as opposed to wearing it on his arm in battle position? I've only been able to spot him carrying it once. It appears on his left side as the company walks the narrow path out of Rivendell. Just after his "about to step over the edge of the wild" line, Thorin tells Balin to lead and turns to look back. That's when I get a half-second glimpse of the shield. Otherwise, I haven't bee able to spot it as part of his carried equipment. Seems like it must be attached to his belt (or harness?), in order to be easily reached, but not banging around when he's running. I don't think he wears it constantly on his arm, because I mostly see the heavy leather vambraces. But maybe I'm mistaken. If anyone else has spotted how he carries the shield, a heads up would be appreciated!

If I'm lucky, I'll get one more viewing, so I'll try to pay even closer attention -- not that that's a chore!