Hold the paperclip in your left hand with your fingertips. Announce that you are going to make the paper clip disappear into thin air.
Bring your right hand up and pretend to take the paperclip away. Position your right hand so that it shields part of your left hand. While you do this, let the paperclip fall into the palm of your left hand.
Keep your eyes on your right hand that is supposed to have the paperclip in it. If you are standing, let your left hand, which is really holding the paper clip fall to your side. If you are sitting down behind a table, you can rest your hand on the table and let the paper clip fall into your lap.
Rub your fingers against your palm, blow into your hand or say some magic words to make a show out of the paperclip "disappearing" and then show the audience your empty hand.