AGI WAY UNDERVALUEDThe National Post reports in its Tuesday edition that gold is climbing toward a 26-year high. The Post's Peter Koven writes in the Trading Desk column that UBS analysts identified companies with the highest leverage to changes in the gold price. The degree of leverage is based on operating cost structure, exposure to base metals and growth in gold production. UBS found that high-cost producers Golden Star Resources and Alamos Gold have the most leverage. Golden Star's net asset value is calculated to grow 34 per cent if gold moves from $650 per ounce to $750, the analysts said. Alamos would experience a 34-per-cent jump in its NAV. Kinross Gold's NAV would climb 32 per cent, Newmont Mining's NAV would rise 27 per cent and Agnico-Eagle Mines's Nav would advance 23 per cent. At the bottom of the list is Centerra Gold, which would get a mere 13-per-cent hike in its NAV with a $100-per-ounce bump in the gold price. The average move for all the companies is 22 per cent. "Equity performance should significantly exceed the leverage as most companies trade at multiples to net asset value. Traditionally, for every 10 per cent move in bullion, gold equities move 15 per cent to 25 per cent