Now this is a spell! In The Elder Scrolls V: Skyrim, there exists a spell that turns iron into silver, and silver into gold. That's the best thing! And it's pretty easy to get, too.
Here, the lovely pms00 of YouTube fame details how to get Transmute, the spell in question. What it boils down to is that you need to go to the Halted Stream Camp and take out as many bandits that stand in your way. In the cave is a tome that will allow you to learn the spell.