I've been playing with paper and tatting again with new paper and a new paper punch I picked up on sale at Jo-ann's. The paper is DCWV's Cardstock Stack in color "Silver Shimmer." The paper punch is the "Chrysanthemum" punch from Fiskars.
The variegated thread is Lizbeth size 20 in colorway #175 "Scottish Thistle." The outer thread is silver DMC Metallic Embroidery Floss, which I believe has been discontinued (it's been in my thread stash for several years).
The tatting pattern is a simple ring (5ds p 5ds (attach to hole) 5ds p 5ds cls) with 2 rings per paper hole. There are 15 holes in the paper design so there are 30 rings around the edge. The chains between each ring are 3ds p 3ds. The chain of metallic thread is attached to each picot of the previous chain with 2 ds between each attachment. I wish the paper piece were egg-shaped as I think these would make nice Easter egg ornaments.