Sorry, I just tried to make a test gauntlet and the skin didn't show up on mine either. :S
I looked at the md3 with a hex editor and saw that the path for the skin was listed as my working directory (ie /home/snickersnack/Desktop) instead of /models/weapons2/gauntlet/MYTESTSKIN.TGA. I corrected the path with my hex editor (khexedit) and the skin showed up fine.
There's probably a better way to do this.