So ArenaNet decided to do something about iron ore being completely worthless (along with some other mats) and introduced a new temporary recipe to the Mystic Forge.
250 + 250 of specific mats (butter, iron ore, soft wood, green wood are ones I remember) + 1 mystic coin + 1 glob of ectoplasm = 1 mystic chest
This has caused the "worthless" mats to skyrocket relative to their price, now they all sell for like 15c a piece instead of as low as 1c (butter) so some people who stocked up on them made an absolute killing.
What does the Mystic Chest give? It gives without fail 1 gem worth between 10s and 2g, as well as a chance of getting 1 mystic component and/or transformation potions.
As far as the transformation potions are concerned, they only provide potions that transform you into elementals. However there are 2 types, 1 permanent and 1 consumable (I've spent a LOT of gold trying to get a permanent ember potion ).
The mystic components allow one to create a mystic forge node (mystic essence + casing + tube + core) which is a consumable item that allows one to remotely access the mystic forge. This node + mystic nexus + mystic frame + 50 mystic coins= mystic forge conduit, a permanent item that grants one remote access to the mystic forge.
ArenaNet has stated that this is a temporary thing, basically they're fixing the market so that these materials hopefully settle at a certain price and maintain that by destroying the massive surplus that exists on the TP.
I burned a huge amount trying for the potion and conduit, but alas I ended up just buying the components to build the conduit (and no luck on the permanent potion ). I know full well that the prices for the mats will likely fall far below what I paid for them, but I am somewhat hoping that these formulas disappear soon so that I have a very limited item and hopefully make some money off it