LOTR/Middle Earth/Elrond question

I’m watching the FOTR extended dvd, again.

“…and for 2 and a half thousand years, the ring passed out of all knowledge.”

Doesn’t Elrond disprove that statement? He was there when Isildur defeated Sauron and took the ring. He was there when Isildur didn’t take his advice nor the opportunity to destroy the ring. He was alive all of those 2 and a half thousand years. How is that passing out of “all knowledge”?.

This question is based solely on a reviewing of the extended DVDs and a crappy memory with respect to some of the nuances and details from the books.

I think the idea of the ring “passing out of all knowledge” refers to the fact that no one knew where it was and it became something the common folk regarded as part of a legend, if they were even aware of the stories.

Following the loss of the ring when Isildur was killed until Gandalf identified at Bag End, no one had any idea where it was.

in addition, even the “wise” (i.e., Gandalf, Elrond, Saruman, Galadriel, etc.) were not totally aware of the Ring’s inherently evil nature, nor entirely what it could do. Some, like Gandalf, had suspicions. They certainly knew it could potentially control the lesser rings. Apart from that, however its nature was secret.

I agree with the “no one knew where it was” hypothesis. In the heat of battle, no one realized that Isildur had slipped the Ring on and tried to escape via the Anduin. All the orcs who killed him knew was that he was suddenly right there in the water. All his army knew was that they were being attacked by orcs. No time to look around for the king. The Ring was lost.

Smeagol killed Deagol, the only other being who knew they’d even found A ring, let alone THE Ring. And Smeagol didn’t ever realize just what the Ring was.