I always took it of a fear of the outside world. What if Pippin said something so rash outside the safety of Rivendell? In the movie isn't it Pippin who gives away Frodo as a Baggins? Pippin's just asking for trouble by saying it. I think Gandalf responded as anyone who fears someone saying too much in the open.
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"Let us live so that when we come to die even the undertaker will be sorry." - Mark Twain
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