I spy with Saurons Eye
An object grey and cold-
Not caverns deep,
nor vaulted Keep,
still, something new
yet old.
Misty Mountains: No, and Too generic
"still, something new
yet old."
Old would cover the Misty Mountain Range but something new? Think of a thing newer than it's host object of origin. Here is another clue...
Beyond the tall
and frothy falls,
The Faithful's
northern lands-
not marked by gates
or fortress walls,
but stern majestic hands.
Even the least inquisitive of Hobbits could guess this one, now.