I think this is part of the lyrics from a Ralph McTell song, 'The Streets of London'? In this song the line is 'Fading with the medal ribbons that he wears...' He is talking about an old man who has served his country in the military and received medals for his service. Now he has nothing left in his life, no friends etcetera but still wears the medal ribbons to remind himself of his past life. No-one sees the old man anymore so he is 'fading away' just as the bright colours of his medal ribbons are fading with time. Avery sad image.