The transition from Gollum himself being called Precious, to the Precious being called Precious was apparently a transition made when Tolkien rewrote the hobbit to the true version of Bilbo's story.
I have with me an unedited copy of "Riddles in the Dark", and after "bless us and splash us!" follows this:
Quote:
"We haven't the present we promised, and we haven't even got it for ourselves."
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No mention of Gollum chasing after Bilbo. Instead, Bilbo gets him to lead him outside as consolation.
This change in writings was probably brought about to make the transition from Gollum/Precious to Ring/Precious more credible.
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Does Gollum associate himself with the Ring in some strange way, to the point that in his mind they are really the same thing?
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I would say so. He'd had it so long, and used it so often that he probably couldn't differentiate himself from it at all. Then when he lost it, who knows what went on in his head? It was like losing part of himself, he probably thought it was the better half.
And then those nasty hobbits wouldn't let him have himself back. Like they stole his soul, or something.
Quote:
"Poor, poor Smeagol, he went away long ago. They took his Precious, and he's lost now."
"Perhaps we'll find him again, if you come with us," said Frodo.
"No, no, never! He's lost his Precious," said Gollum.
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Poor Smeagol indeed.
(I hope this hasn't been too rambled...my brain's a little rusty...

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