Lubricous encapsulated ferromagnetic particles

A mass of moldable particles for compression molding into a magnetizable product which comprises a plurality of ferromagnetic particles dispersed uniformly throughout a polymeric matrix, said moldable particles each comprising a ferromagnetic particle having a lubricous shell thereabout encapsulating said ferromagnetic particle, said shell comprising a minority amount of a plurality of organic lubricant particles which are smaller than said ferromagnetic particles and are bonded to said ferromagnetic particle by a film of thermoplastic binder embedding said lubricant particles and deposited onto said ferromagnetic particles from a solution of said binder in a suitable solvent which is substantially a nonsolvent for said lubricant.