Very low flying, completly silent, lights flashing, in the middle of town and able to hover perfectly in one position.

I was sitting on the playset at my sister's friend's house, sitting in sleeping bags and staring up at the stars. It was silent, and then out of nowhere a huge circular object appeared above us, only about 200 ft or so. It stopped and hovered in the same place directly above us, multicolor lights dlashing around the outside edge of the disc and making no sound at all. We all screamed and ran inside, alerting her brother of the news. But when we came out, 30 seconds or so later, it was no where in sight. I still wonder if anyone else in town had seen it, but just hasn't said anything. I now beleive.
Witness indicates that the date of the incident is approximate.  PD