattice. And note that even with the two electrons in the H- ion, only a small solid angle is subtended by the bound electrons to screen the positive 1e charge of the proton.
I guess there are stranger things that have happened. But I would not put any money on this particular bet. I would seek out another explanation.