The CSV12560-1 will regulate a little high at low flows up to 9 GPM. But is should only be 64-65 PSI, not 69. But I trust the CSV more than I trust pressure gauges. I'll bet your pressure gauge does not go to zero when the pump is off and the tank is empty. I am guessing the gauge will only go down to about 5 PSI, which means it is reading 5 PSI higher than the actual pressure. Give this a try or replace the gauge and let me know.