Answer:
Up on high I wave away but not a word can I say.
What comes once in a minute, twice in a moment, but never in a thousand years?
What goes around and around the wood, but never goes into the wood?
What instrument can make any sound and be heart, but not touched or seen?
Used on a diamond and left on a board. It's great for a gymnast his grip to restore. What is it?
I repeat only the last word you say. The more I repeat, the softer I got. I cannot be seen but can be heard. What am I?