QuickCutter
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I'd suggest smelting iron bars with rings of forging, then creating iron knives... You make a profit and all you really need is patience...
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I suggest buying iron ore and rings of forging, smelting and smithing those into iron knives... Iron ore costs about 100 each, Rings of forging about 1200 each (140 uses each) and each bar creates 5 Iron knives worth about 34 each... If you want a more in depth tutorial you can always PM me...
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Honestly, smithing isn't really a skill about money but a skill about patience... I have only ever seriously smithed iron... I smelt iron bars with rings of forging and make them into knives and make a pretty good amount of profit...
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If you smelt and smith, get rings of forging and smelt iron and make them into iron knives... That's what I've done for all of my levels...
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If I may suggest, if you smelt and smith iron with rings of forging -- iron knives are definitely the way to go.. =)
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I agree with Vettro, I have basically gotten 91 smithing purely from iron... Best way to go in terms of money