One directs former racketeer to replace iron with gold (7)
I believe the answer is:
orderer
'one directs former racketeer to replace iron' is the definition.
I know nothing about this answer so I can't tell whether it can be defined by this definition.
'gold' is the wordplay.
I cannot quite see how this works, but
'gold' could be 'or' ('or' is the heraldic name for gold) and 'or' is found in the answer.
This may be the basis of the clue (or it may be nonsense).
'with' acts as a link.
Can you help me to learn more?
(Other definitions for orderer that I've seen before include "Person in commanding position" , "One giving instructions" , "who's to make arrangements?" , "commander" .)