Friday, May 13, 2011

Gold Update: What's Working and What Doesn't Seem To Be

Meant to post yesterday, but Blogger was down all day. I seem to have bogged down a bit in my gold growth. Haven't lost ground, but haven't gained as much as previous nights. Gems are still selling really well, despite stiff competition. I still sell 8-10 Brilliant and Delicate Inferno rubies a night, and 3-5 of my other cuts. I've decided to keep JC on my Shaman, he will be picking up profitable cuts while I save JC tokens on the rogue to buy the new PVP rings, necklaces etc when they come out. If they're trained, which I doubt, then I'll buy the Elementium Moebius Band, etc. No one seems to sell those consistently on my server so there might be some money to be made, despite the high overhead involved.

Glyphs continue to be a big disappointment. I've sold maybe 3-4 more, bringing my grand total to 10 total sold. I attempted to side step the guys selling Mysterious Fortune Cards by turning mine into Fortune Cookies. I figured, the same card, plus a food buff is surely worth the same price or a little more, right? Tried selling them at 12g compared to the 10g the cards go for, and I sold a few here and there but definitely did not see the return that I see from just the cards. Despite aggressive selling in /2, I still reposted the 100 or so I made twice and they came down again last night. I gave them all to PG to use as food buffs on her 17 alts. She tried to pay me for them, but we compromised and agreed that if she gets the 5k card she can pay me for mats. I put another 50-60 cards up for just under 9g, and I think they all sold last night. I've got a lot of competition in this area, but the one advantage I have is that I seem to be up later than the primary contender so I get the overnight sales for 8-9g each, while he gets all the daily sales of 10g. I'm ok with that since I'm making 6-7g per card at least.

Obsidium Skeleton Keys are still selling sporadically. When I'm doing the flip thing, or restocking/reposting, I'll throw a few ads out and see 2-3 sell at a time. I'm ok with them taking awhile because I only make them when Obsidium Ore is stupid cheap (ie under 1g50s per, which is rarely on our server. They usually go for well over 2g per.) so I don't have much overhead in them.

Speaking of reposting, I'm starting to think I repost too often. I'm eating a lot of deposits because my morning routine is checking for undercuts, cancelling everything and reposting and new, lower prices. On my days off, I do this same thing probably 3-4 times a day. I should either change my auction time to 12 hours to lower my deposits, or just leave them up for the full 48 and count on the fact that I'm pricing everything as close to the market value as I can reasonably do. Theoretically, they should still sell, just after the cheaper stuff sells. The only problem is if there's a constant influx of cheaper stuff, mine will never get to be the cheapest. I'm trying to time posting at times when raids are letting out and people will have new items to gem, etc. and it definitely works. Last night I sold 12 red gems within minutes of posting them and had to restock. Of course by the time I ran to the bank and back to put more up, I had been undercut on both Delicates and Brilliants. I put my new stock up for less than the undercutter so I had gems up at two price points.

Flipping is still going well, despite few opportunities. I know the conventional wisdom is to not flip anything over 20% but due to the few opportunities I have to do so, I've expanded that to under 40% within reason. I take into account how many have sold, the usefulness of the item, etc. before deciding to flip anything over 30%. Its working out fairly well, just last night I sold a necklace I picked up for 250g for 1200g. I probably sell 3-5 items a week that way so its a small but steady portion of my income.

One mistake I made this week was overvaluing an item. I bought valor boots off of a guy in trade for 5k, and had him get the cloth healer ones and put them up for 12k because TUJ showed two selling for that. It also showed one selling for 5k. I know squat about clothies, and I should have known better, but I was looking at that 7k profit and drooling. I got undercut shortly after putting them up and so it began, the price slowly dwindled down and down and down until I had to either post them for less than I paid, or just hold on to them and hope the price went back up. I actually managed to almost break even on them after selling them in trade. Lesson learned: Don't buy stuff to flip unless I know it will sell. The evidence was in front of me, only three pairs had sold according to TUJ, it was a risk and one I shouldn't have taken. That said, I did take that lesson and buy a pair of plate ones for 3k and flip them for 5k.

All in all, the elementium shuffle is still my bread and butter. Thanks to PG working her magic on the crafted JC stuff and turning my carnelians into Inferno Rubies, the gold is still rolling in. I just need to watch spending so I can grow a bit faster.

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