"The Ring"

I listened to Argent's Circus this morning and started wondering about the effects on "The Ring" again.  I've long suspected that at least one of the effects is ring modulation, although I can't find anything to confirm this.  If this is the case, though, the title has a dual meaning:  there's "ring" in the sense of ring modulation, and there's also "ring" in the sense of circus ring, in keeping with the album's theme.