I haven’t gotten any information about this clip aside from what is described in the video itself:

Whatever this object is, I’ll admit that it doesn’t appear to be a cluster of balloons like many viewers are suggesting already, though it will be hard to rule out until the better footage is released (said to have been made by a Discovery Channel film crew, as seen during the video above). “In my opinion this doesn’t appear to be a balloon; it’s another thing, I don’t know what this is,” the speaker tells us in broken English, who at the moment remains unidentified. Throughout the video, what resembles large plumes of flame appear near the center of the object. Also, its many protrusions moving like “arms” around it lends to my dubbing it “the sky squid.” What do you think this is?

UPDATE: I’m having a good time watching how many folks who aren’t regular readers of this blog (who thus have no idea that I try to incorporate a LOT of sarcasm and humor into my posts) who have latched onto this story, criticizing me for being so gullible and simple-minded as to call this mass of tethered balloons… ahem… I mean this UFO a “Sky Squid”. The title is an obvious joke, and though I said it didn’t resemble “a cluster of balloons” yesterday, of course there is no way that this could be ruled out. Quite simply, it is the most likely explanation, and prior to posting the blog here yesterday, I even referred to it as such in private correspondences myself.

Though I remain open to suggestion that many things seen over Latin America in the way of UFOs may be authentic, many have already been associated with Mylar balloons due to their reflective metallic surfaces, making them popular apparatus for hoaxes. I think this video is fun and interesting to watch, whether or not it is a UFO, and though according to many folks it is clearly a mass of the aformentioned balloons, in my “expert” opinion I’d have to say that the shaky video footage (made with a digital recorder by the individual being interviewed, mind you; this was never said to be the actual Discovery Channel footage) is just too shaky and out of focus to be able to say it’s much of anything.  

Alas, I remain a skeptic. In the meantime, read this follow up post from September 1st as to why I think it’s okay to speculate on such matters: http://gralienreport.com/ufos/theoretical-ufology-why-so-hard-to-swallow/