Buzzing sound emanating from my speakers when receiver is set to 'phono'

Sounds like a ground loop.  If that's the case, two possible solutions  1-be sure the  phono input is properly grounded 2-if you are using an outboard phono preamp try a plug lifter (regular adapter that takes an input with a ground and outputs just two blades with no ground)  Good luck.

Thanks rick!!!

Anyone else have suggestions?

Make sure there is a ground wire from the turntable to the receiver chassis. 

Make sure there is a ground wire from the turntable to the receiver chassis. 

If you have an external phono preamp, you should definitely run a ground wire from the turntable to the preamp. The phono preamp should already be grounded to the amplifier through the interconnect cables. However, if the hum is still present, try running a second ground wire from the phono preamp chassis to the power amplifier or receiver chassis to possibly eliminate it.

Check your interconnects, too. I have had problems with older interconnects having been over strained and start to have shorts and ground hum.