Timing Gear "Clunk" Sound

Installed my timing gear:


Checked the clearance and my timing cover fits perfectly without any trimming. Put the cover and water pump on and then I went to spin the engine. Every 1/4 to 1/2 rotation there is a "clunk!" sound coming from the timing cover. Is this normal for a gear drive?

Here is a Youtube video I just made that shows the sound I am talking about.

Timing gear test. - YouTube