axle problem ruled out, power steering problem suspected.
My car has 84000 miles.
My car has an automatic transmission.
Good question and you are correct. It sounds like it is your power steering pump. There is only one noise a bad power steering pump makes, and no other part will make the same grinding noise as the power steering pump does when it fails.
I recommend having a professional mechanic, such as one from YourMechanic, come to your home or business and determine if the power steering pump needs to be replaced.