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What meaning does the flickering light at the northern end of the lake have for the town residents strolling along the quays

Many of them think it's the King forging gold beneath the Mountain. Find out what a bard was by conducting your own research.

Why do the dwarves flickering give up and descend the pitch-black tunnel to Smaug's lair? Since the avalanche blocked their previous departure, they are effectively without a choice. The dwarves had the foresight to arm themselves from the cavern's walls with armor and a variety of weapons. What meaning does the flashing light at the northern end of the lake have for the town residents strolling along the quays? Many of them concur with it.

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