(I have converted this to Fahrenheit for you nice folks)
Depends just how cold it is. I live in Saskatchewan, Canada (no, I don't live in an igloo), and here we can get temperatures from 100-105 degrees in the summer to -40 or -50 in the winter.
For temperatures -10 or warmer, I coat the moving parts of my guns in light sewing machine oil, then wipe them off with an absorbent cloth, so there is nothing but residue left.
For colder temperatures, I don't really lubricate at all. Bolt action rifles are simple and tough, and they'll handle a lot of use with no lubrication. It won't be slick, but it WILL function. Such is the price you pay for cold weather hunting.
MOST IMPORTANT: Gun companies use heavy, dark, GREASE stuff in all the little crevices of their guns to make sure they don't rust while they're on the shelf. GET IT ALL OUT. This grease will positively cement your parts in place in cold weather, and there is no way to get it out while it's cold. If you can, take your bolt apart and get this grease off the firing pin and spring. If there is any of it on your firing pin at -30 or -40, your gun will become a very expensive club.
Go to a car parts dealer, and pick up some aerosol Brake Kleen- it's a solvent that removes oil and leaves no residue at all. Get a tub or something to catch the mess, and use the Brake Kleen to flush the nasty gunk out of your gun. Keep flushing until the liquid runs clear.
Please do this in a well ventilated area, wear gloves, and be careful about your stock, synthetic or wood, as Brake Kleen essentially eats oil, and it can also eat a lot of other things.
Thats SOP for cleaning Ruger semi-auto pistols, all the time. They are a PITA to take down because of the jacknife style disconnect. SOP is pull the grips, the sights (if any) and give 'em a bath in brake cleaner in a tub. lightly oil the mechanism, reinstall the grips/sights and go shoot. Bill Ruger really came up with a miserable disconnect.
'It's not about me, it's about we'..........
I had my 338 fail to fire on a marco polo hunt in Tajikistan several years ago, It just went click and when I ejected the cartridge the primer had the faintest mark from the firing pin. Ditto when I tried a second shot . We went back to the truck and washed the bolt with diesel fuel and it worked fine. I had used regular gun oil before and the temperature when this happened was -10 F. I use DriSlide[molybdnum disulfide] now . It seems to provide good lubrication at all temperature ranges and has the added advantage of not holding grit. It also works fine in my mini 14 even at -30 F.
[QUOTE=sibertour;736877]I had my 338 fail to fire on a marco polo hunt in Tajikistan several years ago, It just went click and when I ejected the cartridge the primer had the faintest mark from the firing pin. Ditto when I tried a second shot . We went back to the truck and washed the bolt with diesel fuel and it worked fine.
Ouch! Kind of an expensive animal. Hope it didn't ruin the hunt?
One great lube for cold conditions is kerosene. You can get descented kerosene in the form of French Horn rotary valve oil. NOT trumpet valve oil. Rotary valve oil is extemely thin and works great in cold weather.