Either the spool in the valve is bypassing to the other port or a cylinder is bypassing around the piston quad-rings. Hard to say which one, though I would lean more towards the cylinder seals. The valve spool is a lapped to the vavle body and if it is leaking it must be replaced. If the loader is running off of the tractor remote valves and have quick-couplings, just unplug them and watch the bucket. If not, you could plumb a ball valve on each line and close them, if the bucket "relaxed" then it is the seals in the cylinder. Rebuilding the packing gland and piston in a cylinder is fairly easy. I take no responsibility if you use brass ball valves (cheap) and they rupture. But they should not if you do not deadhead the circuit (end of stroke). Hope this helps.
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Today's Featured Article - A City Guy's First Tractor - by Fred Hambrecht. After living in apartments in Atlanta for more years than I care to remember, the wife and I decided to move to the country. Humming "Green Acres is the place for me..." we purchased a 29 acre tract about 60 miles south of Atlanta. Next came the house, I could talk about that ordeal for another two weeks... But, I want to talk about my tractor! We didn't even own a lawnmower, and all of a sudden we had enough grass to feed all the starving children of the bovine world. Naturally, I talked
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