  Pt nanocontacts, like those formed in mechanically controlled break
junctions, are shown to develop spontaneous local magnetic order. Our density
functional calculations predict that a robust local magnetic order exists in
the atoms presenting low coordination, i. e., those forming the atom-sized
neck. In contrast to previous work, we thus find that the electronic transport
can be spin-polarized, although the net value of the conductance still agrees
with available experimental information. Experimental implications of the
formation of this new type of nanomagnet are discussed.
