A UFO was spotted flying over New York City yesterday. Or it was just a balloon. Either way, bystanders were going berserk, looking up into the sky and presumably clenching their butt cheeks.

The "mysterious, shiny object" hovered above Chelsea around 1:30 p.m., while police and the FAA were bombarded with calls reporting the sighting.

Although its UFO status hasn't been confirmed or disconfirmed, law enforcement officials said it was probably just a balloon. But that's what they're supposed to say, right?

To add to the spookiness, former Air Force officer Stanley A. Fulham predicted in his book "Challenges of Change" that there would be "a massive UFO display over the world's principle cities" on Oct. 13.

To be fair, the world's foremost party decoration expert predicted a massive balloon invasion to major cities on Oct. 13, as well.

What do you think? Is it a flying saucer, or just a damn balloon? Check out the video, after the jump.