On http://www.gnupg.org/(en)/download/index.html, the link for the current Windows binary is ftp://ftp.gnupg.org/gcrypt/binary/gnupg-w32cli-1.4.2.exe. I can't access the ftp.gnupg.org site to check, but I did visit two North American mirror sites (Rootmode and UNIXMEXICO). Both had the path listed as /binary/gnupg-w32cli-1.4.2.exe, not /gcrypt/binary/gnupg-w32cli-1.4.2.exe.
How To Repeat
Load http://www.gnupg.org/(en)/download/index.html in a browser and click on the first FTP link after "There is also a version compiled for MS-Windows..."