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It seems more likely to me that after that many years it would be buried deep in the earth by then and I don't think Sauruman had any metal detectors. A more likely although not supported in any other way than probability is that someone else found the treasures and were either taken or given to Sauruman.
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Well Saruman was the first to come up with 'Blasting Powder' as I recall. So perhaps he was creating other such technologies such as an ability to sense metal. Or maybe there was a shifting of the river, and what had been covered in mud was exposed.
It does however seem plausible that the elements would have had their way with all but non-corrosive/decaying metal.
Of course the ring being in the reeds 2.5 thousand[?] years later is pretty odd too.