Riddle with a twist

Question

This is a riddle with a twist. Almost all the lines will point you in the right direction, but hidden somewhere in the riddle is a red herring. If you find the right solution, I'll accept your answer, but if you find the red herring and the right solution, I'll upvote and accept. Don't be afraid; the puzzle is still really easy. Good luck!

From the middle of the sun through all the rain,
Colours stretch from money to money.
The very first part of this,
Gives you my first word.

Not him, not it, perhaps his wife?
Or half of either of his parents?
Add to that the precious thing,
Not the three, the seven, or the nine,
To get at last my second word.

Who or what am I?

Answer 1

You are

a red herring

Explanation:

From the middle of the sun through all the rain,

The red herring line; doesn't affect the answer.

Colours stretch from money to money. 
The very first part of this, 
Gives you my first word.

"This" refers to the previous line itself. The very first part of the line is "colours", which, when combined with the rest of the answer, naturally yields RED.

Or, alternatively, thanks to @dmg:

Could refer to a rainbow. "Money to money" meaning the pot of gold at the end of a rainbow. And the first part of the rainbow is red.

Not him, not it, perhaps his wife?
Or half of either of his parents?

HER (Not him or it, half of motHER or fatHER)

Add to that the precious thing, 
Not the three, the seven, or the nine, 
To get at last my second word.

RING (Lord of the Rings reference)

Answer 2

My guess is

The one ring

Breakdown:

From the middle of the sun through all the rain, - Middleearth reference
Colours stretch from money to money. - actually, not the red herring. Reference to different sorts of rings
The very first part of this, - the is the very first part
Gives you my first word.

Not him, not it, perhaps his wife?
Or half of either of his parents?
Add to that the precious thing, - precious
Not the three, the seven, or the nine, - more LOTR
To get at last my second word.

And the herring is

Not him, not it, perhaps his wife?
Or half of either of his parents?