Shiny yellow muscle coveted by materialists (6,4)

I believe the answer is:

golden calf

I'm a little stuck... Click here to teach me more about this clue!

'shiny yellow muscle coveted by materialists' is the definition.
I can't tell whether this defines the answer.

'shiny yellow muscle' is the wordplay.
'shiny yellow' becomes 'golden' (I've seen this in another clue. I am not sure about the 'shiny' bit.).
'muscle' becomes 'calf' (calf is a kind of muscle).
'golden'+'calf'='GOLDEN CALF'

Can you help me to learn more?

(Another definition for golden calf that I've seen is " Idol".)

I've seen this clue in the Sydney Morning Herald.

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