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Which is the most important part of a stereo system?

My system consists of a pair of B&W 630's, an old Denon 50 watt reciever (DRA-550) from the mid 80's, a Marantz CD5004 cd player, and now a Pro-ject Debut Carbon DC Turntable.  I'm pleased with the speakers and the cd player and while the Denon sounds good it has some issues and I want to upgrade.

I'm planning on returning the Pro-ject TT and getting a higher end TT.  I'm also looking into getting a new amp pre amp with a internal DAC.

Is the source the most important? The speakers? 

Please Help!
klimt
highend666
352 posts
 
Volya Audio Bouquet speakers.. 
 
ALL NEW top of the line Audio Note 300B Meishu Tonmeister Integrated Amp.. 

 Live Music IN YOUR ROOM...
hornguys
180 posts
 
Getting the system optimized to work with the room - rather than against it - is the major key to unlocking your music.

IMO, & IME, of course...

Best,

Jim Smith
weh51nc
24 posts
 
The vinyl. No question. Then place it on an ancient AR XA TT & arm with a V-15 VxMR, an Apt Holman preamp, a Hafler DH-500 power amp and either a pair of Maggies or Martin Logan electrostat hybrids. Of course, both the Apt and the Hafler need to be refurbished, but that's doable. Yes, you can do better, but you'll need to spend insane dinero to do it.
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