Dreams of an alchemist symbolize your ability to transform a negative situation into one that is advantageous to you. You are becoming aware that your awareness turns dross to gold.... Strangest Dream Explanations
Psychological / emotional perspective: In an emotional context, gold seldom stands for material wealth.
It is more the spiritual assets that we have, such as incorruptibility and wisdom, love, patience and care. These enable us to apply the principles of alchemy and turn base emotional dross into ‘gold’ and finer feelings.... Dream Meanings of Versatile
Powerful part of self which can be gentle, helpful or destructive. Destructive only when frightened, so if elephant is angry, examine fears. Also, keep the positive lessons for growth, forget the negative dross of experience; you do not have to remember everything, even though the elephant never forgets.... The Dream Books Symbols