Lyric discussion by allourvice 

Cover art for Velvet lyrics by Big Pink, The

My interpretation is this: I think the guy in this song is reluctant to love, presumably because he doesn't think he's a very good person, or that he isn't worthy of this particular girl's love. Maybe he's afraid of hurting her, and/or possibly already has in the past, perhaps without her knowledge, things he feels guilty for.

Honestly though I think this song's meaning is fairly flexible, capable of fitting a broad spectrum of interpretations. For instance the ones people have submitted thus far. Or not, who knows?. :P Either way it's a great song. Love it.

My Interpretation