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You are very glad about this
The word "this" refers to all the blessings that Peter mentions in the previous verses.
This is for the proving of your faith
In the same way in which fire refines gold, hardships test how well believers trust in Christ. (See: rc://en/ta/man/translate/figs-metaphor)
the proving of your faith
God wishes to test how well believers trust in Christ.
faith, which is more precious than gold that perishes, even though it is tested by fire
Faith is more valuable than gold, because gold does not last forever, even if it is refined in fire.
your faith will be found to result in praise, glory, and honor
Possible meanings are 1) that "God will honor you very highly" because of your faith or 2) that "your faith will bring praise, glory, and honor" to God.
at the revealing of Jesus Christ
"when Jesus Christ is revealed." This refers to the return of Christ. This can also be expressed with an active form. AT: "when Jesus Christ appears to all people" (See: rc://en/ta/man/translate/figs-activepassive)