noun

• (alchemy) A liquid which converts lead to gold.
• (alchemy) A substance or liquid which is believed to cure all ills and give eternal life.
• (by extension) The alleged cure for all ailments; cure-all, panacea.
• (pharmacy) A sweet flavored liquid (usually containing a small amount of alcohol) used in compounding medicines to be taken by mouth in order to mask an unpleasant taste.