Scratch

All that is gold does not glitter.
Not all those who wander are lost.
The old that is strong does not whither.
    Deep roots are not touched by frost.
From the ashes a fire shall be woken;
a light from the shadows shall spring.
Renewed shall be the blade that was broken;
the crownless again shall be King.

I've been interpreting that recently.  It reflects on the events of the books.  I've worked out the following:

• All that is gold does not glitter is possibly a reference to the evil of the Ring, which is gold, or could reflect on how Aragorn possesses a good character without (at first) a fair appearance.

• Not all those who wander are lost could refer to the wandering of Frodo and Sam, or the Company, who wander with a goal in mind.  It could also go with the previous line to describe Aragorn.

• The old that is strong does not wither.  Deep roots are not touched by frost could be a reference to Gandalf's return from Moria; 'frost' could be used in contrast to Gandalf's specialty in Fire and Narya, the Ring of Fire.  It could also refer to the survival of the White Tree.

• From the ashes a fire shall be woken could refer to several things, including Sauron's return to power, or Gandalf's returning from the dead and becoming the White.

• A light from the shadows shall spring could be either referring to the star-glass of Galadriel, or could be paired with the previous line.

• Renewed shall be the blade that was broken seems to have a clear meaning, though that often masks a deeper, hidden meaning.  This could either mean that Elendil's sword was mended, or could refer to the renewed strength of the line of Isildur, or a like meaning.  Furthermore, it could refer to the fulfilling of the broken oaths of the forgotten peoples at the Paths of the Dead.

• The crownless again shall be King contains a fairly clear meaning in that the Kings of Gondor will return, or could reference the returning to power of the old things that were strong.

Also, the lines

The road goes ever on and on
from the door where it began.
Now far ahead the road has gone
and I must follow if I can,
pursuing it with weary feet
until it joins some larger way.
And whither then? I cannot say.

Could reference Frodo's long and tiring journey to Mordor and Orodruin, and eventually meets with the remaining Company, and ultimately on to the Grey Havens.

And perhaps it's just over-imaginative thinking, but Gollum's lines may also have some hidden meaning:

Alive without breath;
cold as death; could refer to the Ring's living and treacherous nature, and yet is still a ring.
Never thirsting, ever drinking;
clad in mail, never clinking; could refer to it's burden to the Bearer, and the power also.
Thinks an island is a mountain;
thinks a fountain is a puff of air;
so sleek! so fair! could mean that sanctuaries like Rivendell and Lorien are difficultly and rarely met.
We only wish to catch a fish,
so juicy-sweet! could be a reference to Gollum's lust for the Ring, or the fact that he will get it (if only for half a living second).

Discuss symbolic poems.