Apple! Where the HELL is the iWatch?!?!?!

Last year, rumors of a smartwatch made by Apple surfaced suggesting that the company would produce a new device in a new category of wearable technology. Of course, smartwatches have been an idea for years, but Apple was said to bring it first. Then Samsung heard these rumors, went into overdrive, and came out with the Galaxy Gear during the summer. Even before that was the Pebble, and there was the Sony Smartwatch, now a CRAP load of watches were announced at CES 2014 - But where is Apple's iWatch? Or iTime? Or iWrist? Or iThingThatGoesOnYourWrist?!?!?!?!?!

Can someone please tell me?