All your physical weapons (including a monk’s flurry of blows attacks—with or without a handheld weapon—but not spells nor wholly magical effects) gain the bonuses of both Iron (+3 damage to Fae or Fey) and Silver (Lycanthropes can’t regenerate damage from Silver weapons) weapon media. The aforementioned bonuses are added to whatever bonuses/penalties the weapon already possesses.
This runestone also bestows its Iron & Silver effect on physical ammunition fired by the user.