ok, so i first watched it, i was wondering if he was hiding a gun as well. here is what i just reviewed. in the woods, outside of terminus, rick has his colt python holstered.....after michonne and carl have their conversation, he puts the bag in the hole, unzips it, pulls out the 1911, checks the magazine, swaps it with the colt as his side-carry, puts the colt in the bag, and burys it. they go into terminus, lay their weapons down (looks like his 1911 and a knife), get frisked on the sides and it is unclear if gareth checks rick's back belt area, but he does go to ricks rear and visibly pats him on his back after coming from below the camera frame. his knife and gun are handed back by alex....
the scene proceeds to the shootout....rick still holding the 1911. fast forward to the rear of terminus with the boxcar and he tosses the same 1911 and his knife.
he may have a 4th weapon, but his colt python is in the blue bag buried "just in case", his 1911 is on the pavement, and his knife is on the pavement. unless i am missing something, he is out of weapons. like i said, i thought he might have an additional gun stowed, but his ever-trusty python is not with him, and i dont recall seeing any other sidearm in his possession. ive combed through it a few times just to make sure.