The gold, silver, brass and iron are easily understood; but the iron and clay are often misunderstood.
“31 Thou, O king, sawest, and behold a great image. This great image, whose brightness was excellent, stood before thee; and the form thereof was terrible. 32 This image’s head was of fine gold, his breast and his arms of silver, his belly and his thighs of brass, 33 His legs of iron, his feet part of iron and part of clay. 34 Thou sawest till that a stone was cut out without hands, which smote the image upon his feet that were of iron and clay, and brake them to pieces 35 Then was the iron, the clay, the brass, the silver, and the gold, broken to pieces together, and became like the chaff of the summer threshingfloors; and the wind carried them away, that no place was found for them: and the stone that smote the image became a great mountain, and filled the whole earth. 36 This is the dream; and we will tell the interpretation thereof before the king. 37 Thou, O king, art a king of kings: for the God of heaven hath given thee a kingdom, power, and strength, and glory. 38 And wheresoever the children of men dwell, the beasts of the field and the fowls of the heaven hath he given into thine hand, and hath made thee ruler over them all. Thou art this head of gold. 39 And after thee shall arise another kingdom inferior to thee, and another third kingdom of brass, which shall bear rule over all the earth. 40 And the fourth kingdom shall be strong as iron: forasmuch as iron breaketh in pieces and subdueth all things: and as iron that breaketh all these, shall it break in pieces and bruise. 41 And whereas thou sawest the feet and toes, part of potters’ clay, and part of iron, the kingdom shall be divided; but there shall be in it of the strength of the iron, forasmuch as thou sawest the iron mixed with miry clay. 42 And as the toes of the feet were part of iron, and part of clay, so the kingdom shall be partly strong, and partly broken. 43 And whereas thou sawest iron mixed with miry clay, they shall mingle themselves with the seed of men: but they shall not cleave one to another, even as iron is not mixed with clay. 44 And in the days of these kings shall the God of heaven set up a kingdom, which shall never be destroyed: and the kingdom shall not be left to other people, but it shall break in pieces and consume all these kingdoms, and it shall stand for ever. 45 Forasmuch as thou sawest that the stone was cut out of the mountain without hands, and that it break in pieces the iron, the brass, the clay, the silver, and the gold; the great God hath made known to the king what shall come to pass hereafter: and the dream is certain, and the interpretation thereof sure.” Daniel 2:31-45
Then we have Daniel’s description and interpretation of Nebuchadnezzar’s dream. Nebuchadnezzar dreamed of a colossal statue made up of various types of metals. At the end of the dream he saw a large stone come and smash the feet of the huge statue. But it not only broke the feet in pieces, it broke the entire image to pieces, just from the feet. Then Daniel begins to interpret what this colossus means. I will give the floor to Brother Branham to speak of this.
“The head of gold has passed away as Daniel said it would, the Babylonian kingdom. Succeeding that He said would be the Medes and Persian. They succeeded the Babylonian kingdom, and they fell away to who? The Grecians, Alexander the Great. And they fell away, to what? The Romans. And the Romans broke up to all the world, the eastern and western Rome, the two legs. And he said iron and clay was on the toes, the ten toes, the ten kingdoms. And he said they wouldn’t mix, and they’d intermarry among one another, Romanism and Protestantism.” 
This is a marvelous explanation and I want to dig even deeper into it. There are various types of metals: the golden head is Babylon, the silver chest and arms are Persia, the brass or bronze belly and thighs are the Grecian Empire: and then we have the iron legs: and finally the toes of iron and clay. These metals start at a higher value, but are also softer: gold, silver, bronze and then iron. Iron is the hardest metal of them. Daniel interprets this to mean that the kingdom of iron will be the most powerful and will endure longer than the other empires. The other empires lasted from 200 to 300 years; but the Roman Empire lasted approximately 1,500 years. The other empires appear to be fairly straightforward. With the last, there are two formations of the iron. This means the Roman Empire exists in two forms. Firstly, there are two legs of iron. The Roman Empire was unified with its Imperial capital in Rome until 324 AD, when Emperor Constantine declared it a new capital. From that point forward there is the Eastern Byzantine Roman Empire and the Western Roman Empire. They were unified at that point under one ruler. But as time went on the two capitals adopted separate rulers. In 476 AD, Germanic tribes attacked and conquered Rome and thus the Western Empire effectively fell. But the Byzantine Empire continued. By 800 AD Pope Leo III crowned the French king, Charlemagne, as the Holy Roman Emperor. During the time of the Reformation, the Holy Roman Empire was weakened, and finally in 1806 Napolean destroyed it completely. Now, these areas once ruled by vast empires were, in fact, separate nation states ruled by kings. Then roughly 100 years later many of these monarchies were destroyed and they became republics or democracies.
In accordance with history, note the dream of Nebuchadnezzar. Two iron legs are represented by the division of the Roman Empire, Rome and Constantinople, or as Brother Branham said, Eastern and Western Rome. The questions to examine lie in the various forms of the Roman Empire. Is the Holy Roman Empire that was destroyed in 1806 by Napoleon, in fact, the iron and the clay? Or is it a yet a future empire? Is it a current empire? Or perhaps the Roman Empire is a continuous empire in various outward appearances that lasted until 1806. Since 1806 have we been in the time of the iron and clay toes?
The clues can be found in the Scriptures themselves.
“41 And whereas thou sawest the feet and toes, part of potters’ clay, and part of iron, the kingdom shall be divided; but there shall be in it of the strength of the iron, forasmuch as thou sawest the iron mixed with miry clay. 42 And as the toes of the feet were part of iron, and part of clay, so the kingdom shall be partly strong, and partly broken. 43 And whereas thou sawest iron mixed with miry clay, they shall mingle themselves with the seed of men: but they shall not cleave one to another, even as iron is not mixed with clay.” Daniel 2:41-43
A list of clues:
- kingdom shall be divided
- strength of iron mixed into the clay
- they will not cleave to one another
I will add another clue which Brother Branham gave, which is Romanism and Protestantism. The kingdom, in a manner, was divided at the time of Constantine; but effectually it was one kingdom working for one purpose. In 476 AD Western Rome fell, but Eastern Rome continued on. The size of the empire contracted, but it remained the Roman Empire. It was still iron. Then it took on another form once again when the Frank King, Charlemagne, was crowned Holy Roman Emperor. At the time the Byzantine Empire still existed in the East. It wasn’t until 1806 that the complete breaking up of the Roman Empire occurred. This is where the ten toes come in. The exact name of these kingdoms that make up the ten toes is not so important as the fact that we understand that there was a division, and yet the iron still intermingled with the clay. They didn’t cleave to one another. That is, they had separate nation states, but iron ran throughout. The iron is Rome. There are the Roman Catholic governments uniting with Protestant governments in Europe, but not a firm union. It is a divided kingdom united by certain common interests. This is the form that began in 1806 and is continuing on until the end time when Christ and his Bride return to destroy this colossal image. The papacy has political influence in and around all these nation states. Remember, these are the very same nation states that will destroy Mystery Babylon with fire. In Revelation 17 they are called ten horns and described as ten kings. It is in the midst of these ten horns that another horn rises up which we know as the antichrist that will rule the world during the great tribulation period: Daniel 7:8.
 55-0109E, Beginning And Ending Of The Gentile Dispensation, Rev. William Marrion Branham