If the current reputation turn in system stays the same runecloth will be a very wanted item come expansion. Currently you can turn in runecloth over and over at any capital city to gain exalted reputation with that faction.
So I am planning on at least loading up an entire mule's bank just with runecloth. If a player turned in cloth from honored to exalted they will need around 220 stacks of runecloth. Right now prices for runecloth are sitting at 5 to 7 gold but if prices spike to meet this incoming demand then you could see possibly upwards of 20g a stack or more. Even if you had 220 stacks to sell at a high price of 20g that would turn into total sales of 4,400 gold.
If you are looking to farm runecloth I would recommend farming Stratholme or Expedition Armory in Hellfire Peninsula. Either will pull around 300+ cloth an hour but I personally will be farming Stratholme because I'm an enchanter plus you make pretty good coin selling all the trash. Check out my post on farming Strat as an enchanter Here.
Now this could all change if blizzard decides to change the way reputation will work in Cataclysm. I have searched for blue posts on this topic but have found nothing so far. For now we can assume that the current system will stay the same and goblins & worgens will have cloth faction turn ins too. If this holds true then this will be a very lucrative market to make some serious gold.
Thanks for checking in!
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