I grabbed this info from the keen electronics site a while ago. If this fits, your tv doesn't support ntsc properly. (I've edited it down though)
"modern TVs are capable of locking to either 50 or 60 Hz signals. The NTSC signal is sent to the TV still as a 60Hz signal but with the colour (or should that be color for NTSC) frequency changed from the 3.58Mhz of NTSC to 4.43MHz of PAL,..."
"Once you’ve got playback sorted then usually one of the following will happen:- ...
2) You see a nice stable picture but only in black and white"
- sounds like you
"This happens because your TV is able to lock onto a 60Hz NTSC signal but your TV cannot compensate for the difference in colour frequency. The solution is to use an analogue NTSC to Pal signal convertor which changes the colour frequency back to where the PAL TV expects it to be."
 
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