Not a trollquote: In a recent interview with Vanity Fair, Sir Ian McKellen disappointed Lord of the Rings slash-fic enthusiasts everywhere when he put forth the theory that there’s no sex in Middle-earth. McKellen, who is gay and an outspoken advocate for gay rights, laughingly brushed off the interviewer’s question as to whether Gandalf would be savvy about gay bars in Tolkien’s fictional universe.
Tolkien was the only authority on that world, and I don’t think he was very interested in sex, at least not with the evidence of Lord of the Rings. Other people can read into it what they like or what they can. But I don’t really see it. Although I have heard speculation that Sam and Frodo might be an item, but I don’t think Tolkien really saw it that way. I don’t think Peter Jackson does either.