road curmudgeon, FG rider
Join Date: Nov 2006
Location: Gaithersburg, MD
Posts: 677
Bikes: 1973 Nishiki Professional, 1990 Serotta Colorado II, 2002 Waterford Track
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If you unscrew the brass head you will find a black rubber gasket. As the rubber ages it hardens and can thus leak air at that spot.
If you go to a quality LBS you should be able to purchase a kit for your Silca Pista pump to renew all the parts which help to make a good air seal. Those Silca pumps can go on indefinitely if maintained properly.