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I've decided it's normal. The Gauge *does* read low, according to my digital volt meter. That said, when mine was reading lower than "normal," I found a fuse that was corroded. Brightened up the fuse holders, put new fuses in, and it made a noticeable difference.
I think the reputation of Italian motorcycle electrics comes from them lasting for 30 years...something's going to give.
Thanks everyone, great support.I did some DVM testing today, idle shows 12.4v across the battery, up to around 13.5v at 3500 revs with lights off.and... virtually the same meter readings across the battery with the lights on... at 3500 revs, with the dash meter just into the left.Maybe it is "just the guzzi way" but showing good charge is the right result.I would rather see around 14.2 volts but will ride happily with this for now.Thanks again.Just wondering if I re-wire the dash voltmeter from nearer the battery...Thanks again.Cheers from Oz.