Just as you approach your audience, you realize you're chewing gum. As you apologize for the "social faux pas," you remove the gum from your mouth and search in vain for a place to put it.
Since nothing is handy, you'll have to resort to magic. With a wave, the gum visibly transforms back into a brand-new dry stick of gum! Another magical pass and it's now completely wrapped!
You can even give it out for inspection! This seems so real that the spectators never see the magic coming until it hits them between the eyes!