In Jackson's Hobbit Desolation of Smaug, Bilbo stands near Smaug as he wakes up and puts on the ring to become invisible. From what we can see, Smaug doesn't lay eyes on the ring.
Yet Smaug comments, "You carry some gold, something precious". (Smaug says this whilst looking at Bilbo when he is invisible, and doesn't appear to be able to see him).
Is there a connection via Morgoth to the rings of power that were forged and the creation of Smaug that enables Smaug to 'smell' the ring? Or is this just a coincidence of words?