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Although the ultimate goals of alchemy - like, the elixir of life and turning other metals to gold - turned out to be chimerical, some very useful developments came from it. It led to the invention, in the early 18th century, of European porcelain, which, in many ways, was as good as making gold. Until then, the only place to get porcelain was from China. It was so valuable it was even called 'white gold'.