So I just recently reached the last ranking and have a lvl 60 gladiator. I exchanged all 21 of my metals, 7 of which were gold that I was saving from the beginning, and lo and behold I get only one decent item. A shield that is probably 4th or 5th best in my entire inventory. Son, I am disappoint.
This also somewhat debunks the idea that the higher the ranking or level the better the item. I’ve gotten way better stuff from Conqueror and in higher frequency than I did with God of Arena.