This incident occurred over 30 years ago (1974?) so I will tell it to the best of my recollection.

It was mid September early in the evening, just before the streetlights came on. 2 of my brothers, 2 friends and myself were hanging around out side in front of my parent's home. I noticed a distinct flickering light coming just east of our subdivision, in the sky. I lived right near the Detroit city airport and was used to seeing all kinds of different aircraft. Yet here was this strange flickering light coming out of the eastern sky, catching my attention!  Intrigued, the 5 of us decided to watch the path of this strange moving “craft” as it continued across the sky due west. I say “craft” now because at this point, about 5 minutes after we first noticed it one could plainly see what I can only describe as a flying saucer! There it was plane as day just moving across the sky for all to see, a classic type flying saucer. On the out side diameter were these different colored lights, red, yellow and blue. Just moving around clockwise.
 Now here's where it gets really interesting, in our subdivision there was a side street that ran north and south, this is where we stood most of the time watching. The“craft” slowed to a full stop and hovered just above a cemetery that was 3 streets north of ours. It hovered  lower until it was about 60 feet above the ground. If you hold a silver dollar at arms length and held it up at about a 30 degree angle that's  the size it looked in the air. So it was abuot 40 feet in diameter.
 The 5 of us thought it was just too cool! I was shaking like a leaf. We watched this thing as it hovered there,just “showing off” I thought, for about 4 minutes when suddenly it decides to hover on an angle exposing the bottom side of the “craft”.  It was the weirdest thing, the bottom was just solid black void! If the flickering lights were shut off and the “craft”  hovered above you ,you wouldn't even know it was there unless it made some kind of noise. I didn't here any distinct sound coming from it from where we stood watching. The “show-off” decided it was time to move on so the “craft” straightened  horizontally (like most flying saucers I guess). It began moving straight up in the air until it was about as high as a small Sezna plane would fly. It continued it's westerly path rather slowly, again like a small plane, then suddenly the “craft” just shot it's self like at warp speed westward and was gone out of sight. “Wow!!” I said to myself, “I always wanted to see a UFO!”  A few moments later there were 3 police choppers hovering above the cemetery were the “craft” was.
I never herd or read anything about the incident from the news, “Hush-Hush” I guess.
If anyone else has seen this sighting, I shure would like to know!
Witness indicates that the date of the incident is approximate.  PD