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So it's reading 25% high. What's your original tire size and current size? Are the gears the original ratio? Has the trans/t-case ever been changed/repaired/modified?
The speedo uses spinning magnets to push the needle against a spring - the faster the cable spins, the more it's able to compress the spring and push the needle to a higher number. Gumming it up would show a lower number than it should.
Runnin BFG 255/70/15's which in my estimation is close to the same diameter as 235/75/15's which are the stock tires. It just started this a couple of weeks back (no mods)
I dunno - maybe there IS something in there between the spinning parts & the needle, like a spider web or a flake of rust. Pull the speedo and take it apart. If your GPS can run off the truck power, you can use it as a temporary speedo until you fix/replace yours.