It depends on who you believe: your eyes, or the White house. Either some Albanian stole President Bush's watch while he reveled in near orgasmic excitement over the fact that a group of people were actually this pumped to see him. Or, he was so worried that this loving mob might steal his watch that he surreptitiously slipped it off and either put it in his pocket or gave it to a secret service agent.
You see the hands all over his arm, and in the second link above you see that he is still wearing the watch after that moment. He then appears to slip it off, which says a lot about the man. Can't he afford a new watch? This is the Presidential equivalent of an old white guy crossing to the other side of the street when he sees a group of young black men walking toward him.
Mr. Bush if you want to have this kind of photo-opp you have two choices Mr. President. You can: A) hand pick a group of people to cheer for you, and hear you attempt to string a few words into a sentence and a few sentences into a speech. Or: B) You can pay the price of a watch to have people worked into a froth over seeing you.
I think this was all just a stunt for the premier of Bush's new show that starts on Comedy Central tonight. The watch will turn up sooner or later.