It resets every 48 hours.
It is chest of NPC Vendor, the only one which isn't hidden underground.
Killed Grandmaster of Greybeards, now they won't talk to me. Oh well, atleast I can train sneak on them.
For, smithing you can level up it pretty easy:
Buy loads of Leather Strips+Iron Ingots. Activate Warrior Stone. Create load of Iron Daggers. After that enchant them to sell for good money.
You will level up it pretty fast and can earn money if you're lucky :p



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