When Gandalf "figured out" The Ring?

[Olmer]

azalea...plan A assumes that the elves knew where the Ring was -- and they didn't until Gandalf figured it out

In my previous posting I explained why I think that Gandalf didn't have "memory lapses" and his forgetfulness is nothing but pretense....
So, how long did it take for our sharp-witted Gandalf to figure out what kind of ring Bilbo has had ?

Let's ask ourselves a few questions.

Did Gandalf know that Bilbo's ring was special?
In conversation with Frodo he is clarifying the difference between lesser rings and the Rings of Power, Great Rings:
"...many Elven-rings were made...But the GREAT RINGS, the Rings of Power, they were perilous"(LOTR, book I, chapter II).

Did he know how The One Ring look like?
Long time ago, when the White Council was formed and Saruman had not, yet, desired to compete with Gandalf, in their friendly discussion they talked about a definition between The One and the others Rings of Power: "The memory of words at the Council came back to me: words of Saruman..."The Nine, the Seven and the Three," he said, " had each their proper gem. Not so The One. It was round and unadorned, as if it were one of the lesser rings"...(LOTR, bookII, chapter II).

How many the Rings of Power?
Just 20. And exactly only one of them had no stone!
You don't have to be a rocket scientist to figure out what kind of ring it was.

So, did it take 60 years for Gandalf to guess about the ring? Nope!
He felt right away that powerful aura of the Ring, and probably has jumped aside like nun from "Playboy ":A shadow fell on my heart"...(LOTR, Book I, chapt.II)
The Grey Wizard identified the ring at once and in conversation with Frodo he accidentally not once reveals this knowledge .
This is his the most undisguised "slippage": "I wondered often how Gollum came by a GREAT RING, as plainly it was - THAT at least was CLEAR FROM THE FIRST"(LOTR, bookI, chapter II).

Why then, he didn't grab Bilbo and sent him with The Ring to Orodruin?
Because it was no need. For 60 years The Ring was safely tucked in a little hole in Hobbiton, which borders was constantly guarded And was guarded zealously day and night not ,specifically, for protection of self involved, ignorant to what is going on over the borders of their country , hobbits. For protection of The Ring!
"...even when I was far away there has NEVER BEEN A DAY when the Shire has not been GUARDED by watchful eyes" - says Gandalf (LOTR, book I, chapter II)

When the need arised the Elves and Wizard was very well aware who will be the Ring bearer, because for 17 years they allowed the Ring to bond with poor unsuspected Frodo and at present time he wouldn't willingly part with it. In a way they made him a kamikaze, who had no alternative choice.
And then were saying :"The Wise could never foreseen it."
What a hypocrisy!