Why was Forrest bracelet was wet?

[Indy/phantom]

Remember Forrest talked about the teeth of the Rockies.  The chest was in sitting in the mouth and His bracelet was used on the teeth of the Rockies, as braces. That is why the chest and his bracelet was wet. You have to think like a kid. 

[longfellow]

Maybe it was subject to natural gases containing appreciable quantities of readily condensable hydrocarbons and that's why it turned black. When silver is exposed to sulfur-containing gases in the air, it discolors and then darkens as it reacts with the gas to form a surface layer of tarnish.

[indigojones]

It was wet because it was buried in mud at the center of the cistern in 'Adelaide' Colorado, probably within one of Forrest's screw top jars.
The giveaway is the fact that the bracelet is not seen in the chest as seen, and Forrest makes a point of saying the bracelet was wet when found, because it was buried separately. The chest is not wet is it? It is pretty clear, that is what he is trying to tell you.

The system of the puzzle was always to lead you to the Silver Bracelet which was the title to the gold. Silver references abound in the path through the puzzle so if you found the bracelet it would have contained the directions to where the chest itself was hidden. If you didn't find the bracelet you could find the chest, simple as that.

It was a proxy item, the bracelet was it.