This paper is about an interpretation of Neruda’s “Poem no 15”, one of his most important works of poetry. The author reads this poem as about the painful loss of the loved object, and the struggle to accept this. This work emphasizes the complex relation between denial and mourning, specifically between psychotic anxieties and mechanisms, and psychic growth. Object relations, as described by Klein and Bion, are used for this reading of Neruda’s poem. The author makes an effort to link this interpretation of the poem to the effect it has on the reader. The paper suggests that the common interpretation of this poem as a passionate declaration of love for a silent muse could itself express a denial that can be understood by the impact that Neruda’s poem has, in which the emotional experience conveyed in the poem can be “lived” by the reader.