Gandalf: Hold out your hand, Frodo. It's quite cool. What can you see? Can you see anything?
Frodo: Nothing. There's nothing. Wait... there are markings. It's some form of Elvish, I can't read it.
Gandalf: There are few who can. The language is the that of Mordor, which I will not utter here.
Gandalf: In the common tongue it reads "One Ring to Rule Them All. One Ring to Find Them. One Ring to Bring Them All and In The Darkness Bind Them."
Frodo finds the Ring where he stashed it. Gandolf throws it into the fireplace then pulls it out and hands it to Frodo.