This is on Mandriva Cooker i586:
/bin/sh ../libtool --tag=CC   --mode=link gcc  -O2 -g -pipe -Wp,-D_FORTIFY_SOURCE=2 -fexceptions -fstack-protector --param=ssp-buffer-size=4 -fomit-frame-pointer -march=i586 -mtune=generic -fasynchronous-unwind-tables -avoid-version -no-undefined -Wl,--as-needed -Wl,--no-undefined -o libgthumb.la -rpath /usr/lib eel-canvas-rect.lo gthumb-enum-types.lo cursors.lo  gthumb-marshal.lo md5.lo async-pixbuf-ops.lo bookmarks.lo catalog.lo comments.lo dlg-save-image.lo file-data.lo file-utils.lo gconf-utils.lo glib-utils.lo gstringlist.lo gth-exif-utils.lo gth-filter.lo gth-pixbuf-op.lo gth-image-list.lo gth-iviewer.lo gth-file-list.lo gth-file-view.lo gth-file-view-list.lo gth-file-view-thumbs.lo gth-nav-window.lo gth-sort-utils.lo gth-utils.lo gthumb-error.lo gthumb-histogram.lo gthumb-init.lo gthumb-info-bar.lo gthumb-module.lo gthumb-slide.lo gthumb-stock.lo gtk-utils.lo image-loader.lo image-viewer.lo nav-window.lo pixbuf-utils.lo preferences.lo print-callbacks.lo progress-dialog.lo search.lo thumb-cache.lo thumb-loader.lo ../libgthumb/jpegutils/libgthumb-jpegutils.la  -ljpeg -lm -lz -ltiff -lm -lz -pthread -Wl,--export-dynamic -lgnomeui-2 -lSM -lICE -lbonoboui-2 -lgnomecanvas-2 -lgnome-2 -lpopt -lart_lgpl_2 -lbonobo-2 -lbonobo-activation -lORBit-2 -lgnomevfs-2 -lgconf-2 -lgthread-2.0 -lrt -lexif -lm -lglade-2.0 -lgtk-x11-2.0 -lxml2 -lgdk-x11-2.0 -latk-1.0 -lgio-2.0 -lpangoft2-1.0 -lgdk_pixbuf-2.0 -lpangocairo-1.0 -lcairo -lpango-1.0 -lfreetype -lz -lfontconfig -lgobject-2.0 -lgmodule-2.0 -lglib-2.0   -liptcdata   -lopenrawgnome -lopenraw   
gcc -shared -Wl,--as-needed  .libs/eel-canvas-rect.o .libs/gthumb-enum-types.o .libs/cursors.o .libs/gthumb-marshal.o .libs/md5.o .libs/async-pixbuf-ops.o .libs/bookmarks.o .libs/catalog.o .libs/comments.o .libs/dlg-save-image.o .libs/file-data.o .libs/file-utils.o .libs/gconf-utils.o .libs/glib-utils.o .libs/gstringlist.o .libs/gth-exif-utils.o .libs/gth-filter.o .libs/gth-pixbuf-op.o .libs/gth-image-list.o .libs/gth-iviewer.o .libs/gth-file-list.o .libs/gth-file-view.o .libs/gth-file-view-list.o .libs/gth-file-view-thumbs.o .libs/gth-nav-window.o .libs/gth-sort-utils.o .libs/gth-utils.o .libs/gthumb-error.o .libs/gthumb-histogram.o .libs/gthumb-init.o .libs/gthumb-info-bar.o .libs/gthumb-module.o .libs/gthumb-slide.o .libs/gthumb-stock.o .libs/gtk-utils.o .libs/image-loader.o .libs/image-viewer.o .libs/nav-window.o .libs/pixbuf-utils.o .libs/preferences.o .libs/print-callbacks.o .libs/progress-dialog.o .libs/search.o .libs/thumb-cache.o .libs/thumb-loader.o -Wl,--whole-archive ../libgthumb/jpegutils/.libs/libgthumb-jpegutils.a -Wl,--no-whole-archive  /usr/lib/libjpeg.so /usr/lib/libtiff.so /usr/lib/libgnomeui-2.so /usr/lib/libSM.so /usr/lib/libICE.so /usr/lib/libbonoboui-2.so /usr/lib/libgnomecanvas-2.so /usr/lib/libgnome-2.so /usr/lib/libpopt.so /usr/lib/libart_lgpl_2.so /usr/lib/libbonobo-2.so /usr/lib/libbonobo-activation.so /usr/lib/libORBit-2.so /usr/lib/libgnomevfs-2.so /usr/lib/libgconf-2.so /usr/lib/libgthread-2.0.so -lrt /usr/lib/libexif.so -lm /usr/lib/libglade-2.0.so /usr/lib/libgtk-x11-2.0.so /usr/lib/libxml2.so /usr/lib/libgdk-x11-2.0.so /usr/lib/libatk-1.0.so /usr/lib/libgio-2.0.so /usr/lib/libpangoft2-1.0.so /usr/lib/libgdk_pixbuf-2.0.so /usr/lib/libpangocairo-1.0.so /usr/lib/libcairo.so /usr/lib/libpango-1.0.so /usr/lib/libfreetype.so -lz /usr/lib/libfontconfig.so /usr/lib/libgobject-2.0.so /usr/lib/libgmodule-2.0.so /usr/lib/libglib-2.0.so /usr/lib/libiptcdata.so /usr/lib/libopenrawgnome.so /usr/lib/libopenraw.so  -march=i586 -mtune=generic -Wl,--as-needed -Wl,--no-undefined -pthread -Wl,--export-dynamic -Wl,-soname -Wl,libgthumb.so -o .libs/libgthumb.so
.libs/eel-canvas-rect.o: In function `render_rect_alpha':
/home/goetz/svn/gthumb/BUILD/gthumb-2.10.9/libgthumb/eel-canvas-rect.c:506: undefined reference to `XRenderCreatePicture'
/home/goetz/svn/gthumb/BUILD/gthumb-2.10.9/libgthumb/eel-canvas-rect.c:523: undefined reference to `XRenderFillRectangle'
/home/goetz/svn/gthumb/BUILD/gthumb-2.10.9/libgthumb/eel-canvas-rect.c:529: undefined reference to `XRenderFreePicture'
.libs/eel-canvas-rect.o: In function `eel_canvas_rect_realize':
/home/goetz/svn/gthumb/BUILD/gthumb-2.10.9/libgthumb/eel-canvas-rect.c:376: undefined reference to `XRenderQueryExtension'
/home/goetz/svn/gthumb/BUILD/gthumb-2.10.9/libgthumb/eel-canvas-rect.c:387: undefined reference to `XRenderFindVisualFormat'
.libs/gth-image-list.o: In function `paint_rubberband':
/home/goetz/svn/gthumb/BUILD/gthumb-2.10.9/libgthumb/gth-image-list.c:1603: undefined reference to `XRenderCreatePicture'
/home/goetz/svn/gthumb/BUILD/gthumb-2.10.9/libgthumb/gth-image-list.c:1625: undefined reference to `XRenderFillRectangle'
/home/goetz/svn/gthumb/BUILD/gthumb-2.10.9/libgthumb/gth-image-list.c:1633: undefined reference to `XRenderFreePicture'
.libs/gth-image-list.o: In function `gth_image_list_realize':
/home/goetz/svn/gthumb/BUILD/gthumb-2.10.9/libgthumb/gth-image-list.c:1114: undefined reference to `XRenderQueryExtension'
/home/goetz/svn/gthumb/BUILD/gthumb-2.10.9/libgthumb/gth-image-list.c:1125: undefined reference to `XRenderFindVisualFormat'
.libs/thumb-cache.o: In function `get_real_name_from_nautilus_cache':
/home/goetz/svn/gthumb/BUILD/gthumb-2.10.9/libgthumb/thumb-cache.c:285: undefined reference to `png_create_read_struct'
/home/goetz/svn/gthumb/BUILD/gthumb-2.10.9/libgthumb/thumb-cache.c:295: undefined reference to `png_create_info_struct'
/home/goetz/svn/gthumb/BUILD/gthumb-2.10.9/libgthumb/thumb-cache.c:309: undefined reference to `png_init_io'
/home/goetz/svn/gthumb/BUILD/gthumb-2.10.9/libgthumb/thumb-cache.c:310: undefined reference to `png_read_info'
/home/goetz/svn/gthumb/BUILD/gthumb-2.10.9/libgthumb/thumb-cache.c:312: undefined reference to `png_get_text'
/home/goetz/svn/gthumb/BUILD/gthumb-2.10.9/libgthumb/thumb-cache.c:332: undefined reference to `png_destroy_read_struct'
/home/goetz/svn/gthumb/BUILD/gthumb-2.10.9/libgthumb/thumb-cache.c:303: undefined reference to `png_destroy_read_struct'
/home/goetz/svn/gthumb/BUILD/gthumb-2.10.9/libgthumb/thumb-cache.c:297: undefined reference to `png_destroy_read_struct'
.libs/thumb-cache.o: In function `png_simple_error_callback':
/home/goetz/svn/gthumb/BUILD/gthumb-2.10.9/libgthumb/thumb-cache.c:236: undefined reference to `png_get_error_ptr'
collect2: ld returned 1 exit status
make[1]: *** [libgthumb.la] Fehler 1


The linker flag --no-undefined catches missing libraries, in this case libXrender and libpng are missing.