The monetary demand of speculative motivation depends on: expected rate of return, expected price changes, consumer demand and investment opportunities.

1. Expected price change: Speculators will consider the risk of holding money. If the value of money is expected to rise, speculators will increase their money holdings to get higher speculative returns.

2. Expected rate of return: Speculators will consider the rate of return on holding money. If the expected rate of return of money is higher, speculators will increase their holdings of money.

3. Consumer demand: Speculators may spend money on consumption, so the amount of money they hold will also be affected by consumer demand.

4. Investment opportunities: Speculators may use their funds for other investments, so the amount of funds they hold may also be affected by other investment opportunities.