Not sure about Elvis, but I use this:

http://www.permatex.com/products/Aut...ne_Formula.htm

Note that you want a high temperature caliper grease, not one of the plastic miracle gunk spreads that are intended to be put on the back of the pads.

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2007 X3 3.0si, 6 MT, Premium, White

Retired:
2008 535i, 6 MT, M Sport, Premium, Space Grey
2003 X5 3.0 Steptronic, Premium, Titanium Silver
2002 325xi 5 MT, Steel Grey
2004 Z4 3.0 Premium, Sport, SMG, Maldives Blue