it dissapears and you get a red scale but once you beat the elite 4 you get to challenge it
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Talk to Mr.Pokemon after you get a red scale from the red gyarados
in johto, go to lake of rage and in the lake is a gyarados [it's red] defeat or capture it and ya'll receive the red scale.
well theres a very low percent that you can find one but in Pokemon heartgold/soul silver theres one in a lake
Yes, the "Red Gyarados" is actually just a shiny Gyarados.
If you take the red gyarados scale to Mr. Pokemon (The guy who gave you the egg at the beginning of the game), he will trade it for the experience share.