A method of producing stable ferrous nitrate solution by dissolving iron in nitric acid to form a ferrous nitrate solution and maintaining the solution at a first temperature for a first time period, whereby the Fe(II) content of the ferrous nitrate solution changes by less than about 2% over a second time period. A method of producing stable Fe(II)/Fe(III) nitrate solution comprising ferrous nitrate and ferric nitrate and having a desired ratio of ferrous iron to ferric iron, including obtaining a stable ferrous nitrate solution; dissolving iron in nitric acid to form a ferric nitrate solution; maintaining the ferric nitrate solution at a second temperature for a third time period; and combining amounts of stable ferrous nitrate solution and ferric nitrate solution to produce the stable Fe(II)/Fe(III) nitrate solution. A method of preparing an iron catalyst is also described.