From "Tolkien: A Cultural Phenomenon" (2003) by Brian Rosebury

This text is reproduced exclusively for the purposes of discussion on The One Ring.net.

[page 47] 

‘You revealed yourself to me just now, foolishly. Give it back to Sméagol you said. Do not say that again! Do not let that thought grow in you!
You will never get it back. But the desire of it may betray you to a bitter end. You will never get it back. In the last need, Sméagol, I should
put on the
[page 48] Precious; and the Precious mastered you long ago. If I, wearing it, were to command you, you would obey, even if it were to leap
from a precipice or cast yourself into the fire. And such would be my command. So have a care, Sméagol!’ (TT, 248)