Lyric discussion by i are spectre 

gold is lead probably means nothing more than the singer does not appreciate or find value in things that normally are worth something to people. as in he is not feeling well or finding worth in life at the moment, i doubt it has anything to do with bullets. i think this is one of roger waters best songs along with 'if'.

Hast thou never heard of ALCHEMY ?

In much of the commentary here, the Gold has indeed turned to Lead,,,

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