"It is mine, I tell you. My own. My precious. Yes, my precious."
In The Hobbit
, the creature Gollum referred to the ring as ‘my precious.’ Gollum was consumed by the power of the ring, both revering it and hating it at the same time, driven half mad by his desire to possess it. When Bilbo took the ring, Gollum was furious and would have killed Bilbo if he had not used the power of the ring to slip away unseen. The ring had turned Gollum into something both pitiful and frightening. By repeating Gollum’s words, Bilbo shows that he too is falling under the ring’s control.