Clear circular object with two bright, silver dots on either side. Dropped down in sky, left short contrail and one dot disappeared.

One object spotted in North/Northeast sky from the intersection vantage point. Clear day and no other clouds or objects visible in the vicinity. Traveling on the highway for most of the time it was witnessed, so I could not take a photo. The witnessed and elapsed times are estimated.
The object appeared circular with two shiny, silver dots on opposite sides of the circle at a ~150 degree angle to the ground. It appeared to have an outline of a circle, but clear in the middle. The sky was visible there. I am not good at estimating distance or size, but it was around an inch wide in the sky. Seemed to fly parallel to the ground for 30 seconds (after I noticed it), then descended quickly along that same angle. Dots were moving and one suddenly disappeared leaving a short, thick condensation trail in the sky. The other dot was less visible, but still moving and descending when I lost sight of it as I moved with traffic.
I work in a staff position at a university.