Correct Phono Preamp Gain Setting

Sorry for the confusion, I should not have differentiated volume from anemic and lacking punch. Volume is the variable I am referring to. Even though I have been doing vinyl for about 3 years, I am a novice when it comes to these sensitivity, tonearm weight,loading, etc., technical issues. My phono preamp is connected to a Cayin tube integrated amp. At the 71db setting the volume is equivalent to the CD volume and sits at 9 o'clock. At the 58db setting I have to crank the volume from the 9 o'clock setting to the 2 o'clock setting to get an equivalent volume. That's almost max. I don't have a problem with turning down the volume after I listen to vinyl, what I'm not sure of whether the 71db setting is optimal.

With what you describe I would doubt that the 71 dB setting is optimal and I would in fact venture an educated guess that the 58 dB setting, as long is it is not presenting you with hiss/hum levels that are obtrusive at the maximum SPL's you want to achieve, would in fact provide you with better sound quality.

Bear in mind also that most volume pots are much more linear and provide their best sound quality when they are close to maxed out; I'd expect that to be the case with your Cayin as well.

What you've described in terms of the volume discrepancy is not unusual and is, in fact, pretty normal.

I played a little bit of the Acoustech 45rpm recording of Horace Silver's Tokyo Blues at both settings. First with the phono gain set at 71db. Then again at 58db. At 58db I noticed a lot less hissing, more front to back depth in the soundstage, and everyhting the sound seemed more open, or less compressed. Thanks for the expertise and great advice. Now I just need to be okay with the volume knob cranked to 3.
Cheers!

Bingo. What you just described is exactly what I would have expected based on the numbers. Especially with low output MC's, getting the gain right is extremely important. Both too little and too much gain (even 3-4 dB in my experience) can really compromise sound quality. You're actually quite fortunate as, at least in theory, 58 dB of gain should be just about absolutely perfect for your Cadenza Red. Glad it worked out for you!!

at 58db you get larger dynamic headroom. at 71db you compress signal lots.
i have to turn volume '3 hours later' vs. digital playback. as previous posters mentioned, it's normal.