Lúthien Tinúviel & the Istari

[Mnemosyne]

Originally Posted by Mugwump

I suppose ring bearers, when not wearing their rings openly, carried them on chains around their necks as Frodo did his.

The problem with this theory is that, in that case, they would not have been able to make use of them (simply having the Ring around his neck did not give Frodo any more powers except Improved Angst). But Galadriel says that the power of Nenya helps keep Lorien hidden, and Gandalf is able to raise spirits during the Siege of Gondor simply by passing people by.