The 120psi is accurate. I spoke with the water board and mine and a few others are on a loop that does not have a pressure regulator on it. The house is about 280' less altitude than the storage tank. Houses above the tank have a booster pump in the loop and ones lower than mine have pressure...
I was measuring the water pressure on my house using a pressure gauge with a hose bib fitting. So I screwed it on and the meter read 120psi. Then I started turning the valve off and the pressure decreased the more I closed the valve. There was no flow downstream of the valve (or anywhere...