I have been using mineral oil, but I have been reading a bit about the benefits of waxing instead (doesn't attract dirt, run off), and am thinking about trying some Johnson's Paste wax instead of the significantly more expensive Ren Wax.
I live in a very high humidity environment, enough that even aluminum liner SAKs need a little TLC. My little collection lives in a pelican 1060 case (just a handful of saks and the important blades) with a little tin silicon gel pack that I can dry out in the oven every once and a while. But knives that get used anything more than monthly just sit up in a cupboard where I can see them and pull them out once and a while. The worst thing is to hide them away where I can't find them.
If I do not plan to use a knife for food, I coat it in Balistol, and store it in wood (knife block or box) or wrapped in a decent paper box (with a silicate gel desiccant packet if I'm feeling OCD)
I also have some knives that I have kept DRY in marketed anti-rust paper with a desiccant. Have not seen any rust on knives stored as such.
I try very hard to avoid storing knives in plastic of any kind. I have had several knives rust very quickly stored as such.
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