Crossword Genius

Navy invested in gold balls as munitions (9)

Ross

I believe the answer is:

ordnances

'munitions' is the definition.
(ordnance is a kind of munition)

'navy invested in gold balls' is the wordplay.
'navy' becomes 'N' (common abbreviation eg in RN Royal Navy).
'invested in' is an insertion indicator.
'gold' becomes 'or' ('or' is the heraldic name for gold).
'balls' becomes 'dances' (both can mean events for dancing).
'or'+'dances'='ordances'
'n' going into 'ordances' is 'ORDNANCES'.

'as' is the link.

I've seen this clue in The Independent.
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