1. n., a synonym for the One Ring of Power forged by the Dark Lord Sauron in J.R.R. Tolkien's Lord of the Rings series of tales.
2. (var) "my precious"; an utterence which statest the presence of a possesed, supposed ownership of the One Ring; indicative of submission to the Ring's power.

the thing that you don’t have when you’re phones percentage is over 20

The precious is essentially Smiegel's (a kind hobbit turned into a terrible gray creature) own child. He loves the ring with a burning passion. He has had sexual intercourse with the ring on various occasions.

everything covethed by wordgollem/word.