  We re-analyze literature data on neutron scattering by liquid metals to show
that non-magnetic liquid metals possess a magnetic moment that fluctuates on a
picosecond time scale. This time scale follows the motion of the cage-diffusion
process in which an ion rattles around in the cage formed by its neighbors. We
find that these fluctuating magnetic moments are present in liquid Hg, Al, Ga
and Pb, and possibly also in the alkali metals.
