Since the subject has been raised by Doug and others (less directly), I once read an extensive article which suggested that the power of the Three Rings, air, water and fire, resulted from their ability to "link" to the Silmarils which are lost to Middle Earth in air, water and a fiery chasm. I thought this theory was off base and a bit more than speculative but I thought that I'd bring it up for the sake of discussion.
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Beleriand, Beleriand,
the borders of the Elven-land.
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