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
I figured that would bring out my stalkers but I didn’t expect the quickness. One suspects you’re trying to be the poor man’s glubson. 🤗
You’re close, mapman, very close. The real answer is the user’s experiments.
Removing geoff from the room is best for the SQ. cause' I imagine he just keep's talking ..... 🙉