The ancient study of alchemy is concerned with making the Philosopher's Stone, a legendary substance with astonishing powers. The Stone will transform any metal into pure gold. It also produces the Elixir of Life, which will make the drinker immortal.The Philosopher's Stone was a legendary alchemical substance with magical properties. This ruby-red stone could be used to create the Elixir of Life, which made the drinker immortal, as well as transform any metal into pure gold. The only known Stone to have ever existed was created by the famed alchemist Nicolas Flamel.[1] During 1991–1992 school year at Hogwarts School of Witchcraft and Wizardry, Lord Voldemort made attempts to steal the Stone for his own purposes. The final and almost successful attempt broke out in a skirmish for possession of the Stone. Voldemort was foiled by eleven year old Harry Potter and his return to power was delayed.