alchemy:
http://www.answers.com/topic/alchemy
1. A medieval chemical philosophy having as its asserted aims the transmutation of base metals into gold, the discovery of the panacea, and the preparation of the elixir of longevity.
2. A seemingly magical power or process of transmuting: “He wondered by what alchemy it was changed, so that what sickened him one hour, maddened him with hunger the next” (Marjorie K. Rawlings).