We know now that you can’t turn “base metals” into gold through chemical processes, but if you could, gold would no longer be scarce and therefore no more valuable than the base metals.
We know now that you can’t turn “base metals” into gold through chemical processes, but if you could, gold would no longer be scarce and therefore no more valuable than the base metals.
It has already been said but I think the author misunderstood alchemists, the idea was only they would have the knowledge. The argument put forward would apply to the entire monetary system, money must be worthless if everyone can make it.