If the Monomyth is correct, the daedric princes found some creatia and used that to make their realms. And like I said, magic is just pure potential, and when used is converted into another form. However, out of all the spells learned, none of them actually turn air into gold. Transmutations are possible, as seen in the Mehrunes Razor DLC from being able to turn iron to silver and silver to gold. But if given the amount of power of a prince, I bet they could create a solid object out of magicka.
So what exactly is "creatia"? And what is this "another form" you speak of that magic gets turned into when you use it?
Hmm, so like, since Vedaa was created by all 16 daedra (and 2 aedra), she has their potential powers. And thus, she could turn air into gold. Right Hellmouth? I mean, really, gold, air, water, earth, fire, it's all atoms held together by energy. Everything is energy. And magic is the potential to change that energy into some other type of energy. So really, if Vedaa was smart enough, she could rearrange the properties of the subatomic particles in the air and turn Nirn into a solid gold oblate spheroid.
And don't you think you could change the natural laws with magic? I mean, how did the et'Ada create the natural laws in the first place? ya know, the earthbones and what not. Wasn't that all magic? Isn't all this creating of the et'Ada, the mundus, it's laws, etc... all done by magic? I mean, aren't the gods/spirits made out of the same thing as magic? .....potential to cause change