New York, January 22, 2026, 15:39 (EST) — Regular session
- Shares of SSR Mining surged roughly 12% in afternoon trading following a broker upgrade
- TD Cowen upgraded the stock to “buy” and bumped its target price up to C$43
- Traders now eye gold’s next move alongside next week’s Fed meeting
Shares of SSR Mining Inc surged roughly 12.5% to $26.01 in Thursday afternoon trading, continuing a strong rally for the mid-cap gold miner amid renewed analyst enthusiasm. The stock fluctuated between $23.16 and $26.07, with roughly 4.6 million shares changing hands.
The shift happens as investors continue to favor gold-related stocks following bullion’s recent surge to record highs. Spot gold dipped Thursday after reaching a peak the day before, weighed down by a stronger dollar and reduced appetite for safe havens, despite major banks raising their long-term forecasts. 1
TD Cowen upgraded SSR Mining from “hold” to “buy,” lifting its price target to C$43 from C$33, driven by expected gains from rising gold prices. The broker described SSR as having “good torque” — meaning it’s highly sensitive to gold price moves — and flagged the potential restart of the Copler mine as a key catalyst, though the timing remains uncertain. “We are likely getting closer to this positive potential catalyst,” the analyst noted. 2
Copler has remained a significant overhang and source of optionality. SSR halted operations there following a heap-leach pad slip in February 2024. The company hasn’t provided a timeline or conditions for restarting work. 3
SSR jumped ahead of the wider gold sector on Thursday, even as the entire group posted gains. VanEck’s Gold Miners ETF climbed around 3.9%, with Newmont up close to 2.4% and Barrick adding about 2.7%.
SSR Mining trades on Nasdaq and the Toronto Stock Exchange under the ticker SSRM. It positions itself as an intermediate gold producer, with operations spanning the United States, Türkiye, Canada, and Argentina. 4
Traders noted SSR now acts as a lightning-fast stand-in for the gold market: when bullion climbs, miners can surge even more, and when it falls, they often retrace just as fast. Thursday’s jump highlighted how swiftly sentiment can reverse with one key trigger.
The setup works both ways. Should gold continue slipping from its record highs, or the dollar hold firm, the sector could quickly lose steam. For SSR in particular, any hiccups or delays with Copler—whether permits, engineering, or remediation expenses—might undercut the gains that bulls have priced in.
Investors will be watching to see if Thursday’s jump sticks through the close or fades as day traders exit. In the gold market, thin liquidity can amplify moves, particularly when upgrades come through mid-session.
Attention turns next week to the U.S. Federal Reserve’s policy meeting on Jan. 27-28. This event often moves rate expectations sharply, with a direct impact on gold prices — and, by extension, miners such as SSR. 5
