I think the force of spinning it can only hold for so long and because of gravitys pressure.(i hope i helped) :)
Without magnetic domains a magnet would have its magnetism. Magnetic domains are clusters of iron atoms that line up in the same direction when magnetized. When not magnetized the iron atoms scatter.
'Traveling around a circular track' can be a description of constant
acceleration due only to changes in direction. But if it is, then the
progress around the circular track must be at constant speed.