The Yule Festival has started and is scheduled to run through January 7th.
Of particular interest for level-cap characters are Anfalas Star-lit Crystals for 120 Yule Festival Tokens and Essence Reclamation Scrolls for 180 Yule Festival Tokens. As usual, the Star-lit Crystals are Bind on Acquire, so must be bartered by the character that is going to use them. The Essence Reclamation Scrolls are not bound, so can be sold, traded, or passed to other characters.
There are Premium dyes available: 6 Lorien Gold Dyes or 6 Dark Mossy Green Dyes for 30 Yule Festival Tokens, and 6 Belegaer Blue Dyes or 6 Moria Silver Dyes for 10 Mithril Coins. These dyes are available only during the festival, so they may become valuable. The market is very thin, so it is hard to predict demand. I have been selling dyes from the other festivals, and have made a ridiculous amount of gold from them. (This is the first time Lorien Gold has been available for tokens and people have been asking for it for a long time) Of course, if you like the colours and think you might want to use them, you need to stock up now.
Note that the prices in Yule Festival Tokens are higher than in Fall Festival Tokens. Apparently, Yule Festival Tokens are easier to earn. A Box of Festival Tokens produces 12 Yule Festival Tokens vs 10 Fall Festival Tokens, so the exchange rate from Ale Association or Inn League badges is also higher. The Inn League and Ale Association quests are still an easy way to generate a lot of tokens. I won't be able to do them until I get back in January, but will be running them then if you want to tag along.
There is a lot more to the Yule Festival, including some new things that relate to essences. I'll post about the essence stuff when I have a chance to figure it out.
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