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sounds like your speedometer has gone bad if the speedometer cable was broke it would not work at all same thing with the gear that is in transmission if it was bad it speedometer would not work ether but sounds like your speedometer is bad i dont really know how they work but do know they work with some sort of friction system so if it was not working it should in thought show crazy speed being that the cable is spining really fast in other words take speedometer out and throw away and get one from salvage good luck

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When you are going slow, before the speedo goes to top speed indicated, your speedo needle is probably jerking around. Unhook the cable at the speedometer ... pull it out and grease it lightly. Take some WD 40 and spray the back of the unit where the cable goes in. The sintered bronze bearings are probably dried out and sticking.

There is no friction drive in a speedo. A little magnet spins inside a little can making the needle move but if the bearings go dry, the whole thing sticks and goes to top speed.

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It's also possible that the speedometer bushing is dry. If it's anything like the one in my 66 Barracuda, there's an oil cup in the speedometer that feeds a little oil to the bushing. If lubing the cable doesn't take care of it, try oiling the speedometer.

Photos here may help - http://www.jamesmskipper.us/Barracuda/InstrumentPanel.html

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