I believe this song means a loved one has passed away, signified by the appearance of a new star and the ringing of bells & chimes (line 1 of verse 2 should state "Come, hear, midnight chimes) The rest of verse 2 signifies that even though one has passed away, their journey continues on the "other side"
I believe verse 3 suggests that our loved one continues to be with us and watches over us while we sleep. (the word "see" in verse 3 should be "sleep")
Verse 4 line 3 should state "you'll see your heart will know" Our loved one visits us in our dreams. . . being able to be with them again in our dreams is more precious to us than having gold.