Lyric discussion by kenfo00 

No one deals with the "silver baby come to me (if it is the narrator, she would be talking to herself), I'll only hurt you in my dreams.". Death hurts, jack. If you've not seen it up close and personal, your time is coming. I like the singer's voice and the music, but there is something evil about that line. I thought it is about a child molester...."old man", "broken heart" (badly functioning conscience?), wants to hurt a child in his dreams? There is more to the real meaning than the performer is letting on.

Further, the old man is not the little girl."This old man I've talked about.....". Later it says "old man I used to be....". It is inconsistent without some over-arching theme, such as there was an old man, you were like him and now are not. The old man is calling the little girl and says "I'll only hurt you in MY dreams", not "your dreams". So it is NOT about a kid being afraid of death. Clearly the old man is saying he thinks about hurting her in his dreams.

In general, I find that song lyrics often do not fit what the authors claim they mean. Often, they attribute some amazing meaning behind pathetically weak lyrics. There is something dark about this song, she may not feel comfortable relating.

@kenfo00 For what it's worth, I think that yours is an excellent and provocative analysis.

@kenfo00 One more reply, after re-reading your comment...

I feel the darkness, too. It is an integral part of the attraction of the overall artistic package. The dark element can also be found in the contemporaneous songs of Cobain ("Polly", among others) and STP's "Plush".

Seems like the dark, evocative and ambiguous narratives were much more common in that era.

@kenfo00 The "Silver Baby" is a dream-like reference to the "Little girl she used to be", and represents some unresolved self-destructive memories. At this point, the dream is breaking up; the girl "spins around the tree".

I think each "character" in this song is an expression of some part of the narrator's life. Gender switching makes it interesting. Maybe the "narrator" in their old age felt more like an old man. (Or maybe "man" just fit better lyrically.)

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