Why the Bellevue Gold (ASX:BGL) share price has fallen 20% in a month

It's been a bad 30 days for Bellevue Gold share holders.

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The Bellevue Gold Ltd (ASX: BGL) share price has been struggling over the last 30 days.

Additionally, the company's woes have come about despite releasing only positive news to the market.  

At the time of writing, the Bellevue share price is 80 cents, 2.80% lower than its previous close and 19.70% lower than it was this time last month.

So, what's been dragging the gold explorer's shares down lately? Let's take a look.

A man standing in a red rock mine is covered by a sheet of gold blowing in the wind.

Image source: Getty Images

The month that's been for Bellevue Gold

The Bellevue share price has tumbled over the last month for no initially obvious reason.

However, there are a number of happenings that might have contributed to its recent slide.

Firstly, the company underwent a $106 million capital raising in early September.

The market reacted poorly to news of the placement despite the extra cash putting the company in a position to move towards fully funded production at its Bellevue Gold Project.

Bellevue hopes to complete its project's maiden production in the second quarter of 2023.

The Bellevue share price was placed into a trading halt as it underwent the capital raise. When it emerged, it fell 9.4%.

Additionally, the price of gold is likely weighing on the Bellevue share price.

The gold price has fallen 3.8% over the last 30 days to trade at US$1,749.50.

The dip followed from August's rally and has brought its year-to-date loss to 8.77%, according to CNBC.

Finally, Bellevue's stock isn't alone in its recent suffering.

Shares in gold producing giants Newcrest Mining Ltd (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) have also fallen 10% and 14% respectively since this time last month.

Bellevue Gold share price snapshot

The month's dip has added to Bellevue's woes on the ASX.

Right now, the company's share price is 32% lower than it was at the start of 2021. It has also fallen 23% since this time last year.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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