Do you reckon that it is Gox themselves who are buying up all the ultra cheap Bitcoins (the ones that are actually backed by Bitcoins in the blockchain ledger), and then arbitraging them on Bitstamp and the likes?
I think if they were arbitraging the exchange rates would be closer together.
They may not be doing it yet. It was just last night that Gox hit $302 before a huge buy-in wave spiked it back up to $400.
GoxBTC were for a long time worth way above the market rate cos the only way to get funds out of Gox, was via Bitcoin, thus the price was bid up. Now Karpeles is saying that you can't get BTC out, but you can get Fiat. Now the only way to get funds out of an exchange which seems to be crashing and burning is to sell Bitcoin and convert to fiat. Thus the price is being driven down. One may go further and say that the price is being driven down by Karpeles's withdrawal policy.
