Imagine a metal hoop floating in a plane parallel to the Earth's surface, with a permanent magnet suspended above it. The magnet is then dropped straight through the center of the hoop. From Faraday's Law, a current is induced in the hoop as the magnet passes through. There is now angular momentum about the center of the hoop due to the mass of the electrons and their velocities, or current. Whereas before when the magnet is stationary/suspended there is no angular moment as nothing is moving. Where is the conservation of angular momentum?