The report cited by indicates a rate hike or tightening cycles do not always doom commodities and metals, noting “Commodities – and notably industrial metals and energy, which are the most growth-sensitive subsectors – did particularly well, with an average gain of more than 25%.”

In theory, gold would be less attractive in a rising rate environment as the hard asset does not offer a yield and it will be pressured by a rising dollar. Traders may consider short or inverse gold ETF options to hedge against a potential turn.

SEE MORE: Yellen Cements Low Rate Theme, Off-Beat ETFs To Consider

“While that bodes well for metals and mining stocks, (Allianz) does warn that the current rate hike cycle is different given the unconventional policies like quantitative easing that the Fed has employed (not to mention past performance is not a reliable indicator of future results and all that),” adds

For more information on the miners sector, visit our metals & mining category.