The longer you go without something (be it food, water, shelter, company, whatever) the more you're going to appreciate that thing while you have it. To me, it's sounding like the song is from the narrator to his love interest. He's been without love for a long time, and through all the shit he's endured, he still loves her genuinely (hence: "That's why I hold you, that's why I hold you dear"). Even though life might be bad, he still has her.
Here's something interesting.
The longer you go without something (be it food, water, shelter, company, whatever) the more you're going to appreciate that thing while you have it. To me, it's sounding like the song is from the narrator to his love interest. He's been without love for a long time, and through all the shit he's endured, he still loves her genuinely (hence: "That's why I hold you, that's why I hold you dear"). Even though life might be bad, he still has her.