Is earth a Gravitational Body or a Magnetic???

If you don't abuse me of raising such questions, to make our studies some what interesting, we need such small questions.
let me explain a small one...

There are two mind blowing theories that revolve round our planet other than the moon and the satellites: they are the Garvitational Theory and the Magnetic Theory. Though the ways are different the destination is same: in the same creativity i'll say that though these both are and teach different, they both aim at our very sweet home planet: the Earth.

 Gravitational Theory states that earth has a special tendency or what I exclaim a love towards its inhabitant and visiting bodies that it attracts them towards its center. That's what we all have understood that its a new Foece called Gravitational Force and we have gained a brilliance that when we throw an object high it never touches the sky: falls back.

Another One is the Magnetic Theory that exclaims the Earth as a huge magnet: strong enough to pull everything that is a metal body towards itself. It has its two magnetic poles and we understood briliantly is we all are standing on a giant magnet and we ourselfs play with magnets :) 

But my question is if an iron ball is thrown up what makes it come down? the Earths Gravity or the Earths Magnetism???

While thinking about this question, I'm left with nothing but Head ache ;) but the thought gave me plenty of interest.