A rod holder is mounted on an upright or a horizontal structure to hold a rod, such as a fishing rod. A latch is pivotally mounted on a base with a pivot pin. The rod is received in a latch aperture to pivot the latch closed. The rod is removed from the latch aperture to pivot the latch open. An arcuate slot in the base or the latch is centered about the pivot axis. A limit pin is received in the arcuate slot to stop the latch in the open and closed positions. A base magnet and a latch magnet follow arcuate paths of the same radius. The latch magnet will pass over the base magnet as the latch pivots. Like poles of the base magnet and the latch magnet repel one another to hold the latch open or closed.