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Hello,
pro's and con's on both products, the grease will give you some protection against humidity working its way in and causing rust. Grease is bad in dusty environments, its why we used closed nipples under cars etc. Graphite works well not great for high humidity/wind/water exposed areas.
At the end of the day, can't beat a regular maintenance cycle... any lubricant needs to be changed eventually.
Steve
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