dumpybunny
How much oil drips out of your spindle, you can get this sound also if there is not enough oil in the spindle bearings as well,check that you are get oil to the spindle
Do you have high pressure through spindle coolant, you could check the spindle Encoder belt Etc
The sound in the video does sound like a bearing cage skidding, But because the video is not of your machine, you may have something totally different going on