Now that I'm finally digging into MoP, I wanted to post today about Living Steel. Thanks to Mike (@MSherretz) and Cold (@SSmith0911) from the Auction House Junkies podcast for letting me in on the Living Steel trick. Because I'm well late to the party, I won't sit here and try and explain the process for Living Steel but it's pretty simple. Ghost Iron Ore>Ghost Iron Bars>Trillium Bars>Living Steel on CD with each transmute spec Alchemist you have. (I have four!). With that out of the way, I want to get to the meat of the subject, the Living Steel market it's self.
Two days ago, my Living Steel Market was at a solid 700g per unit and moving as quickly as things were being listed. When I came home yesterday after the patch, my auctionator informed me the price had dropped to 500g. My first assumption was well, Ore must have came down in price, and I almost went ahead and listed anyway. However, I decided I'd take a look and see what was going on. Upon review, the majority of the market was still hanging out at 688g. However, one seller had listed three bars and dropped his price to 550g, while the other had undercut him even deeper with 4 bars at 500g. Rather than following the downward trend, I decided I would stop it and make a profit with it.
Knowing how much demand out weighs supply right now and how fast these bars are moving, I quickly bought out all 7 bars, and relisted them, along with the 5 I had just made (Hell yea, LS Proc!). I worried a bit at first, but two hours later, all 12 bars had sold for the 688 price that I listed them. So on top of the profit made from just using my transmutes, I made an additional 1166g by simple moving the market back in an upward direction.
Long story short, Living Steel has a gated supply. There is no reason at all to lower the pricing. This is one of those examples, that even if you list higher then the lowest item the demand will buy back into your price bracket as well. Be smart with what you're doing, especially at this point in the expansion. Markets are volatile, but Living Steel is a great example of being able to ride a market upward.
Wednesday, October 17, 2012
Pro Tip: Don't be afraid to reset Living Steel
9:06 AM
Wes
3 comments:
You can go one step down the Living Steel chain and apply this exact strategy to Living Steel Belt buckles as well. Even less supply = even more profit.
I have tried to do this on my server, I am sitting on about 40 bars of living steel I have tried to sell, i seem to always be undercut minutes after i repost, So now, the price is still where I was trying to get it up from and i have a surplus of bars, should I just wait and make buckles? I don't think those are flying out of my AH either :/ I should be able to make buckles by the weekend I hope
@Jacob: I think that is a unique situation you find yourself in to be honest. My suggestion would be to go ahead and sit on them for a few more days, at least until mid-way through Sunday. Even if you're on a lowpop server, I would still expect to see an uptick in demand when the weekend crowd comes in.
If that doesn't work, buckles are probably your best opition, just be sure to sell at appropriate times. Tuesdays will probably land you the best profit.
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