Monday, May 13, 2013
Weekly recap 4/6 - 5/12 Investing big for profit
Another week gone by and crazy week at that. Originally I planned to be gold capped by now but a plan is just a list of things that never actually happens (Way of the Gun). Instead I took the advice of some friends and spent some money to level Alchemy and did some investing.
This past week I talked about how my sales of slowed down and reflected about how to deal with it. I talked about expanding into new markets, invested into materials that would turn a nice profit and lowered some of my prices. I am happy to say it all paid off.
For starters I leveled Alchemy without the aid of herbalism. Phatlewts has made a case for herbalism not being worth it and so I bought all the mats. I went the route of a transmute master for the living steel transmute and to assist with Jewelcrafting and the shuffle. As part of this I needed to purchase a few living steel bars for the quest turn in. I spammed trade chat for them and got a response. A brief conversation with this person ended with me buying 100 living steel bars at 350g/bar. That is a great price for my server and I have been flipping them as belt buckles all week. I was very excited about this investment. I also picked up a good supply of Golden lotus to start transmuting gems. On Tuesday alone I spent over 45,000 gold and another 16,000 on Wednesday. But these were all smart investments in my opinion and will pay off.
My blacksmithing sales had been taking a hit as well. I decided to drop my prices. The 950g fallback was working well when the Crafted Dreadful gear first came out and not everyone had the patterns. Now someone takes a look at that price and decides they rather wait for a guildie to craft it. So I set up my groups like I have my other blacksmithing gear. I broke it up by the number of bars it takes to craft and dropped the price to a point where I felt buyers would be willing to pay but I still make a pretty profit. I hit a home run on this one. I have been getting good sales almost everyday. In fact I think this moved saved my week and kept me in the green. I ended up 16,000 gold in the green this week after all that spending. Not a huge week but much better than the last 2 weeks.
All in all I had a really good week. I made some investments that I am excited about and I think will return nicely. My new blacksmith prices are paying off as well and i am getting more heavily invested into the jewelcrafting market thanks to being able to transmute gems. Too top it all off I found a supplier for Ghost Iron Ore and a great price. I am looking forward to seeing what this next week will bring. I am expecting to hit gold cap tomorrow or Wednesday at the latest. I plan to livestream when I hit gold cap so follow my twitch account (twitch.tv/erogroth) to get notified of when I go live if you want to be there. This week I plan to go all out in Jewelcrafting and see if I can make a real profit. I have some heavy competition but I think I can make a good dent in the market.
Keep the Gold Folwing