Yep your right. It is grey and the wire has melted. Found some fusable links at the auto parts store. You would have thought that considering an alternator usually goes at some time or more in a trucks life, and a large percentage will short, causing the fusable link go, they would have come up with a better way to replace that link.
The fusable link is a cheaper alternative to a circuit breaker or high-amp fuse. And, it takes more careful repair to replace than either of the other two methods which forces shadetree mechanics to search for the short rather than just resetting the breaker or replacing a fuse.
Current truck: 2002 PSD 4x4, CC, XLT, F350 dually, 4.10 gears. Air bags, 6.0 trans cooler, Fleetrite ELC, ISSPRO gauges (boost, EGT, trans, fuel pressure), PHP Hydra, full EBPV delete (pedestal & outlet), CNC Fab HP & HPX lines, Riff Raff FRX, Riff Raff IC boots, CCV mod w/catchcan, Reese Titan, AIS, ITP pre-pump filter kit, in-tank mods, Redhead steering box, Riff Raff billet compressor wheel, Ultra-Power bellows up-pipes, 6.7L starter.
Old truck: 2000 PSD 4x4, ext cab, XLT, F-350, auto, V-code springs, air bags, coolant filter, 203 thermostat, CCV mod, Fleetrite ELC, DB Alternator, DB high-torque starter, Tru-cool Max-cool trans cooler, B&M trans temp gauge, 47 gallon Titan tank, ITP pre-pump filter kit.