Fabricate and ignore material components

[Question]

There is a epic feat that removes the need for material components for spells. Could you then cast fabricate with this feat and create material out of nothing?

 

[Infiniti2000]

Yes. So, obviously, use all your 5+ level spells to create 21+ cubic feet of very expensive stuff (per spell).

How much is 21 cubic feet of diamonds worth? Gold? Platinum?

 

[Pyrex]

The RAW is a but fuzzy, but the strictest reading says no, that doesn't work.

Why?

Sure, you don't need any material components, but that doesn't remove the need to fulfill the "Target: Up to 10 cu. ft./level; see text" entry of the spell that requires you to target your starting materials.