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Some speedo cables can be pulled out of their jackets and greased. I don't remember whether your's can be. If not, point the cable itself into the nozzle of a grease gun and use duct tape to make a tube joining the outside of the grease gun nozzle to the outside of the speedo cable. Then just pump the grease gun until grease comes out the other end of the cable. Ugly but effective.
If the noise remains after the cable is greased then some internal speedo part may be chafing. A good speedo shop experienced with VDO repairs (Volvo's OEM for speedos) can fix it but expect to pay $70-100.
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-- Bruce / '82 244 (315k miles!), '86 745, '87 760Ti, '94 854
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