Excellent rendering of the Ring poem,
Fordim 
I feel like adding that there is a third pun on the 'shadows' theme, which occurs in Sam's reciting of Gil-Galad poem. The very last line goes as 'In Mordor where shadows
are'. And that passage is even more interesting than deceitful shadows, but I withdraw my judgement until we reach the respective chapter (11, Knife in the Dark it is)
Coming abck to chapter 2, it should be added that just before reciting the Ring poem, Gandalf says something just very interesting:
Quote:
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The letters are Elvish, of an ancient mode, but the language is that of Mordor, which I will not utter here. But this in the Common Tongue is what is said, close enough
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This is the first notion of Tolkien's very interesting concept - words themselves (i.e. in their meaning) are less dangerous than the language in which they are recited, if language is corrupted/created by Dark Lord. For, later on, (mark you, in parallel chapter of Book II chater 02 - Council of Elrond!), he recites it again, now in Black Speech, an gets reprimanded not for the context, but for the form:
Quote:
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Never before has any voice dared to utter the words of that tongue in Imladris, Gandalf the Grey
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I.e. Gandalf may have said 'good morning, dear fellow councillors', but if it were to be said in Black Speech, he would have got the same scolding.