Yes....the OC is gone.....but I believe that's what the "elements" are referring to - the practices of the OC.The Old Covenant doesn't pass away in a fervent heat. Where the elements melt. It's already gone. Peter speaks of the New Heavens and earth.
The term "elements" (stoicheion) is referring to principles or rudiments under the OC law. It is used seven times in the New Testament and each time it is used it refers to those principles of the OC law:
http://biblehub.net/search.php?q=elements
Quoting Linked article ~
Peter tells his readers that he wants them to remember and be mindful of the words of the prophets. Do you know of any words of the prophets in the Old Testament regarding the passing away of heavens and earth IN A LITERAL SENSE? We have noted some instances in the Old Testament about the dissolving of the heavens (same word as used here in verse 13), and as we discuss this passage we shall notice some other places as well. But none of the places refer to a literal passing away of heaven and earth. And yet Peter is wanting to remind his readers of the words of the holy prophets. Keep this in mind.
Keep in mind also that Peter had previously written (I Peter 4:7), "But the end of all things is at hand.” Naturally he was not talking about the end of our present heavens and earth, for if he were, he was mistaken, for that has not happened and nineteen hundred years have gone by. He meant an end was at hand to the old heavens and earth of Judaism under the judgment of God - the end of the world (Jewish age) which Jesus has predicted would happen in that generation (Matt. 24:34). This occurred just a few years later after Peter had written it. So here he now reminds his readers not only of the words of the holy prophets, but also of "the commandment of us the apostles of the Lord and Saviour" (vs. 2). The apostles had referred to the same things as spoken by the holy prophets in the Old Testament. ~ http://www.tentmaker.org/books/heavenandearth.htm
Peter tells his readers that he wants them to remember and be mindful of the words of the prophets. Do you know of any words of the prophets in the Old Testament regarding the passing away of heavens and earth IN A LITERAL SENSE? We have noted some instances in the Old Testament about the dissolving of the heavens (same word as used here in verse 13), and as we discuss this passage we shall notice some other places as well. But none of the places refer to a literal passing away of heaven and earth. And yet Peter is wanting to remind his readers of the words of the holy prophets. Keep this in mind.
Keep in mind also that Peter had previously written (I Peter 4:7), "But the end of all things is at hand.” Naturally he was not talking about the end of our present heavens and earth, for if he were, he was mistaken, for that has not happened and nineteen hundred years have gone by. He meant an end was at hand to the old heavens and earth of Judaism under the judgment of God - the end of the world (Jewish age) which Jesus has predicted would happen in that generation (Matt. 24:34). This occurred just a few years later after Peter had written it. So here he now reminds his readers not only of the words of the holy prophets, but also of "the commandment of us the apostles of the Lord and Saviour" (vs. 2). The apostles had referred to the same things as spoken by the holy prophets in the Old Testament. ~ http://www.tentmaker.org/books/heavenandearth.htm
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