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It would help to know the make a model of the engine to help you. Is the speedo a mechanical or electronic model? The speedo normally get its' reading from a pickup at the base of the lower unit or from a pitot tube mounted on the transom. The tach gets its' signal from one leg of the rectifier/regulator. Chances are that the regulator is defective and needs replacement. Just make sure you check all connections for tightness as suggested before.
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