I know its been thrown around before, but lets bring it back!
My 69 bug has an intermittant fuel read on the gauge. One minute it reads fine, next minute it drops to nil, then comes back later. It seems to read
OK but then loses all will to work, just to fire up again later.
I replaced the wire from the sender to the gauge, thought that fixed it, but no.
I have just today replaced the fuel sender (in the tank), bought a unit which is supposed to work fine. It seemed to work great, however this
afternoon the needle dropped to zero, only to come back later.
I have scraped the contact at the gauge to try to ensure a good contact. So, what next? Thanks.....
forget it and fill up every 250 km
LOL!
Could it be your voltage levels? Do your lights do a lot of wavering too?
It does sound like a bad contact. Grab a multimeter and go hunting (don't you just hate that?).
Check the power supply wire to the dash gauges (you could also have a faulty voltage stabiliser) and also check that the tank is earthed properly.

On our beetle it was the sender at first, it was worn through on the resistor.
Then the earth on the sender needed tightening up
Then the wire needed cleaning at the sender
Then the wire needed cleaning on the spade at the fuse box.
I had to clean all contacts before it all worked and it does now, very reliably. I am lucky the guage it self works. 
Mine didn't work at all until I realised that the previous owner had put the battery in backwards. It works fine now.