Bilbo thought on Frodo's words then nodded. He was right. If Bilbo knew the future then what would be the point of living if you new what was going to happen? "At least I know you have it in safe keeping. Now I know what is lost, this means I cannot use the ring myself. Can you still use the ring, Frodo? You do know what it does, don't you?" Bilbo frowned slightly at his last words. Why would Gandalf tell him to keep it hidden? It was just a magic ring that made the wearer invisible, nothing else.