I don't recall seeing this posted here anywhere else, and it seemed so obvious to me, I thought I'd do it myself.

[Ghost Iron Ore] --> [Living Steel]

DO you ever feel like you've got so much ore you'd like to diversify into a new market? I believe [Living Steel] can be one of those markets. And with 5.2 coming, and the potential for this market to rise in both demand and value, it's something to consider. Here's my napkin math on how to make the MOST out of "shuffling" some of your ore into [Living Steel].

TL;DR

86.7. That's the "conversion" factor of one [Living Steel] to one [Ghost Iron Ore], or the other way around. Assuming you have Transmute Master Alchemist(s). In other words, if [Living Steel] is selling for 86.7 times the current market price of [Ghost Iron Ore], it is profitable. And if the value of [Ghost Iron Ore] is less than the cost of one [Living Steel] divided by 86.7, then buying it will result in a profit.

17. Is the "conversion" factor of one [Trillium Bar] to one [Ghost Iron Ore], or the other way around. Assuming you have Transmute Master Alchemist(s). In other words, if [Trillium Bar] is selling for 17 times the current market price of [Ghost Iron Ore], it is profitable. And if the value of [Ghost Iron Ore] is less than the cost of one [Trillium Bar] divided by 17, then buying it will result in a profit.

MATH ONLY(Assuming a 15% Proc Rate)

[Ghost Iron Ore] --> [Living Steel] =86.7

[Ghost Iron Ore] --> [Trillium Bar] =17

[Ghost Iron Bar] --> [Living Steel] =43.3

[Ghost Iron Bar] --> [Trillium Bar] =8.5

[Trillium Bar] --> [Living Steel] =5.1

DETAILS

(**Note I'm using a 15% proc rate for this. Historically it's been 20%, but to account for low volume fluctuations, I'm erring on the side of a lower proc rate).Transmute Master @ 15%

Buy [Ghost Iron Ore] @ 3g each

Smelt two [Ghost Iron Ore] into one [Ghost Iron Bar]. Current investment = 6g

Transmute Ten [Ghost Iron Bar] into one [Trillium Bar]. Current investment 6g x 10 = 60g, - 15% proc advantage = 51g

Transmute Six [Trillium Bar] into one [Living Steel]. Total investment 51g x 6 = 306g. -15% proc rate again = 260.1g

260g / 3g =86.7. So the value of Ore x 86.7 will equal your "cost" to make one [Living Steel]. Or the other way around, the value of one [Living Steel] / 86.7 will tell you your break even cost for buying [Ghost Iron Ore]

Transmute Master @ 20%

Buy [Ghost Iron Ore] @ 3g each

Smelt two [Ghost Iron Ore] into one [Ghost Iron Bar]. Current investment = 6g

Transmute Ten [Ghost Iron Bar] into one [Trillium Bar]. Current investment 6g x 10 = 60g, - 20% proc advantage = 48g

Transmute Six [Trillium Bar] into one [Living Steel]. Total investment 48g x 6 = 288g. -20% proc rate again = 230.4g

230.4g / 3g =76.8. So the value of Ore x 76.8 will equal your "cost" to make one [Living Steel]. Or the other way around, the value of one [Living Steel] / 76.8 will tell you your break even cost for buying [Ghost Iron Ore]

Non-Transmute Master

Buy [Ghost Iron Ore] @ 3g each

Smelt two [Ghost Iron Ore] into one [Ghost Iron Bar]. Current investment = 6g

Transmute Ten [Ghost Iron Bar] into one [Trillium Bar]. Current investment 6g x 10 = 60g

Transmute Six [Trillium Bar] into one [Living Steel]. Total investment 60g x 6 = 360g.

360g / 3g =120. So the value of Ore x 120 will equal your "cost" to make one [Living Steel]. Or the other way around, the value of one [Living Steel] / 120 will tell you your break even cost for buying [Ghost Iron Ore]

On my server, Ore is sub-2g each (1.85g x 86.7 = 160g), and [Living Steel] is selling for 400g+.

OTHER THOUGHTS

- This is an obvious one - daily CD. So either you have a nice army of Transmute Masters, or you have lots of friends willing to help you!
- Don't forget about selling the other bars along the way, especially Trillium Bars. These are also profitable, although I haven't calculated the factor for them it's easy to calculate.