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I swear there must be some auto-destruct button at Volvo and some diabolical engineer pushes it to cause the gears to go out all at once. I've been seeing this type of post very frequently lately.
Gerald is correct, the problem is a small gear that turns the odometer inside the instrument cluster. I took the cluster out and brought it to a local speedometer repair shop. The technician repaired/replaced the gear for $60. Apparently, this gear is not sold by Volvo and he had to custom make the gear.
If you're brave and mechanically inclined, I did see the gear for sale on Ebay for $25-30 dollars.
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