Cryptic crossword clue
One speculates then loses backing, with increase in gold 9

The most common and most likely answer to this crossword clue is the 9 letter word THEORISER

I've seen this crossword clue in The Times
T
H
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Buddy explains!

The straight part
We know that "One speculates" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case one speculates = theoriser.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

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