Sealing the stanchions should not be done with silicon sealant. You need a stronger and more permanent sealant like 3M 5200.
My favourite wax is Meguires #50 cleaner wax. Wax on wax off and keeps boat looking great. I use it twice a year.
Blue Water Yachts recommends a 3M product for removing oxidation to restore the original shine and then a 3M wax. Check out their website for details