Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of gold exploration company US Gold Corp (NYSE: UXG) jumped as much as 13% in intraday trading on heavy volume.

So what: Gold prices moved up today as China approved a fund that will invest in gold-focused exchange-traded-funds outside of the country. Gold producers such as Yamana Gold (NYSE: AUY), Eldorado Gold (NYSE: EGO), and Goldcorp (NYSE: GG) were up today as well, but much more modestly. While it makes sense that US Gold -- which is a much more speculative play on gold -- would be more volatile than currently producing miners, the action today seems to suggest some big buyers at the table.

Now what: Gold bulls probably don't care to hear what I have to say about the yellow metal (hint: it's not positive), though some of my fellow Fools think the metal could be worth speculating on. Of course when it comes to US Gold Corp, it's a speculation on a speculation since investors are betting not only on gold prices staying high, but also on US Gold actually starting to produce something. But that hasn't kept many investors from getting excited about what CEO Rob McEwen -- who turned Goldcorp into the impressive company that is today -- might be able to do for the company.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.