Here's my quick takeThe U.S. Fed will continue to posture rate increases and being tough on inflation, until economy (which has had two quarters of negative GDP growth) begins to take a turn much lower. This will be caused by the continued drop in home prices and equities, which will affect the precious metals as well.
Once the fake posturing by the Fed is over there will be a sharp rise in the precious metals as the market realizes the Fed is really not in control, and the bear market in the GDX and GDXJ will be over.
The Fed can only raise rates so much until the monthly interest payments on the U.S. debt will make up the bulk of the expense side of the "ledger". Also, US consumers cannot afford to pay higher rates on mortgages, credit cards, auto loans, and other borrowing causes. There's extreme sensitivity going forward to rates and the performance of consumers.
What does this mean for GMTN? Probably a bit more pain and acummulation before things move higher, and very quickly. All the best,