What happened to the Saracen Mineral Holdings share price?
Shares of Saracen Mineral Holdings Ltd [ASX:SAR] gained more than 5% today. It’s trading at $1.25 at the time of writing. It’s now up 55% for the year.
Why did the price of SAR shares rise?
Saracen is a gold miner and explorer. It has a joint venture and farm-in agreement (through a subsidiary) with fellow gold company Nexus Minerals Ltd [ASX:NXM]. Nexus released some positive news on drilling results today.
What now for Saracen Mineral Holdings Ltd?
All eyes will be on the gold price when it comes to Saracen. Gold has shown recent strength. Should that continue, we can expect Saracen to continue trending higher. However, Saracen brings with it additional mining and business risks other than the gold price alone. Certainly, it’s an interesting stock to watch if you’re interested in having some exposure to gold. Conversely, any down move in the gold price could cause Saracen to fall.