That must be it! I never got around to changing the oil in it!
In all seriousness though, I do ASIC and FPGA design for a living so I have a pretty good idea what goes on inside modern electronics. I have worked on projects with mechanical relays on the PCB, but they make more of a clicking sound. I have never quite heard anything like this, although I would suspect it's some sort of resonance in the power supply section.
In any case, it's never given me a moments trouble, and it's built like a rock. Except for being heavy and a bit slow with acquisition I think the 12 could compete favorable with many more modern units.