Far over the Misty Mountains cold
To dungeons deep and caverns old
We must away, ere break of day
To seek our pale enchanted gold
The dwarves of yore made mighty spells
While hammers fell like ringing bells
In places deep, where dark things sleep
In hollow halls beneath the fells
This stanza praises the skill and beauty of Dwarven craftsmanship. 
 Tolkien is drawing upon Old Norse and Old English poetry, in which the blacksmithing is linked to magic spells.