Auto Stud. Be careful poking around in the sender, as others have cautioned. When I was repairing mine, I somehow lost the little insulating button that is at the end of the copper arm where it rides on the adjustment cam. When it is missing, the sender shorts to ground. It took me a bit to figure out what was wrong, but the pictures I took on disassembly showed the button missing. I had to make a new one out of plastic on the lathe. As well, I used 1000 grit wet paper to clean the contacts. One more tip, disconnect the power to the coil when testing the fuel gauge, or you might/will fry your ignition.
The adjustment "cam" need very little movement to make a difference in the gauge reading.