Let’s dissolve everything!
Philosophers Stone
CASTINGS: 1
TARGET: One1 creature or object within 5 yards
DURATION: 1 minute
You create a stone that allows you to turn anything into gold. Make an intellect roll against the target’s agility. On a success, the target instantly loses 8d6 health and becomes slowed (luck ends). Each time the targets gets a failure on the roll to end the affliction, it becomes held until the end of the next round and it loses an additional 4.6 health. A creature reduced to 9 health is turned to gold permanently. If carved up, the gold is worth its normal value and does not change back into the target. You can touch multiple creatures with the stone for the duration of the spell
Thoughts?
Throat Punch Games 
Cool spell! However, the Philosopher’s Stone is already a talent for 10th level Alchemist characters and imparts very different effects. This spell may need a different name.
For what the spell actually does, it seems like a stronger version of the Expert spell Royal Water. Especially since the caster can impart its effects to other creatures over the course of its duration. Definitely deserving to be a Master spell.
I think renaming the spell to Midas Touch or something similar is more apt, what with the last effect of the spell requiring you make physical contact with the target. Adjusting the targeting range to be within the caster’s reach, and I think you have a very thematic and useful spell.