The two statements aren't necessarily inconsistent. When Gandalf says that "Frodo has moved beyond my sight" it doesn't have to mean that it only happened *just then* and that up till now he did have Frodo in his sight. At the beginning, when he says that they don't know if Frodo is alive, it's implied that he's out of Gandalf's sight. Later on, the second line just reiterates that fact for emphasis, it's just phrased a somewhat different way.
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Father, dear Father, if you see fit, We'll send my love to college for one year yet
Tie blue ribbons all about his head, To let the ladies know that he's married.
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