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 South African gold producer Great Basin Gold (AMEX: GBG) climbed 11% on Friday on extraordinarily high volume.

So what: I couldn't find any company-specific news driving the rally, but given how badly Great Basin has been clobbered over the past month, a big technical jump isn't surprising. Also, when you consider its relatively high short ratio of 9.6, today's gain in gold prices could be triggering a "squeezing" effect in Great Basin.

Now what: Less risk-averse investors might still find the shares interesting. After a hot second-half of 2010 -- in which the shares rose 75% on optimism regarding its transition from a development company to a producer -- Great Basin has slumped considerably in 2011 (down about 30% year-to-date). The story at its Hollister mine remains an exciting one, however, and if Great Basin continues to hit its production forecasts, today's pop might just be a drop in the bucket.

Interested in more info on Great Basin? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Fool's disclosure policy always gets a perfect score.