When Saruman reveals his betrayal to Gandalf, he says the following:
"And here you will stay, Gandalf the Grey, and rest from journeys. For I am Saruman the Wise, Saruman Ring-maker, Saruman of Many Colours."
Is there any significance behind the term "of many colours" ? I always assumed that he simply used this term to disassociate himself from the colour White. This is just my interpretation of it but I would be interested in any other opinions, or preferably any cast iron meaning of it explained in any other literature outside of Lord of the Rings.