I was always amused and felt it was telling the way Tom coyly puts on The Ring. Utterly unaffected by it. You get the sense he is beyond the world he is living in. A visitor, observer, basically a level well beyond Middle-Earth. The Elves, Gandolf, even the fell powers simply know not to bother or bother with him.
He is a reminder, in the middle of the grim real world, that there is a broader context everything is taking place in.
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