Lyric discussion by Hand of Maedhros 

This is about the panic of Melkor, trying to avoid giving the Silmarils to Ungoliant, "mistress of her own lust". With one hand he fed her jewels stolen from Formenos, but breaking his promise, he withheld the Silmarils from her. They burned his hand with pain unbearable, for the Silmarils will not suffer the hands of evil.

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