Yes, but that was when Sauron was wearing it, correct? Gandalf was never in the presence of Bilbo when he was wearing the Ring, so might that not change if and how he would have been able to notice it?
Aside from the Party, of course, where Gandalf did indeed begin to have major issues with that ring.
Maybe Sauroman was correct when he said that Gandalf's love of the leaf may have slowed his mind. [img]smilies/wink.gif[/img]
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