If you cannot adfford both go for the new DAC directly into your power amplifier. While I would always recommend the PMG preamp if one can manage, I understand that’s a lot of moola. Thus, because the PMG Signature 512 DAC has a new analog stepped attenuator at its output, it’s about as close to having a preamplifier as you’re going to get.
Also consider that when you use the volume control of almost any DAC, DSMKI and MKII, StellarGold included, the inherent noise of that DAC remains fixed and the signal goes up and down with volume. However, when you have a revolutionary new device like the PMG 512, with a real analog volume control at the output, the device acts just like a prea,p turning down whatever residual noise and the signal down together, thus preserving the S/N Ratio at any volume setting.
Also, don’t forget the PMG 512 DAC comes with a new state of the art streamer built in and this sounds amazing.