Pocket Watch Pipe

Why does my pressure on my well keep goin from 60 down to 36 within 5 minutes?

I replace my leaking pressure gauge for my well water storage tank yesterday. I now noticed that my pump increased the PSI to 60 and I watch the gauge drop in pressure at a rate of approximately 1 PSI every 5 seconds until it reaches approximately 36 psi. The pump then re-charges back to 60 again. I turned of the water supply valve to the house to ensure I didnt have water flowing anywhere, and the same thing still occurred. I also turned off the power and drained the storage tank to ensure there were not air pockets left in the pipes. Any idea what is causing this?

You have a leak. It could be the check valve in the pump or between the pump and tank. It is leaking back down the well. The check valve could be anywhere depending on who installed the system.

Air Pocket Method for filling a pipe with tobacco