Delicious long-weekend goodness. Alto gave a great run-down of why any weekend, and particularly long weekends, are an interesting time in the market, particularly for buying materials.
On some servers material prices tend to rise since so many more people are around that are using them. On others, including mine, the mats prices drop because everyone puts on their farming face and gets busy. I've always known this but didn't really take advantage of it. It was enough for me to buy when prices were under a certain threshold and immediately turn around and sell. (Not flipping; crafting items then selling.)
Now, though, I'm trying to refine my ways. While browsing other people's blog rolls this weekend I came across Power Word: Gold, a blog I was previously unaware of. I really liked the first post I read which basically summed up my attitude towards buying items. I'm always ridiculously cautious about single large purchases, or buying bulk of crafting materials. I just worry a market will bottom out and I'll be stuck with a bad deal. As soon as I buy, say, 20k in volatiles and ore I'm frantic to get it sold and turn a profit, just to prove to myself it wasn't a bad deal.
Well, today I did just happen to buy 20k in volatiles and elementium/pyrite ore. I prospected all the elementium since I had plenty of bars stocked up on Faid while I smelted the pyrite to make belt buckles. My first move was to check the AH for cut gem prices since I ended up with a great deal of blue quality gems.
Unfortunately cut gems were selling for about 60% of their value a few days ago; as were most of the crafted PvP sets that I sell. There's just too many people in the markets this weekend I think. So, rather than flipping now for a thin profit, I'm going to try something I've always known was best but never did. I'm going to sit on my materials and sell them later in the week when the prices rise.
I'm staring at the chunk missing out of my gold stores, but telling myself, as I rock back and forth in fear, that the gold will come back in a few days.