The Magadan area in Russia is notorious for its past as a transit center for Stalins prisoners. The main economic source these days is the fishing and gold mining.

Siting in right at the center of the 2,600km long Okhotsk-Chukotka belt it has great geological potential, not just for gold, but for other precious metals as well. There is a hidden treasure underneath Magadan. Read more in this guide.

In 2006, the Polyus Gold operated in Magadan produced about 37.8 tons of gold and employed 12.500 people. This is one of the most innovative gold mining companies on the planet, but gold production dropped by 4 tons in 2006, compared to 2005. You can read all about it in this in depth review. They are however planning to raise the mining outcome in 2007 by approximately 5.5 tons. That still has an effect on the market in the USA and your retirement plan if you did a 401k to gold IRA rollover. Please consult to one of the top companies.