A shock absorber having a valve controlling the flow rate of fluid between a compression chamber and a rebound chamber in a housing and separated by a piston. The valve has an orifice component and a blocker component, one of which has a permanent magnet, and the other of which has a magnetically permeable material. Upon the application of sufficient fluid pressure, the blocker component is forced away from the orifice component, despite the magnetic bias that tends to attract the two structures. Because the magnetic force decreases as the two components are spaced farther apart, the shock absorber has excellent performance characteristics. Alternatively, a mechanical spring urges the blocker closed, and magnetic attraction between the blocker and a spaced opener mitigates the increased force of the compressed spring tending to close the valve.