OK, while I'm in quote-the-book-mode, here's the passage as it was in the book (this after some talk about mithril earlier):
`No! ' said Aragorn. `We must have a look and see what the hammer and the anvil have done to you. I still marvel that you are alive at all.' Gently he stripped off Frodo's old jacket and worn tunic, and gave a gasp of wonder. Then he laughed. The silver corslet shimmered before his eyes like the light upon a rippling sea. Carefully he took it off and held it up, and the gems on it glittered like stars. and the sound of the shaken rings was like the tinkle of rain in a pool.`Look, my friends!' he called. `Here's a pretty hobbit-skin to wrap an elven-princeling in! If it were known that hobbits had such hides, all the hunters of Middle-earth would be riding to the Shire.'
`And all the arrows of all the hunters in the world would be in vain,' said Gimli, gazing at the mail in wonder. `It is a mithril-coat. Mithril! I have never seen or heard tell of one so fair. Is this the coat that Gandalf spoke of? Then he undervalued it. But it was well given! '
I'd say he was pretty impressed.
`What? ' cried Gimli, startled out of his silence. `A corslet of Moria-silver? That was a kingly gift! ''Yes,' said Gandalf. `I never told him, but its worth was greater than the value of the whole Shire and everything in it.'
I would like to offer a complete apology. I apologize if in any way my comments were misconstrued so as to cause harm or upset to anyone in particular. I offer a complete retraction of any and all slanderous insinuations and hereby undertake not to repeat them in the future....