i am attempting an experiment and was wondering if there were any readily available materials that can effectively shield from the effects of magnetism?
Sure, you just need a conductive material, currents will be generated that destructively interfere with the magnetic field. This is usually done with a Faraday cage around compact speakers.
Why would silver be better than iron or http://en.wikipedia.org/wiki/Mu-metal" ? Not only is silver very expensive, but it's magnetic permeability is low comparatively.
If the frequencies you are trying to block are high enough then you can move to a Faraday Cage, but for low frequency fields I would think Mu-Metals would be your best bet.
I'm sure someone else who knows more can weigh in.