The constant instrument voltage regulator: this regulator, using a bi-metalic element, heating and cooling, interrupts the power to the instruments, producing an oscillating voltage to the gauges making the average voltage 5 to 6 volts. Because the gauges move very slowly, this oscillation is not noticed. The constant instrument voltage regulator must be grounded to work properly. If it is not grounded the gauges will read full scale (full, hot, high). If you are getting no reading on the gauges, I would expect no power to the regulator or wiring problem.
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