Mercurius, it is generally affirmed, is the arcanum, the prima materia, the ‘father of all metals,’ the primeval chaos… He is also the ultima materia, the goal of his own transformation, the stone, the tincture, the philosophic gold… the deus terrestris, indeed the divinity itself
This passage delivers Jung’s comprehensive thesis that Mercurius is at once the beginning, middle, and end of the alchemical opus — simultaneously lowly matter and highest spiritual goal, making him the preeminent symbol of psychic totality.
, Collected Works Volume 3: The Psychogenesis of Mental Disease, 1907thesis