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Yes, alchemy did exist but its not what it seems like in FMA. Alchemy was the transmuting of basic metals into gold( without the clapping of hands, arrays, blah blah) via boiling them. Also, some alchemists searched for a Philosopher's Stone and with just a simple piece of the stone ( even the size of a hair) can turn ANY metal into gold if mixed. Alchemy practices were actually popular in ancient times.
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