there are a number of possibilities.
the electrolytic caps near the audio chip are 10 volt caps and depending on the age of the radio, they may be going bad.
hard to say which one it could be, but you can just start replacing them and testing the radio.
obviously im not a tech who can give you precise troubleshooting advice, but TR21 and TR27 seem like places to start testing.
go to cbtricks.com and get the schematic for the 148gtl. it will help you in your searches.
you can remove transistors from the chassis, and test them with the diode function of your DMM.
there are instructions for this all over the net, and im sure you could find some if you googled "testing semiconductors" or something like that.
if you have a junk parts bin, you can try just replacing them and see if that works.
also, check the connections on the mode switch itself.
have the radio on in AM mode while you wiggle the wires on the switch.
you might find a bad connection.
good luck to you, and sorry for all the guessing LOL,
LC