Track-by-Track: Soundtrack Discussion and Analysis

[dancing spawn of ungoliant]

do you mean in the Enya half/Aniron or the orchestral half of the track?

I meant the Enya half, well, at least. During Aníron there are basically four different chords. A flat major / E flat , E major, C flat major and D flat major.
After Enya's part the orchestra plays four chords: E flat major, g minor, E flat major again and C major. Now there's this C but to me it sound's that there's no modulation yet. The hobbit theme is definitely in C major, though. The fellowship theme for one contains only major chords (as Aiwendil said already) such as B flat, A flat, E flat and C. The whole track even ends with C major and yet I can't define its key. Either Shore uses a whole lot of naturals and sharps or then there's a modulation...I think.