I purchased a new timing chain set and noticed that there is a magnet in a hole on the old cam timing gear and there is not one on the new. Obviously I'll have to transfer the old magnet to the new gear.
Two questions - Is it safe to transfer the old one or is it best to purchase a new one? What is this magnet for?
Yes, you need to transfer the camshaft interrupter magnet to the new cam gear. The magnet passes a sensor on the timing chain cover and trips it everytime it makes a revolution. The PCM(powertrain control module) uses this for timing adjustments.