1 circular shaped object, circling the neighbothood, and then disappearing after 8-10 seconds.

At the time of the sighting I was about 9 or 10 years old. It was a bright, sunny, cloudless summer day, in July or August, in the middle of the afternoon. I was in our front yard playing with about 4 or 5 other children (some boys and some girls) when someone (I don't remember who) excitedly pointed skyward and exclaimed: "Hey, you guys, what's that?" Well, we all looked up, and saw a bright, silvery-white object, far and away above the top of the tallest tree in the neighborhood, and appeared to be approximately the size of a basketball held at arms-length. (What the actual size was, I am unable to estimate as I do not know the correct formula for computing this.) Anyway, it circled the neighborhood approximately 8-10 times in 4-5 seconds, hovered over the southwestern edge of the neighborhood for an additional 2-3 seconds, and then took off to the sowthwest never to be seen again. To this day, we still wonder among ourselves, just what the dickens it was we did see?  Also, I wonder, did anyone else see it, and did they report it? (The neighborhood where this occurred is the Elmhurst Addition, which is adjacent to the Brentwood Addition if that helps.) Also, there were no wings nor tail assemblies that we could see, there was absolutely no sound whatsoever, and no visible exhaust.