Here's Why Shares in SSR Mining Popped Higher Today
Key Points
Management is derisking the stock and also aims to reduce the share count.
There's a lot of speculative money in gold right now, but the long-term fundamentals look sound.
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Shares in gold miner SSR Mining (NASDAQ: SSRM) rose by 8% by 12 a.m. today. The move comes as gold prices spiked, but investors shouldn't lose sight of the fact that equity markets did so as well. In addition, investors are warming to the company's management, recently signing a definitive share purchase agreement to sell a 80% stake in a mine in Turkey for $1.5 billion in cash.
A higher gold price, but also a higher correlation
Few investors will complain about a higher share price. Still, there's one thing to consider here: correlation. As recently discussed, a lot of speculative money has flowed into gold and silver over the last couple of years, which is likely why gold is often trading in line with the markets this year.
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In short, it appears investors are liquidating gold positions and treating it like any other correlated asset class. That's fair enough, but it means that gold is unlikely to be the kind of haven investment many investors hoped it would be when other asset classes are sold off.
That's not to say it won't decouple, but for now it looks correlated with equity markets, at least until some of the more speculative money exits the trade. All told, if the gold price moves with equity markets and SSR Mining's stock moves with gold, then the stock will tend to move with the broader equity markets.
SSR Mining pleases investors
Turning back to SSR Mining specifically, the recent agreement helps derisk the company from Turkey, a country with geopolitical risk, raises cash, and focuses investors' attention on its Americas assets. Throw in the recent announcement of a "Normal Course Issuer Bid" allowing the company to purchase 10% of its total issued and outstanding common shares for cancellation, and there's a lot to like about the gold miner in 2026.
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Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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