Speculation on Smaug and the One Ring

[Estelyn Telcontar]

We must be careful to distinguish between the Rings of Power and the One Ring. Here's the exact quote from "Shadow of the Past", Gandalf speaking:

Your small fire, of course, would not melt even ordinary gold. This Ring has already passed through it unscathed, and even unheated. Not even the anvils and furnaces of the Dwarves could do that. It has been said that dragon-fire could melt and consume the Rings of Power, but there is not now any dragon left on earth in which the old fire is hot enough; nor was there ever any dragon, not even Ancalagon the Black, who could have harmed the One Ring, the Ruling Ring, for that was made by Sauron himself. (my emphasis)

(cross-posted with The Might)