The Resolute Mining Limited share price continues to sink lower

The Resolute Mining Limited (ASX: RSG) share price is certainly not having a great day of trade.

In early afternoon trade the gold miner’s shares are down almost 3.5% to $1.17. This brings its three-month decline to over 17%.

What happened?

Today’s decline is likely to be related to a fall in the spot gold price overnight.

At present the spot gold price is fetching US$1,245 an ounce, down approximately 4% from its month-high of US$1,295 an ounce.

As of the most recent quarter, Resolute was operating with an all-in sustaining cost of US$827 per ounce.

Fortunately for shareholders there appears to be no immediate reason to panic. Despite the recent slide in the gold price, Resolute’s operations are still profitable for the time being.

Elsewhere in the industry, the shares of Newcrest Mining Limited (ASX: NCM) and Evolution Mining Ltd (ASX: EVN) are both down by around 2.5%.

Top 3 ASX Blue Chips To Buy In 2017

For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked..

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool's in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool's Top 3 Blue Chip Stocks for 2017."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand - and how quickly the share prices of these companies moves - we may be forced to remove this report.

Click here to claim your free report.

Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

HOT OFF THE PRESSES: My #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.