What dragon is Steely Dan chasing tonight?

In the Steely Dan song, “Time Out of Mind”, there’s the line:

“Tonight when I chase the dragon
the water will turn to cherry wine
and the silver will turn to gold”

I seem to recall this was a refernce to taking heroin.

True? Or is it something else?

Waste not want not. Indeed heroin.

Well, there you go. Thanks.

I associated it more with opium smoking, but we’re in the same ballpark.

Then he would have said he was going to kick the gong around.

I’m about 2/3 of the way thru a movie…"From Hell’ with Johnny Depp about Jack the Ripper. He plays the inspector and he is an opium smoker. On more than one occasion someone has asked him if he is ‘chasing the dragon’.

Weird, I’ve never heard that phrase, but heard it twice tonight, and here.

Google does turn up more occasions for heroin, but in the movie he was smoking opium.

Of course it’s just a movie. Hollyweird.

Abberline is an opium addict and when “chasing the dragon” he is able to have visions of the future, a certain psychic ability that allows him to solve cases.

Obscure additional reference and Google Hijack:

The Quitters’ song “Off the Wagon” has a line “This dragon that I chase/Is gaining in the race/I’m gonna win.”

The google ad is for the game DragonQuest VII. In this context, it’s got me imagining some glam-rock version of The Sims.