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Antheraea polyphemus
Oval fibrous sac about 1 inch long with a gold metallic sheen. There is a small round hole at one end and a long fiber which appears to have fastened it to a tree or bush.
I'm thinking this is a cocoon of a Polyphemus moth. Apparently woodpeckers know there is a large juicy pupa inside, and poke a hole in the cocoon to get it out. Very fascinating! Click on the link I included in the ID, scroll down about 3/4 of the way. You'll see a photo exactly like yours, with an explanation. :)