Narya and the Shire

[Flame of Anor]

I was just re-reading The Fellowship of the Ring and in the Chapter Many Meetings, when Gandalf is replying to Frodo's questions of Rivendell's protection and Glorfindel's power and Gandalf says:

Indeed there is a power in Rivendell to withstand the might of Mordor, for a while: and elsewhere other powers still dwell. There is power, too, of another kind in the Shire.

This is just speculation but it seems to me that Gandalf is implying that there is an actual POWER at work protecting the Shire of similar but different power to the one protecting Rivendell. This could refer to my aforementioned proposition that Gandalfs ring could be protecting the Shire the same way Elronds ring is protecting Rivendell.