I am guessing they are a folded pair of glasses and a case (or cleaning cloth) for them.
Look between his hand and the car. Looks like the curved side of a glasses edge to me.

So glad you rescued this touching Kodachrome. The boy is wearing the usual too big (or else too small) hand me downs that were customary for kids to wear then. There's a hole in the knee of the jeans that mom or grandma carefully mended. There's a lot of affection displayed in this photo.

I believe his web belt is on correctly judging from my years in scouts and U.S. Navy. At least that the way I wore mine. One size fits all. Skinny guys loop the excess back into a belt loop.

In his hand are sunglasses to protect those squinty eyes from the bright sun. He removed them at the request of the photographer.

It looks like the boy is holding some sunglasses. The black car in the background is a '51 to '53 Cadillac Series 62. The year, by the shape and flat top of the taillight lens, and windshield. The model, by the shorter trunk.

It's a pair of Sunglasses.

Thank you for the question, kayakpete. (Only third comment in over five years: amazing.) I see tortoiseshell and metal, so I'm guessing some kind of multi-tool?

I'm at a loss. I feel it's the real story behind this picture.

Looks like he is wearing a belt recycled and cut down that used to belong to big brother, and the upside down buckle is to symbolize that he isn't really a scout. He looks too young to be a cub scout too.

Looking at the boys reindeer shirt, it is Christmas in Cali. Nothing has changed except the size of the car.

Looks like the young man has his Boy Scout belt on upside down.

The wagon is a '56 Chevy Two-Ten Beauville (four-door, nine-passenger), just one rung below the Bel Air (and Bel Air Nomad).

Mullen Chevrolet was located at 205 S. Vermont Avenue in L.A.

The black car is a '50-'52 Cadillac four-door - a Series Sixty-Two, or a Series Sixty Special.