I bought this cloak from the shop and it has turned white to the max. I bought another one and it also turned white after I logged out and back in.
I noticed such problem with my druid cloak too.
I thought what I messed with some haks. I was relaunching game few times. At some moment it worked but after using wildshape it turned to white again.
This happened in the Paupers Pond, when I logged in from another area is seemed to revert. Maybe it's related to the Pond tiles?