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Bilbo and the dwarves do not know where Smaug has gone.
"Smaug? They looked West and there was nothing, and East there was nothing, and in the South there was no sign of the dragon, but there was a gathering of very many birds. At that they gazed and wondered; but they were no nearer understanding it, when the first cold stars came out."
Chapter 14, Smaug has gone marauding.