Gollum was defeated. He dared go no further. He had lost: lost his prey, and lost, too, the only thing he had ever cared for, his precious. The cry brought Bilbo's heart to his mouth, but still he held on. Now faint as an echo, but menacing, the voice came behind: "Thief, thief, thief! Baggins! We hates it, we hates it, we hates it for ever!"