Lyric discussion by flyonbluesky 

I hope my meager words can do justice to the beautiful poetry of this song. So here's my take on it:

This song is about her insecurity about being in a romantic relationship. She's vulnerable and naive (pink, new and reborn) compared to her self-assured, dangerously attractive (defiantly silver and so sure...skate like a knife) object of love. Even though she is able to see the current situation of the relationship rationally (Though I can see clearly ahead of me), she can't stop negative thoughts from predicting the end of the relationship (I cannot stop it once I'm set a-spinning....why must I always see the ending at the beginning)

Together going arm and arm To meet our solitude, to meet it head on I'll meet you where the water's warm To meet my solitude, I'll meet it head on

This stanza is reflects her predictions of ultimate dissolution of the relationship, going together "to meet our solitude....to meet my solitude"

The fish-in-water metaphor represents a certain fluidity, uncertainty. Perhaps it alludes to the zodiac sign of pisces: two fish, tied together, swimming in opposite directions (represents her being of two minds about the relationship). Whatever it may means, the metaphor goes well with the dreamy, ethereal, under-water quality of the music.

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