LBlack14 If you follow Ode’s link above, it tells you the towel assembly contains the magnet and that you can pick up the towel by touching the metal part of the club to the magnet. Apparently some putters are made of non ferrous materials, so they provide the grip cap so you can pick up the towel if your putter falls into that category.
I guess I’m strange. I use a loose towel all the time, but I don’t throw it on the ground. If I did I’d think I could scoop it up with the putter head.