I purchased the original game for real money, and all the expansions, and I pay real money every month to play this game. Well I checked out the tokens and if I wanted 5 million gold for that mount, I would need to spend 1200$ Canadian to get it. What???!!!!! Is this a joke?. If this is the norm, I'll just let the gold slowly fade away and that's when I stop playing. I've spent enough real money on this game. I get the intent: to help with the gold farmer situation. But at the expense of the legit player?
I have probably said this exact same thing a dozen times but it's worth saying a dozen more. Old world engineering is awesome right now. I make enough for my monthly token and then some simply buy selling auto hammers, gunshoes, and 1 sky golem. 100% of mats purchased from auction house. It's the easiest, laziest way I have ever made gold and i love it.
World of Warcraft Gold (US) is a currency used in the US server as a medium of trade. WoW Gold, items are rewarded after killing the enemies. WoW gold is a limited resource and is hard to come by even though gold can be earned by various ways. It is still time intensive for any player to gather the gold needed to get better gears which make advancing easier. Because of the enormous need for WoW Gold, it has attracted many exploiters such as dupers and gold farmers. Arguing that they ruin other people's experience and enjoyment of the game, Blizzard has put up a strong fight to combat these exploiters by banning large number of accounts involved in the activities. However, there are as many players who would not want to invest their time and are willing to pay the extra money to get through the game. Generally, the price of WoW Gold in the EU servers are more expensive than those in the US.

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Buy Gold with real cash from other players. This is the fastest and cheapest way, however, you need to verify who you buy it from. While most private sellers will deliver it to you, you are never 100% sure, so it’s recommended to buy it on reputable marketplaces like Odealo.com . The Gold there is offered by regular players, while the website itself guarantees 100% security of each transaction by taking care of the payment process. It basically runs on a system similar to Escrow

Patience and extra gold are rather important for the mounts so it might not be best for you right now. As for the operation (Wrath and Pandaria mounts right now), you need a miner (ore is cheaper than bars), transmutation master alchemists (living steel and some time eternals for daily cooldown, titanium and riddle of steel), and potentially multiple engineers (for more Sky Golems, plus at least one gnomish and one goblin if you want to do both rockets). The best way to source Pandaria mats cheaply is to buy up Spirit of Harmony when it's cheap and check often for mats cheaper than the conversion rate (1 Spirit buys 20 ghost iron ore, 5 trillium ore, 20 Kyparite, and more). Same with Eternals (for crafting titansteel)...you have to regularly check and grab them up whenever they're cheap (frozen orbs can be exchanged for eternals in old Dalaran too so watch for some cheap orbs as well). I also sell Golden Lotus on the side since it goes for more than the Spirit cost. (Edit: Also should point out that at the end of the expansion everyone is bored with nothing better to do so the profits on the mounts have dipped to as low as 5k.)

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Thing is, as in real life, opportunity cost is the real key on this. I'm getting 2 tokens per month quite easily with just 3 toons (1 maxed only (yeah, pretty damn inefficient but I lack a lot of time to play :p)) just by flipping couple of things, food, flask, potions, bags, shirts (yeah, shirts!!), etc etc. Every damn penny/gold counts :p, just have to learn how your realm market works, what niches exist, which items are needed and undersupplied and which are oversupplied.
Yes, that is easy, but it's not quick. Further down in my comments to OP I detailed the GIO farm, and reasonable yield expectations. I looked up a few guides/videos before commenting and most of them estimate a yield beween 800-1,000 GIO/hour. That lines up with my past experience with it as well. That'd be, taking the high yield end, 4.2 hours to farm the GIO for one toon's monthly needs.
WOTLK and Cata were my goblin training grounds as well (I remember fondly making 30k on a single day after a patch day with Inscription), but since Im only at Legion levels, Im struggling to find oportunities where to start invest and make profit. I've been carefully paying attention to the market and picking small batches of mats to flip. After 6 yrs out im slowly starting to pick up (so far i think i made 100k in a couple of months).

But then you have some professions, Inscription, Jewelcrafting, the gathering professions, etc. which don't seem to have any specific extra bonuses for being them. Inscription has been in a bad place for a while and that trend seems to be continuing in BfA, although considering we are not locked to certain glyphs anymore (like having to choose between only one glyph of many for things like Travel Form) I suppose there's a chance we will see some more profitability out of it.
-Bugs- There aren't too many glaring bugs anymore, but you will certainly encounter some. The pathetic thing is that many of the bugs you'll encounter were reported repeatedly during Alpha/Beta and still weren't fixed. Some bugs were discovered after release and players were able to abuse game mechanics without repercussion unless they were one of the more serious offenders. This gave some players a significant advantage over others because they used exploits and at the start of an expansion, that is the time when it's most impactful.

The hexweave bags are still a safe bet unless the new 32 crafting cost is like 10% of them. The one thing I'm more concerned about is the professions squish. This will make the old world items that we've been selling (TBC Dust still sells by 200 stacks easily) only required for Transmog and not leveling. This was a better option for a lot of professions (especially enchanting). Expecting their near-death with the next expansion. :(

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I'm aware that the LS chain can be xmuted up all the way up from GIO. This is great since it means ultimately you only need to track/acquire one item. The procs can certainly increase your profit margin, but as I said in my top-level comment the profitability of the whole endeavor is server-dependent. These numbers will of course vary from server to server, and for some it might be worth it.