I am 70 years old, and been a stereo enthusiast since age 18. I don't claim to be an audiophile because that means I would have to suspend reality (in some cases) and believe in magic. I envy those audiophiles who do believe in magic as it makes it a lot more fun for them. Like believing in Santa Claus. 16 gauge lamp cord sounds about the same as the more expensive cables I have tried. I don't use lamp cord now, because of other biases we all have in this hobby. I use Blue-Jeans cable. Their Canare 4S11 "star quad" 14 gauge. My system is mainly McIntosh. I have a 400 watt amplifier that drives speakers capable of handling a 1000w. They stand almost 6 feet tall and weigh 170 lbs each. 14 gauge wire is perfectly adequate (as would 16 gauge lamp cord.)
