Lyric discussion by citycomeawalkin 

As far as the sample at the beginning goes:

Also remember that Iron and Sulphur are elements traditionally associated in America with Guns ("Irons" were guns in cowboy slang) and Ammo (gunpowder used to be made with sulphur).

The subject of the song is trying to use Iron (guns) and Sulphur (ammo) to somehow come up with Gold (happiness? satisfaction?). It's pointless. Even when you think about it, what will making Gold out of Iron and Sulphur actually solve?

It's being compared to Alchemy (ancient science where people used mystic symbols and philosophy to try to turn things into gold) because it's the same kind of impossible obsession. None of the alchemists ever made gold out of other stuff. Even today's scientists haven't done it yet.

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