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Yup, it sounds like you are describing sound guard, which was a silicone-based product that coated the record and supposedly reduced friction, thereby reducing record wear. You were supposed to reapply it every 25 plays. My teenaged brother and I used it on all our records. Unfortunately, I don’t think it really worked, and years later, I had to contend with trying to remove that residue from the vinyl with various cleaning agents. I now believe that the best preventative for record wear is a clean record being traced by a clean stylus.