Without magnetism physics wouldn't exist nor would our world or the universe for that matter (no pun intended). However, they did studies that suggested that the low power from such a simple magnet has no bearing on our cells whatsoever.
For example an MRI uses unbelievably strong electromagnets just to be able to affect our tissue temporarily for the purposes and creating an image, etc.
These magnets are so powerful that you cannot have anything metallic in your cloting, etc.
In addition, I was once a welder, and had to have an eye x-ray to make sure there were no microscopic metal particles in them before I got my MRI.
If there were metal particles in my eyes then the MRI's magnetic force could have moved those particles and blinded me.
The naivity of people, included Mark Phillipi if he indeed does where them, amazes me. If I didn't have moral values I'd say I would be rich because it is way to easy to take advantage of people.
Also for all we know Mark Phillipi is hoping that Q-Ray sees him wearing the bracelets so he too can become a spokesperson.