SSR Mining (SSRM +5.36%) has been quite an up-and-down stock so far in 2026. That's due in large part to the often dramatic swings in spot gold and silver prices, which hit all-time highs early in the year before a variety of factors dragged them down.
Now, they might be on the upswing, and investors piled into SSR Mining shares on Wednesday to send them to an over 5% gain.
Price pops
SSR had no fresh news of its own to report; its equity defied gravity due to the global buy-in for precious metals generally.
Image source: Getty Images.
This occurred largely because of a jobs report, of all things. Wednesday morning, Automatic Data Processing released the latest edition of its monthly payroll report. This found that private employers in the U.S. had added around 38,000 jobs in August.
That sounds positive on the surface, but it's under the consensus estimate of 48,000 -- according to a poll of economists by news agency Reuters -- and the revised July growth figure of 46,000.
This effectively cooled worries about interest rate hikes by the U.S. Federal Reserve, which seemed to rise last week with Fed chair Kevin Warsh's recent remarks at a conference. Higher interest rates reduce demand for non-interest-bearing investments like precious metals; conversely, if it seems rates won't rise, investors become more bullish on such assets.
NASDAQ: SSRM
Key Data Points
Where gold and silver go, so goes...
While the performance of a company involved in the production and sale of precious metals depends on numerous factors, it can't escape the influence of prices. When these are rising, market players are positive about its prospects, and the reverse is true in times of price weakness.
Given that inflation is the major economic worry for most Americans -- including, crucially, Fed officials -- I think it'll continue to be the primary driver of prices for gold, silver, and other highly prized metals. Inflationary pressures remain in our economy, so if anything, I believe rates will rise. That doesn't bode well for prices, and by extension, the trajectory of stocks like SSR.
