I am having the same problem with my pump.
I have shaved,used different lubes etc. but it is obvious that the problem is with the pump and/or cylinder.
No matter what I pump up to,the pressure leaves.I can even pump up to a high pressure like 10hg,and the pointer will start going down somewhat slow, but not very slow.I try to keep it at 4-5hg, and pump repump once or twice every 15-20 seconds.
I have tried water pump once or twice,and truthfully never had these problems with the pump until then.I am starting to wonder if this is the problem or not.
Any suggestions?
For the record,I have a pump from northwest pumpworks with a gauge on it,and I beleive it was one of,it not there best model pump, so its not a cheapo pump.