The entire Nephalem Valor concept has been removed since Patch 2.0.1 (live on Feb. 25, 2014). Along with this change, two new concepts have been added to the game (Official Patch Notes):
Pools of Reflection have been added to the game
- Pools of Reflection provide a 25% bonus to experience
- This bonus persists until you reach a set amount of bonus experience (equal to approximately 10% of the current amount of Paragon experience needed to reach the next Paragon level) or your character dies
- Gathering additional Pools of Reflection bonuses increases the amount of total experience bonus a character can receive until character death, stacking up to 10 times
- This experience bonus persists on logout
Nephalem Glory has been added to the game
- Occasionally during battle, monsters will drop Power Globes when damaged or killed
- Power Globes grant the Nephalem Glory buff, which causes players to deal additional damage in the form of golden lightning bolts and increases their movement speed for a short time
- This buff can stack up to three times
The AH is now offline, so there's no way to check what crafting materials go for anymore. New ones are also Account bound, so you can't even trade them even if you wanted to.
It depends on what crafting material you are looking for. If you're looking for Subtle Essence and Fallen Tooth, your best bet is to farm as much gold as you can, and buy it from the auction house.
Currently, the crafting materials are selling for 20 and 45 gold, respectively. That is drastically cheaper than buying shop items, or even farming them yourself.
Source: this answer.
So, the answer fluctuates. In the event that the crafting material cost on the auction house rises above the cost of buying an equivalent magical item you can salvage, buy it from shops. In either case, gold find helps you.
For magic find, it will also depend on how long it takes you to find and gather magical items. The time investment will fall somewhere between the other two scenarios. It will take less time to find items you can salvage than it would to gather 1000 gold, but quite a bit longer than to gather just 25 or 100 gold.
The only time you want to really find magic items is when crafting material cost on the auction house goes above the cost of shop items. Which, at that point, becomes a stable economy for you on it's own. Buy magic items from shops, salvage, post crafting materials on auction house. Repeat. Use extra gold to buy items to salvage materials for yourself.
So, short answer, from least to most time investment, using Subtle Essence as an example:
- If: Crafting materials are dirt cheap (Costs less than you would get from selling magical items): Sell magic items and buy from auction house.
- If: Crafting materials are more expensive (more than selling your magic items) and less expensive than buying items from shops for salvage:
- If: Gathering requisite gold will take longer than finding magical items: Find magical items.
- Else Gather gold and buy from auction house.
- If: Crafting materials are more expense than buying magical items from shops: Buy items from shops, salvage materials, post on auction house for profit until price drops below viability.
Credit to LessPop_MoreFizz for the original information and inspiration.
Best Answer
I think this post need an update for anyone looking for up-to-date information. With the patch 1.0.3, the upgrading cost of the Blacksmith as been greatly reduced. That said, the Blacksmith tier unlock costs break down like this, still actual for 1.0.7 and 1.0.8:
Normals tiers
Nightmare tiers
Hell tiers
Inferno tiers
This puts maxing the blacksmith at a total of 173,000 gold and some cheap books. Since there is not modification for the jeweler, to maximize both artisans, you need: