As the gold price climbs, so does the Australian dollar, which means the local price isn't as high as it was just six months ago. Gold topped $US1060 overnight but the Australian dollar hit a 14-month high of US 91c. Barry Cahill, from...
photo: WN / patricia
![Magadan (Russian: Магада́н) is a port town on the Sea of Okhotsk and gateway to the Kolyma region. It is the administrative center of Magadan Oblast (since 1953), in the Russian Far East. Founded in 1929 on the site of an earlier settlement from the 1920s, it was granted the status of town in 1939. From 1932 to 1953 it was the administrative center of the Dalstroy concern and its corrective labor camp system. It lies in Nagayevo Bay in the Gulf of Tauisk. Population: 114,873 (2008 est.);[citation needed] 99,399 (2002 Census);[3] 151,652 (1989 Census). Ship building and fishing are the major industries. The town has a seaport (fully navigable from May to December) and a small international airport, Sokol Airport. There is also a small airport nearby, Magadan 13. The unpaved Kolyma Highway leads from Magadan to the rich gold-mining region of the upper Kolyma River and then on to Yakutsk.](http://cdn1.wn.com/vp/i/ef/b5604cdb0f3feb.jpg){kind=small}
