Elementium Ore is dirt cheap right now, and there is a whole lot of it on the AH. Is it worth purchasing a massive amount (there is 1k+ stacks cheap) and prospecting it all for next week? Are gem prices going to get that high? Thanks ahead of time for answering my noob question.
Well it's speculation, so just remember with speculating it could go wrong and you could take a loss - you just have to make an educated guess and take a risk.
Generally speaking, at the beginning of any major content patch, item upgrades go through the roof (enchants, gems, belt buckles, etc) as every level 85 out there is probably getting new gear from the super casual to the major hardcores.
Some people seem to be dumping gems right now because of new epic gems coming, but as these are currently only obtainable through raiding, they won't be accessable to everyone in the beginning so it's likely people will still need gems.
So..... the demand is likely to increase and investing in enchanting mats and/or gems right now will probably pay off.