But I purchased a heavier space blanket from a gun shop for $20.00, one side is red the other side silver.
That sounds like a regular "Space Blanket" not the "Emergency Space Blanket". I have one too. For short simple dayhikes I carry a HeatSheets emergency blanket, but for longer or more treacherous hikes I carry a regular Space Blanket as my emergency shelter option.
I folded it lengthwise and duct-taped two of the edges (full lengthwise) to make it into an inexpensive bivy. I can always peel the tape off and make it a full sized blanket again if need be - and I have the duct tape available for other uses as a bonus. I folded it as small as I could and then wrapped it with paracord (75 feet or so) to keep it compacted tightly - this also provides a neat way to store lots of cord.