[Galadriel55]

Whatever I think, I keep returning in an endless cycle to the Silmarili - in particular the one of Earendil.

I know it doesn't really fit. Nothing I could think of does. I can make a whole list of things that don't fit.

To first of you, I'm just a tale, - Earendil was a mariner that tarried in Arvernien... or how does it go? Eventually it gets to the Silmaril part. So the "first" is some hobbit. Frodo, maybe. Or Sam.
told by the skies, as they unveil - told by the skies? Well he's seen in the skies often enough, but told?...
mysteries hidden long ago. - I suppose no one except for Elwing saw that Silmaril up close since Earendil went out to his long voyage in the sky...

To second one, who's bigger still
than me, I'm first a fear until
I show him I can bring your friends;
his trust shall be of importance. - I'm not really sure; this could refer to one of the times where Gil Estel was used as a reference point for direction (hence "bring")

And to the third, whom you don't know,
I enlighten the terror's night, - to Earendil himself when he journeyed West
and in mine and the Other's flight
I save more than the tale did show. - when Elwing flew to Earendil's ship with the Silmaril. It's a great thing that she did too, because of all the possible conequences both at sea and in Beleriand that would have happened had she not done so. Yet she's just said to have flown onto Earendil's ship, and he is given all the credit for their journey.


The second stanza really ruins it. And that the skies tell the tale.