Chosing compounds by colour alone is not very scientific when one considers that there are about a dozen different compound formulations available in Canada which are green in colour. Each is formulated to do a specific job.
The one thing that simplifies the matter is that there is only one major supplier of compounds in our market place, Jackson Lea.
To get a very fine satin finish I would suggest mirror finishing the blade then doing the satin with a fine wet sandpaper, maybe 600 or 1000 grit. I find this route easier and faster than sanding in stages until I rreach the finish I want. An alternative is to use a "greaseless" compound (about 400 grit) on a wheel with a little buffing compound on it to soften the effect.
For buffing stainless or high carbon steel I use Jackson Lea's #91 Stainless Steel Cut and Colour compound after fine sanding on a 400 grit Cork Superfinishing belt from 3M or Hermes Abrasives. The cork belt is top dressed with the same #91 compound.
The same compound polishes dark woods and micarta very well.
Light coloured handle materials stain with the #91 so I use a #60 Chrome buffing compound on them. #91 is dark green and the #60 is white.
The #91 is more aggressive and will remove scratches faster but both give a high mirror finish that are indistinguishable from each other.
I only quote names and part numbers in this case because with one supplier in the market place there is no option. The part #s are valid only in Canada but the same compounds are manufactured elsewhere under different #s.
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george
www.tichbourneknives.com
sales@tichbourneknives.com