I see a lot of comments dismissing the nuanced difference between a magazine and a clip, and I agree that from a linguistic perspective it doesn't matter...
But it may be relevant here. A clip is used to load a magazine. In the case of the M1 Garand and the new Kel-Tek PR57, the clips are used to load an internal (integral) magazine. This gun uses conventional magazines, and the magazine can be dropped (the ICE agent in the video must have pressed the magazine release button while scrambling for his weapon) while there is still a round in the chamber.
TL;DR he was probably waving around a loaded gun at those people.