Monday, June 14, 2010

Gold, Gold, Gold

Gold generation is going well. I originally planned to take on several markets at once - Jewelcrafting and Enchanting Scrolls. I've come to realise that I don't have the resources to do both.

My primarly focus is, therefore, on enchanting. My goals have changed slightly as well - I plan to have 3 of every single profitable scroll in my inventory, with 2 on the AH at all times. I plan to only spend a few minutes per day posting and relisting and to craft twice a week - Wednesday and Saturday mornings.

I am using Quick Auctions 2 to manage the pricing and relisting of the enchanting scrolls, with the threshold set to guarantee a profit at all times. I keep my fallback slightly lower than the existing competition's normal prices in order to drive them out of the market. And I don't undercut by a copper - it's often by 5g or more. Again, my goal is to make the market hostile to everyone who isn't me.

3 of every enchant in the game is a lot of inventory - something in the region of 35,000g worth of materials. In addition to this, I need to have large stockpiles of every mat so that I can quickly recraft sold items on my two crafting days. Large being thousands of shards and dusts and specialty items. It's a big investment.

As a result, I've stopped simply buying what I need and I've started to buy anything that is underpriced, regardless fo quantity. My hope is that if I keep buying cheaply, I'll slowly build up a huge stockpile of mats that I can use to craft items. In addition, by keeping mats off the AH, I make it more expensive to get enchants made, and thus increase the chances that someone will simply buyout one of my auctions rather than getting someone to craft it for them. With the exception of a few rare cases (+22 intellect and spellpower), I typically cap my profit at 100g to prevent buyers from hunting out an enchanter themselves.

I'll post again later, with screenshots, explaining how I keep track of all the items that have sold and which items are being crafted.

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