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Making Gold With Production & Speculation
7/10/2010 11:40:41 PM
Production &
Speculation
Item production is the most profitable
gold making method in WoW
We're going to focus on the art of
production and speculation in the World of Warcraft economy. This is the
end game of WoW gold making and can also be the least effort depending
on how you decide to approach it.
Players use their professions
to make equippable items from raw materials. Players with high elvel
profession choose to gather their own raw materials, but I personally
prefer to simply purchase them from trade chat or the Auction House.
This method of gold making can be done without ever leaving town.
The
most profitable production professions are Inscription, Jewelcrafting,
and Enchanting. There is a logical reason for this (and for why
professions like Blacksmithing and Leatherworking have fallen behind).
These professions produce items that are frequently replaced,
particularly Jewelcrafters and Scribes. Glyphs and gems are replaced on a
nearly weekly basis by many players, this means that there is always a
high demand for your goods whereas when you've crafted the Icecrown
recipe legs and boots there's little to be gained from the services of a
Blacksmith or Leatherworker.
Getting Start
The
first thing you need to do when starting your production path is to
accumulate recipes. This is one of many reasons why Inscription is a
great entry choice at this point in the expansion. All non-trainable
glyph recipes are learned through Book(s) of Glyph Mastery. These can be
purchased on the Auction House for prices that are often less than 15g
allowing you to quickly accumulate every recipe in the game.
Jewelcrafting requires tokens gained through the Jewelcrafting Daily
Quest to purchase recipes, and Enchanters use Dream Shards to purchase
most of their high end enchants.
Other professions can't be that
easy, because the professions that create armor items must rely on rare
drops in raid instances in many cases to get the recipes that they need.
The current best crafting recipes are bought with Primordial Saronites
from the Icecrown Citadel vendor. Accumulating these recipes can be very
time consuming and is one reason why not many players embark on the
production path. For instance: there are 72 epic Jewelcrafting recipes.
That is 288 days worth of daily quests to get every recipe, yikes!
Whatever
you choose, you'll need to get some recipes. What recipes you are
deciding to pick up first you would better do some market research.
Let's say you pick Jewelcrafting; you probably have a good idea of which
gems are frequently used by your class. That's a good place to start,
so buy recipes for cuts that have a high turnover rate on the Auction
House so your auctions aren't just sitting there for days on end. Ask
your friends which gems they use for their classes too. Cuts like 20
strength, 23 spell power, 20 haste, and 30 stamina fly off the
'shelves'.
Running Your Business
Once
you're able to start listing items on the Auction House it becomes
vital to have a system for monitoring your auctions and replacing sold
items. The default WoW UI is horrid for this. I list nearly 150 gems at
once at any given time, Inscriptionists often list multiple times that.
If you have to manually list every individual item and input a price on
it you're going to go insane. This is why you need Auctionator.
Auctionator
has several extremely useful functions that will make your producing
life a breeze. When you first start into a market and you have
relatively little gold and recipes you're going to want to flip your
wares quickly. This means undercutting your competition so your goods
sell first. Auctionator has easily used settings that allow you to
automatically undercut your competition by a fixed amount (25 silver,
for example) which allows you to quickly post items without more than a
cursory glance at the price you're listing at.
The "Buy" tab on
Auctionator additionally allows you to look up items and shows you
whether you've been undercut or have the lowest price currently. I can
type in "Cardinal Ruby" into Auctionator and it will spit out every type
of Cardinal Ruby gem cut currently listed on the Auction House; cuts
where I hold the best price are indicated with a check mark and ones
where I've been undercut are displayed with an X. This paired with the
ability to cancel an auction with a single click allows you to quickly
assess your position on the market and aggressively re-list auctions to
thw/art your competition.
Profit Margins
Making
money producing is a great thing, especially when "Your Auction Has
Sold" spamming your screen and eagerly await the gold in your mailbox.
However, if at the end of the day all those sales haven't netted you
much gold it's time to examine your methodology.
Profit margins,
the difference between what it costs to make an item and what you sell
it for, can be manipulated in several ways.
1. Cheaper Resource
Inputs: WoW is a social game and it pays to develop relationships.
Making friends (or business associates as it were) with farmers that
gather the raw materials that you need to craft your wares can
significantly lower your expenses. Tap your friends and guild and get
them working for you!
2. Rip People Off: This may sound harsh, but
there is a massive amount of gold to be made by listing huge amounts of
auctions at ridiculous prices. This is a tactic that I personally use to
Jewelcraft and it works like a charm. I list 2 of every cut at a huge
markup from the rest of the market and due to the volume of listings
many sell every day. This means you get more money for less effort since
you don't need to replace inventory as fast as someone that flips huge
amounts of product for less gold.
3. Market Manipulation: This is
risky and often won't work but when it does it is extremely profitable.
Do not attempt to manipulate trade markets unless you are willing to
invest ungodly sums of gold. Market Manipulation is done by buying up
all of your competition's listings as well as a significant amount of
the raw material inputs available on the Auction House then relisting
them at a huge markup. This is done to shift the price of an item higher
but can backfire if your competition realizes what you're doing and
begins listing more and undercutting you. This is not recommended until
you have a firm grasp on your profession of choice and a hefty stockpile
of gold.
To make your bussiness a strong production system, you
must have a methodology and to be vigilant to re-list auctions that have
sold. Make your presence known, and eventually the market and the
players will also come to know you and will come to you with materials
and tips for your services. This is a tried and true system of gold
making and it will work regardless of your server or faction if you give
it time and learn your trade.
Speculation
Speculators
are often reviled by players since their purpose is to make gold from
the efforts of others. They do nothing but to raise prices. Speculation
is an art form and isn't something that can be easily taught in a guide
format so I'm simply going to explain what it is and how it makes money.
Speculators
are players that have an extremely firm grasp on prices and use this
knowledge to seize opportunities to buy and resell goods for a markup.
This strategy is based solely on being well informed. Good speculators
take advantage of breaking news to adjust their strategies -- new
patches will often include changes to the game that will significantly
impact item pricing. For example: I made about 6000 gold in 5 minutes
when patch 3.3.2 was announced by purchasing every single Frozen Orb
available on the Auction House when I became aware of the new Frozen Orb
vendor in Dalaran and saw what it was offering. That's just common
sense and being well informed.
If you frequently see players
trying to buy Bind on Equip items like Battered Hilts in tradechat for
8000g and you see one listed on the Auction House for 6000g then
consider it a good investment and try to flip it. Speculation isn't
really a steady way to make gold unless you're willing to scan the
Auction House religiously for deals, but it's something to keep in mind
when you see deals that just seem too good to pass up.
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