Axle Leaking

What is happening here?

69 Chrysler 300, the rear end has been rebuilt 4 times in the last 3000 miles. 8 3/4 Diff Dilemma

I saw some leakage on the backside of the Rear Drivers Side tire, figured it was the brake cylinder. When I took it apart, it sure looks like a thick red grease or oil. (Dot 3 fluid is a tan/yellow.)

Is it outer axle bearing grease leaking out or is it the gear oil from the differential making its way out (Is that even possible?)? What is the fix?

Why can't I...

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Author: MJFUR