May or may not be correct...not trying to pick a fight!
I thought it was more or less someone who looks and observes's, mingling amongst those that buy and sell in a market place but does not actually partake in the events at hand...hence they have a bloody good gape! (What are you gape-ing at?? - and yes with the mouth wide open!)
Cheers,
LWP Price at posting:
0.4¢ Sentiment: None Disclosure: Held