Building and running root on Mac OSX 10.8 (Mountain Lion)

The “macosx” architecture is a 32-bit one (“i686”). It seems to me that you need to configure and build your ROOT for the “macosx64” architecture, which is a 64-bit one (“x86_64”).
Note also, you may need to install your ROOT as the “root user” (i.e. a “superuser”), if you set the ROOT’s “prefix”:
sudo make install
See also (notice remarks about the ROOT’s “etcdir”):
[url]ROOTSYS and linux distribution installation
[url]Problems installing root with --prefix=$HOME/.local
[url]Release 5.32.03 on Ubuntu 12.04
BTW. Try to take the current “v5-34-00-patches” branch source code directly from the ROOT’s svn (it contains many fixes as compared to the frozen “v5-34-02” distribution).