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Magnetic fields are produced by currents. Permanent magnets are the result of magnetization currents flowing inside the material. The magnetization currents in materials are a consequence of the electron's orbital motion and spin. Electrons have an intrinsic property, called spin. Because they have spin, they have a magnetic moment, similar to a small current loop. Electrons by themselves act like tiny magnets. If you pick an axis, an electron's magnetic moment can either be parallel or anti-parallel to this axis. In an atom the electrons are arranged in orbitals. An orbiting electron can have an additional magnetic moment similar to the magnetic moment of a tiny current loop. If all the magnetic moments of the electrons in an atom do not completely cancel out, then the atom will act like a tiny magnet.
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