I spent a good bit of time trying to figure out why a reproducer I thought had been properly rebuilt was buzzing when playing my loud military march records. It was only buzzing on certain notes, not even the loudest ones too. I looked around for obvious things that might have been rattling and didn't notice anything. Finally I narrowed down the source to the tone-arm base and realized it was actually the ball bearings that were the culprit! I removed them for a single test and played the same record by lightly guiding the reproducer across it (the arm was able to move pretty easy without the ball bearings anyway). Sure enough I heard no rattling at all, it was clean and crisp through the whole record. It turns out that a lot of those super loud notes were hitting resonate frequencies on the little ball bearings causing them to buzz like a bee. The tone-arm was secure over them too, it's not like they really had a whole lot of room to shake around.
-There really isn't anything that can be done about this; but I am happy to know it's not the reproducer buzzing. Most of my normal volume records play fine anyway, no buzzing at all. The ones that give me this problem are those crazy-loud Victor acoustic military march records. They make it feel like your heads right in the Sousaphone even from a mile away.

Just thought I would share my discovery; if your Victrola buzzes on really loud records it isn't always the reproducer at fault.