Speculation \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.

Source: Webster's Revised Unabridged Dictionary (1913)