Alchemy will continue to provide people with the profession a wide range of possibilities to make gold. Alchemy also provides what will possibly be the largest gold sink in the game with Vial of the Sands. There are however a few things within Alchemy that could prove to be Goldmines and possibly some pitfalls as well. Just a heads up before I give my opinion on certain items this is purely speculation at this point and is by no means the be all end all for what you should focus on in Cataclysm.
First off there are a series of new potions that every raider will be looking to stock up on depending on their class. These potions will allow for even more DPS during cooldown phases. They are cheap to make which makes them desirable as they should easily become easily affordable to even the most casual of raiders.
Volcanic Potion: 1200 Spell power for 25 sec.
Potion of the Tol'vir: 1200 Agility for 25 sec.
Golemblood Potion: 1200 Str for 25 sec.
Earthen Potion: 4800 Armor for 25 sec.
Also there are a few other Potions which will most likely be a hit.
Potion of Illusion: This potion allows you to look like someone else. (I'm guessing whoever you are targeting before you use it.) It also is working on Hunter Pets on Beta and makes you the original size of the hunter's pet.
Potion of Treasure Finding: Allows you to find extra "treasure". This will be a Must for those who will try to grind cloth and volatile elements. It causes mobs to occasionally drop a tiny treasure chest and along with some gold is a chance at several pieces of Embersilk and some volatile elements. Wile it will be more expensive to make compared to other potions this will make a mob farmer that much more effective and may even prove to be worth using when questing an Alt from 80 to 85.
Potion of Deepholm: Teleports you to Deepholm. This potion will be essential to anyone making frequent trips to Deepholm. I only have one concern with it. Being that so many people will be looking for this potion it may get to much attention from other Alchemists.
I do not believe many elixirs will be worth mass crafting but just as in Wrath the Flasks will be a must have for any raider. The flasks have changed a bit from Wrath however. There is one for each Major stat. so Spirit, Stam, Str, Int, and Agi all are separate flasks.
As far as transmutes go I do not believe the Rare gem transmutes nor Transmute: Living Elements will provide a great way to make gold but both will be valuable for those with other professions capable of using the results. There are 3 transmutes that will prove to be very profitable however.
Transmute: Pyrum Bar. This is the new Transmute: Titanium and will be just as profitable providing Pyrite ore has a decent drop rate on rare gems when prospected.
Transmute: Shadowspirit Diamond. This is the new Meta transmute. Wile selling these off to jewelers for their leveling and crafting will provide decent profit the true benefit will be seen by those with jewelers themselves .
And finally Transmute: Truegold. This is the new Smelt: Titansteel. It will have a one day cool down and is needed for most high end crafting. For Alchemists this will take the place of the Epic Gem transmute as there are no Epic gems as of now.
And there you have it. Wile not a complete breakdown of Illustrious Grandmaster Alchemy these will be the items providing the greatest potential for profit. As I couldn't decide what order I wanted to do the crafting professions in I will be continuing through the list alphabetically continuing with Blacksmithing tomorrow.
For the miners still bugged about Truegold you are not being completely shafted as you get Smelt: Hardened Elementium. This will be used along with Truegold for Endgame Engineering and Blacksmithing.
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