Saying that, minus good news, BAA needs gold to go up to appreciate is not the same thing as saying that BAA always goes up when gold goes up. BAA, due to its cap ex and geopolitical risk can stay flat or fall relative to the price of gold.
The closest co-efficient might be NUGT (3X gold miners ETF), which BAA has roughly tracked over two years, with BAA down 88% and NUGT down 92%, although NUGT is more volatile than BAA. Over the last month there is a significant spread between the two, with NUGT up 51% and BAA up 7%.
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