Alchemy

alchemy |’alkemē

Figurative: a process by which paradoxical results are achieved or incompatible elements combined with no obvious rational explanation.

Alchemy is a science that centers on the inherent powers of the four elements-fire, water, earth, and air. Any varying combination of these will provide one with the makings of any element presented on the periodic table. Alchemy was first utilized in Khem-the ancient name for Egypt (Al-Kimiya)-and it is the basis of modern chemistry.

Of the more legendary aspects of Alchemy, the most common belief is that by performing some arcane alchemical ritual, one can change lead or any other metal into gold, or produce the Philosopher’s Stone-a mythical rock said to prolong the owner’s lifespan.
See: Manly Palmer Hall, Comte Saint Germain, Nicholas Flamel, Isaac Newton, John Dee, et. al.

Read more: http://wiki.answers.com/Q/What_is_alchemy#ixzz19XTmn7HP

Another view:
One of the famous sayings of Alchemy is ‘Aurum Nostrum Non Vulgi’ (Our gold is not that of the common man); this refers to the idea that, at least for many Alchemists, it was more a spiritual search that a chemical one (although alchemists did make siginificant contributions to chemical knowledge). Alchemy reached its peak in Europe in a time when any religious disssent could get you into trouble, particularly if you felt that your spiritual development was your own business, and not that of the religious authorities. Carl Jung more-or-less identified Alchemy with his process of Individuation, and there are certainly similarities.

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