We describe the preparation and characterization of uniaxial magnetic gels. Fibril formation of the embedded magnetic particles generates easily detectable magnetic and optical anisotropies. A finite magnetization is frozen in and leads to a ferromagnetic-like response in small homogenous external magnetic fields. We present for the first time, frequency dependent measurements of the shear modulus G'. Despite their optical and magnetic anisotropy, the gels are mechanically isotropic.