Tuesday, August 31, 2010

How do you turn 1,000 gold into 2,000 gold?

Markco over at JMTC has asked the gold blogging community this question for his 2nd Blogging Carnival, "How do you turn 1,000 gold into 2,000 gold?"

I think that this question can be broke down into two separate paths depending on what a user has available to them. Let's take a look at both strategies, which are both very viable.

The New Player that is Limited by Professions
If you fall into this category you are looking at any options available to make gold because you just simply can't take the gold you have and invest it into materials to craft items to sell. So let's look at the options available to you.

1. Buying and Reselling Vendor Pets
This is a simple method of making easy gold. You can make a trip visiting vendors in your faction capital, Dalaran, or the Stormspire in Netherstorm. These pets can easily sell for double or more what you paid for them. For example, Dalaran pets sell for around 50g and can be resold on the auction house for 100 to 150g each.

2. Flipping Items on the Auction House
Another great method to make gold is buying low and selling high. By using the Auctioneer addon we can easily scan the Auction House for any items that are selling for way undervalue. Then we can buyout these items or put a minimum bid and hope to win the item. Then repost any items you find at actual market value and rake in the profits!

Items I generally look for are any type of materials, ore, leather, herbs, or cloth that is selling for way under market value. Also another low risk area is flipping Frozen orbs, Crusader Orbs, or Eternal Fire/Life.

The Established Player with Professions
Established can be used loosely with this strategy. This can range from a veteran to someone who has a maxed out profession but has no idea how to use it to make gold. Let's go through some examples I currently use to make gold.

1. Inscription
I think this profession I see the greatest return on out of all my professions. At one time I would consider that profession to be jewelcrafting but since those markets have pretty much crashed I use Inscription as my cash cow.

I would immediately take that 1000g and buy up as much herbs as I could get my hands on that fit under my price threshold of 15g per stack. Normally you can find stacks for 9 to 12 gold. I would also buy 4 frozen orbs to make epic tomes with. Make as many glyphs as you can that are above 10g each and make some Runescrolls of Fortitude as well.

So let's follow along, Buy Herbs -> Buy Orbs -> Mill Herbs -> Make Inks -> Make Tomes -> Make Glyphs -> Make Runescrolls or Fortitude or Sell Snowfall Inks

Depending on market conditions you might be able to sell Stacks of Snowfall ink for 200 to 300 gold. This is immediate return on your investment has you should have about 3 stacks worth after milling. You can also use them to make Runescrolls of Fortitude but you must check to see what the going rate is on your realm. Typically they run 5-6g each. Tomes sell for around 250g each and I would recommend making 4 of these to sell. As for glyphs stick to ones that sell for above 10g as we are looking for high demand glyphs to sell to get a quick return.

In a matter of just a couple evenings selling these items you should easily be above 2000g. If you sell 50 glyphs out of the 250 to 300 glyphs that you are likely to make at 40g each, which is entirely possible as I do it frequently, then you have just turned 1,000g into 2,000g off glyphs alone. This is what works for me and it is an absolute cash cow but I warn that you should test inscription on your realm and see if it is viable as it is a highly competitive market.

2. Jewelcrafting
This is still very viable even after the market crashes as long as you can get the materials for cheap. If so you can still pull out a profit margin of 30 to 80g per gem. Because of the heavy investment required it may take you two or three evenings to double your profits.

So let's say you buy 12 gems at 80g each, that's 960g. By cutting epic cuts of gems, which you can see the list of cuts I have over at my What I Sell list, you can expect an average profit of 30g if markets have crashed on your realm. When you sell those first 12 gems you will have a profit of 360 gold. Turn around and buy another 12 or more gems and rinse and repeat. Not only will you turn that 1000g into 2000g but you will easily make that profit skyrocket the more and more you can reinvest into uncut gems.

Questions for Comments
What would you do to turn 1,000g into 2,000g? Anything you would do different?

Thanks for checking in!


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