This is not my idea, I actually got it from a post on the JMTC Forums. (Great forums by the way, you can probably learn far more there than you can from my blog.) The idea is simple: because of the LFD system, more people than ever are leveling as tanks. When they hit Northrend wearing BC gear, the dungeons become more difficult. The monsters hit harder and the dps starts getting shiny new northrend blues, making it more difficult to hold aggro. Many of these tanks will go to the auction house to see if they can get any cheap upgrades. They won't be willing to spend hundreds of gold, as they will get better gear soon, they just want a quick fix to allow them to tank the first few dungeons in Northrend.
Enter the cobalt tanking gear. These items can be used at level 70, and are upgrades for tanks who leveled in BC dungeons. They cost roughly 5 Cobalt Bar per item, and tanks will pay 40g for these items in my experience. On my server, if I pay attention, I can find cobalt ore for 25g or less per stack.
The AH listing fee is a bit steep, so I only list one of each item at a time. I list for 12 hours... I'm not sure if I would make more gold by listing auctions for longer or if I would just end up getting undercut, but what I'm doing seems to be working :)
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