This references the Golden Calf in the Book of Exodus. The Israelites made a golden calf while Moses was receiving the Ten Commandments because they got tired of waiting. When Moses came back, he had it immediately burned because of the Commandments to have no gods before Yahweh and to not bow down...
Bring us your trinkets
Your baubles of gold
Join the debauchry
The young and the old
Let us bow down
To this great golden calf
Darken our spirits
As we dance and we laugh
The golden calf takes shape;
The idol of black hearts
The whole deed
From the sum of it's parts
From the healer of sorrow
Came a great molten blast
With holy tongue of fire
The commandments were cast
Down from the mountain
With two tablets of stone
His countenance white
Moses walked down alone
Instructed by God
To bring the people his word
Intoxicated by evil
Their judgement obscured
Why should we listen
To this set of his rules?
Deeper in sin
Sinks this assembly of fools
Thou shalt not make graven images
Visiting evil in the land of the dust
Thou shalt not have
Other gods before me
Then - only then
Can you truly be free
Let us bow down to the King of Kings
Melt down this idol and the evil it brings