Fiat will always pile up on Mt.Gox because you can't withdraw. The surplus of fiat is no surprise. What makes Mt. Gox bullish is the lack of coins on offer. The coins are on stamp, btce, bfx, or in china.
Yes I agree. The bid depth on gox is much less significant now that you cannot withdraw. The fact that there are $35M bids there now (up from $22M in april), means that in the past 9 months at least $13M has been deposited there. That is it. Meanwhile with the bid at stamp growing from $1M to $21M, it means that at least $20M has been deposited but probably MUCH MORE if you count WITHDRAWALS - it could be more like $200M has been deposited at stamp. All of these services including coinbase, ATMs, and bitfinex interface with stamp and I think bitfiex alone probably has to do this biweekly batch transfer of millions of dollars to stamp.Rough numbers but true assessment to a degree. There are many people able to withdraw from Gox. I have communicated with many of them.
True us in the US cannot, but most can. You hear about the horror stories because the people that don't have problems are on a forum bitching about it.