The silver looks like a dripped/splattered spot of solder instead of something intentional.

What is much more concerning is all the deep red rust mounds along the barrel that are located at the vulnerable folds of the Damascus pattern.

the pics on flickr can be enlarged to make it easier to see the details. They may be signs of serious pitting.

Danger!....Will Robinson........
Proceed with utmost caution unless you just want to hang it on a wall.