diff --git a/lib/rubygems/commands/which_command.rb b/lib/rubygems/commands/which_command.rb
index 18706af..705c154 100644
--- a/lib/rubygems/commands/which_command.rb
+++ b/lib/rubygems/commands/which_command.rb
@@ -36,6 +36,7 @@ requiring to see why it does not behave as you expect.
 
   def execute
     found = false
+    missing = false
 
     options[:args].each do |arg|
       arg = arg.sub(/#{Regexp.union(*Gem.suffixes)}$/, '')
@@ -56,13 +57,14 @@ requiring to see why it does not behave as you expect.
 
       if paths.empty? then
         alert_error "Can't find ruby library file or shared library #{arg}"
+        missing = true
       else
         say paths
         found = true
       end
     end
 
-    terminate_interaction 1 unless found
+    terminate_interaction 1 unless found and not missing
   end
 
   def find_paths(package_name, dirs)