"Old"--"old aged" or "our beloved"?

[teleostomi]

This is from "Winnie the Pooh"

The old grey donkey, Eeyore, stood by himself in...

Does "old" mean (1)old aged, or (2)our beloved?

[Mister Micawber]

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Aged or familiar
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[teleostomi]

Thank you Mr Mic!

Do you think "old" is one of those context-dependent words, which we can't decide which it means by itself?

[Mister Micawber]

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Absolutely, that is why I gave you options. Obviously, the word usually means 'great in years', but I think it is also used as an affectionate adjective on occasion.
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[teleostomi]

Thank you!
You're our guiding star, for us migrating birds in the night sky.

[Mister Micawber]

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Funny-- I can't even find my glasses at the moment.
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