Hook, line, and sinker

Back in the middle ages, alchemists were searching for something called the Philosopher's Stone, an imaginary material that would turn lead into gold. Who paid these guys to do this? I suspect the whole thing was a clever hoax by speculators conspiring to drive up the value of lead. Right now gold is going for nearly $1,200 an ounce, while you can get the same weight in lead for around seven cents. Now, what I don't understand about high finance could empty a checkbook, but shouldn't today's bargain hunting investor take a closer look at worm weights and split shot?