I use professional polishing wheels and compounds on my bench wheels for the shinny things. All the cranks, brakes, necks, seat posts, handle bars, derailleurs and shifters look brand new or very close to it on my bikes. On the chrome wheels I use ooo fine steel wool to remove rust and corrosion then I put a polishing wheel on my drill to fine polish the rims. If the spokes are to stained I use 400 grit sandpaper.
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My bikes: 1970`s Roberts - 1981 Miyata 912 - 1980`s Ocshner (Chrome) - 1987 Schwinn Circuit - 1987 Schwinn Prologue - 1992 Schwinn Crosspoint - 1999 Schwinn Circuit - 2014 Cannondale Super Six EVO