There are three choices with Smithing. 1. VERY VERY slow, profit. 2. VERY slow, no profit. 3. Slow, small loss. 4. Semi slow, big loss. Answers. 1. Smelt cannon balls, still turns a mild profit. 2. Knives, which now might even be near a loss right now. 3. Addy bolts/Mith bolts Buying the bars, smith, fletch, the prices are dropping so quick that it's becoming more a loss (Thanks bone bolts for killing my training.) 4. Gold ores Big loss if bought since every 500gp gets ya 56.5 exp with gold gloves, no loss if you mine but that's ALOT more slow. So, pick your poison and have fun.