Saturday, 24 September 2011

Pyrite Ore Crash update

Just a little update here.

On my server for a few days after the news about epic gems broke pyrite stockpilers were in denial. They kept insisting pyrite would not crash and kept the price propped up for a few days.

I was advertising in trade to buy pyrite and got flamed a lot for it. I was accused of lying and making things up to "cause panic and crash pyrite". Most of that comes from a few guys with a lot of alts who seem to spend more time flaming me and trying to discredit everything I say than anything else.

For the first day and a half or so the stockpilers bought out everything under 200/stack and tried to keep the auction price over 200 but more and more kept appearing for 160-180 and occasionally even less. Whenever I advertised to buy some everything under 200g would disappear within minutes. I bought 20 stacks for 120g each to make some buckles with and waited for it to drop more.

After about a day and a half the stockpilers gave up trying to keep the price over 200 and started unloading for 160-180. Now after several days the auction price is usually around 130 or less and I'm finding plenty in trade for 100g a stack.

I hate to say I told you so... But I did.

From here I expect it'll drop further yet before bottoming out. Exactly how far depends on a couple things.
  1. How much the stockpilers panic and how quickly they try to unload it.
  2. How many start buying it cheap and how much they're willing to pay.
The more aggressive sellers are the lower the price will go. The more aggressive buyers are the higher it'll stay. I expect it'll bottom out around 75g in bulk with occasional stacks even lower and eventually stabilize around 100g a stack. If sellers get too aggressive and buyers don't the bulk price could drop even lower. It certainly won't go under 50g because it if it drops that low I'll buy it all no matter how much there is.

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