[Venos]

so the required ingots to gm bs diminish by 33%?

Start with 100 ingots. Make 33 daggers + 1 spare ingot. Turn 33 daggers into 33 ingots + 1. Then make another 11 daggers which turn into 11 ingots + 1. The make 4 daggers. 4 ingots and then 1 dagger.
So instead of 33 daggers you end up with 49 daggers made.
An increase of 48%.

Obviously this means that you won't get any gold from selling daggers but I guess it's worth it if you don't need the gold.