\Spec`u*la"tion\, n. [L. speculatio a spying out,
observation: cf. F. sp['e]culation.]
1. The act of speculating. Specifically:
   (a) Examination by the eye; view. [Obs.]
   (b) Mental view of anything in its various aspects and
       relations; contemplation; intellectual examination.
             Thenceforth to speculations high or deep I
             turned my thoughts.               --Milton.
   (c) (Philos.) The act or process of reasoning a priori
       from premises given or assumed.
   (d) (Com.) The act or practice of buying land, goods,
       shares, etc., in expectation of selling at a higher
       price, or of selling with the expectation of
       repurchasing at a lower price; a trading on
       anticipated fluctuations in price, as distinguished
       from trading in which the profit expected is the
       difference between the retail and wholesale prices, or
       the difference of price in different markets.
   Sudden fortunes, indeed, are sometimes made in such
   places, by what is called the trade of speculation. --A.
                                               Smith.
   Speculation, while confined within moderate limits, is the
   agent for equalizing supply and demand, and rendering the
   fluctuations of price less sudden and abrupt than they
   would otherwise be.                         --F. A.
                                               Walker.
   (e) Any business venture in involving unusual risks, with
       a chance for large profits.
2. A conclusion to which the mind comes by speculating; mere
   theory; view; notion; conjecture.
         From him Socrates derived the principles of
         morality, and most part of his natural speculations.
                                               --Sir W.
                                               temple.
         To his speculations on these subjects he gave the
         lofty name of the ``Oracles of Reason.'' --Macaulay.
3. Power of sight. [Obs.]
         Thou hast no speculation in those eyes. --Shak.
4. A game at cards in which the players buy from one another
   trumps or whole hands, upon a chance of getting the
   highest trump dealt, which entitles the holder to the pool
   of stakes.