Gold Note HP-10 DELUXE Review – A Headphone Amplifier like NONE OTHER

Browsing through the glorious chaos of the HIGH END Show in 2024, out of the blue, I’m getting a message from Tom Dolfi of Gold Note, inviting us to visit their booth located at the Drivers & Business Club across the street. While we already tried a few Gold Note pieces at our headquarters, we hadn’t yet experienced their high-end electronics or the beautiful XS-85 loudspeakers in their full glory. Tom began explaining the meticulous craftsmanship and attention to detail that went into creating their system to ensure optimal performance. The system blew us away immediately, and a few days later, Gold Note received our prestigious Best of Show award.  People often associate “The Italian Sound” with a melodic & warm embrace. While this system was indeed melodic, their showstopper system was incredibly nimble, fast, punchy, and impactful. It had it all! Crazy dynamics, quick transients, every technicality you could dream about, and most importantly, it left me eager for the next track.

Besides their flagship system that put goose bumps all over our bodies, a world premiere unit was sitting tucked in a corner. Maurizio Aterini, the Company’s CEO, started explaining what they wanted to achieve with their first headphone amplifier. What was clear from the start is that they didn’t want just a fully-discrete, Class-A biased headphone amplifier, as everyone does that already. They tried to implement never-before-seen innovative features, all working in the analog domain. They explained that a four-level Crossfeed circuit will mimic the sound of speakers, enhancing the stereo separation and the depth. A three-way Harman Curve could also be applied to counterbalance the frequency response deviation that a few headphones still had. They even talked about influencing the damping factor, depending on how demanding the connected headphone is. A higher damping will deliver a higher current for planar headphones, and a lower one would work better with dynamic headphones. They even wanted to implement a super flat output that would turn off all other circuits and leave the frequency response as flat as possible, just in case you wanted to hear the true nature of your headphones. Additional features were discussed, including the possibility of adding a USB DAC option. Both Maurizio and Tom had a positive aura emanating from them; they were genuinely excited about their upcoming product. I even snapped a photo of their soon-to-be-released product.

I’m happy to report that their innovative, brand-new HP-10 headphone amplifier and preamplifier, which we discussed extensively two years ago, has finally been released. It features a dual-mono, fully discrete Class-A circuitry, capable of driving any headphone load thanks to its 10 Watts per channel power output.

The Gold Note HP-10 is now available in three distinct packages, and in case you’re wondering, here is the clear difference between them:

Gold Note HP-10 (€1.890 in EU/$2.099 in USA):

• Classic headphone amplifier with analogue inputs.

Gold Note HP-10 BT (€1.990 in EU/$2.199 in USA):

• Analogue inputs and digital inputs (Bluetooth aptX HD 5.1) with integrated DAC (ESS Sabre).

Gold Note HP-10 DELUXE (€2.390 in EU/$2.599 in USA):

• Analogue inputs and digital inputs (Bluetooth aptX HD 5.1, USB-C) with premium DAC (AKM AK4493)

Gold Note PSU-10 EVO (€1.190 in EU/€1.399 in USA):

• External Inductive Power Supply that improves the performance of the HP-10

Can you guess which version we’ll test today? Of course, the Deluxe package comes with the external PSU-10 EVO power supply, finished in a rad-looking brushed aluminum enclosure.

Design & Build Quality

When it comes to design, challenging the descendants of Michelangelo, da Vinci, Botticelli, Donatello, Ghiberti, and many others would be pure madness. A simple glance at an Italian car reveals smooth, beautiful lines, exquisite interiors, and a design language deeply rooted in Italian DNA. Unlike others, Gold Note manufactures everything in-house, from PCBs to cases, speakers, turntables, HiFi racks, and every conceivable accessory a music lover could desire. Even though the HP-10 is part of their entry-level series, not a single bolt or screw was left to chance. Our review sample came in silver, and upon careful inspection, you start noticing the small details that can make a significant impact. Like the DS-10 PLUS and IS-10 before it, the HP-10 is crafted to the highest quality standards, maintaining consistent design cues across its product lineup.

Adhering to the “if it ain’t broke, don’t fix it” slogan, the HP-10 inherits Gold Note’s traditional aesthetic features while showcasing a high-quality craftsmanship from every angle. If you’ve perused our DS-10 Plus and IS-10 reviews, then you already know how the HP-10 looks, as it closely resembles its twin brothers, with a few changes in terms of I/O.

Many HiFi brands use see-through cases for better ventilation. Still, Gold Note adds a touch of refinement, making it not just functional but also beautiful, reminiscent of Italian sports cars revving around Tuscany’s green roads. The color options – black, silver, or gold all come in matte finishes. I occasionally mention the Wife Acceptance Factor (WAF) in my reviews, as units in the living room need approval. After revealing that the HP-10 came from Italy, not only did it earn the green light to stay in the living room, but it also sparked curiosity about its functions and a request for a listening session. Women and Italy – two lines destined to intersect.

Constructed from thick CNC-machined aluminum, the noticeable thickness between the fins adds to a positive first impression of a high-quality product. The golden coin on its faceplate and the prominent, rounded logo on top contribute to its visual appeal. With decent ventilation all around, stacking it atop an external DAC for a tidy setup seems the right approach. It only warms up mildly after a few hours of use, and leaving it in a well-ventilated area isn’t mandatory. I took the liberty of measuring their cases after 8 hours of non-stop music playback with a professional Bosch laser thermo detector. Seeing 37 °C or 98.6 °F on the hottest spot made me realize that this fellow will probably outlive me; it’s barely warm to the touch, and the same goes for the PSU-10 EVO. Rest assured, you can easily leave them powered overnight for burn-in purposes, a thing that I already did for three nights in a row.

Underneath, four rubber feet elevate it about 8mm from the ground. Higher-quality feet could be used, but they never got hot after several hours of use. At 20 cm wide and 8 cm tall, it’s currently the slimmest all-in-one unit we’ve tested, and at almost ~4 kilos (~9 lbs), it feels packed with heavy metal work, exuding sturdiness and heft. I appreciate it when HiFi equipment is robust and well-made, anticipating a long service life over the years.

Last but certainly not least, the stock remote control isn’t the usual plasticky remote you’ll find with Chi-Fi devices. It stands out as a nicer remote capable of controlling every electronic device released by Gold Note. After enduring countless low-fi plasticky remotes over the years, Gold Note’s remote is sturdier, offering longer presses that are more satisfying to the touch.

Ultimately, it’s the same familiar case that I’ve been working with for a while now. HP-10 boasts an outstanding fit and finish, and you can stack it with the PSU-1O EVO, or better yet, place it in its vicinity for a visually appealing combo.

Controls & Connectivity

While the faceplate may not reveal much at first glance, the volume knob on the IS-10 is a versatile performer. A short press cleverly transforms it into a menu opener, and a long press turns it on or off. The knob itself doubles as a navigation tool through the user-friendly UI. Fear not if the remote control is playing hide-and-seek – a short press on the volume knob activates a simplified UI for easy browsing.

Front and center on the faceplate, you’ll find the essential On/Off button disguised as a volume wheel. There’s a vibrant touch screen in the middle, and four headphone jacks surround it, from the regular 3.5mm and 6.35mm breeds to the balanced 4.4mm and 4-pin XLR flavors. Flip it around, and the HP-10 reveals a pair of XLR and RCA analog inputs, along with a mirrored symmetry of analog outputs, as it can also function as an active preamplifier. A USB-Type C port will engage its DAC functionality, and for those aiming to streamline their Gold Note empire with a single remote, behold the GN Link disguised as a pair of 12V triggers. As mentioned above, you can power it with the internal power supply, or you can go overboard with the PSU-10 EVO and squeeze everything it has to offer at an extra expense.

Under HP-10 and PSU-10 EVO’s Hood

I. HP-10 DELUXE

I usually pop the hood of the units that are coming for a review even before I let the music play on our test benches, but cracking open the HP-10 turned out to be more of a challenge than expected. Two ribbon cables elegantly weave from the main PCB to the display assembly, then to two daughter boards (DAC and Bluetooth boards), and finally to the power supply. Despite its compact size, the HP-10 is packed to the brim with electronics. Not one or two, but three floors of electronics could be spotted. Everything felt snug to the point where I decided to close the case, realizing that a reckless venture into its innards might result in a damaged ribbon cable. So, I abandoned the idea of peeking inside their hoods, opting instead for the insights available on their official webpage.

First and foremost, the HP-10 is a dual mono, fully discrete Class-A biased headphone amplifier, built to the highest standards, rocking four headphone outputs, out of which two are balanced. Not a single op-amp was utilized in the signal path; everything was custom-designed and then built from scratch in Italy, getting from zero to hero in a couple of years, due to a long research and development process. The entirety of the circuit works in the analog domain (!) and yep, you’ve read that right! All settings are applied in real-time in the analog domain, including the damping factor, phase, gain, L/R balance, three Harman options, and the Crossfeed modes. The HP-10 accepts super-hot voltages up to 5V via RCA and 8V via XLR and instead pumps out 10 Watts per channel into a 32 Ohm load.

Next in its arsenal, the HP-10 doubles as an advanced digital-to-analog converter (DAC), employing the latest-generation silicon from Asahi Kasei Microdevices. This renowned AK4493 DAC chip also powers their DS-10 Plus and EVO models. The unit is capable of natively decoding PCM files up to 32-bit/768 kHz and DSD 512 files. While not the absolute top-tier DAC chip, the components surrounding it shine. The switching mode power supply is well-crafted, boasting ample capacitance for power filtering and storage.

II. PSU-10 EVO

The PSU-10 EVO is not included in the original package; it is available as an extra accessory, in case you want to hear the absolute best your unit is capable of. It will set you back €1,190, it has precisely the exact dimensions and design cues, and it weighs 4 kilos. It comes with a single 8-pin umbilical cable, allowing it to power just a single unit, whether it is an HP-10 or a DS-10 PLUS/EVO.

The PSU-10 EVO is an inductive power supply designed and developed in-house with high-quality components, with a single purpose: to enhance the performance of the HP-10 to the next level.  This external power supply uses four audio-grade and ultra-low noise transformers (a dual choke hybrid inductive filter and three transformers dedicated to the power supply) and two ultra-low-noise voltage regulators. PSU-10 EVO will lower the noise floor considerably versus the internal power supply of the HP-10 (be it line noise or common mode noise), providing clearer current, increasing the inner detail and realism, achieving better dynamics and control with headphones and/or loudspeakers.

It is a universal 100 – 120V to 220 – 240V PS unit with automatic voltage detection, so you can use it anywhere without flipping a switch. It draws 70 Watts of power in normal conditions, up to 100W on loud, busy passages.

Test Equipment

The HP-10 Deluxe was used in three different configurations:

• In my office, it worked as a headphone amplifier in tandem with a Rockna Reference Signature streaming DAC, driving the HiFiMan Susvara Unveiled ($8.000), the T+A Solitaire P ($6.900), or the Sennheiser HD800S ($2.000) to strengthen my initial impressions.
• In the living room, the HP-10 served as an active preamplifier, replacing my Chord Ultima PRE2 ($22.800), sitting in between a Rockna Reference Signature DAC ($26.000) and two Chord Ultima 3 monoblock amplifiers ($35.000). Raidho TD 2.2 ($ 46.500) were my loudspeakers of choice, playing tunes for a week before I dropped my final evaluation. All cabling used was of Crystal Cable Monet breed (power, interconnect, Ethernet, and speaker cables). A KECES IQRP-3600 balanced power conditioner also powered everything.
• Last but certainly not least, I moved the HP-10 once again into my office, but this time around I used it as a DAC and headphone amplifier combo, driving the above-mentioned headphones…for one last time

Everything should be as clear as the blue sky, so what are we waiting for? Let’s hit some eardrums!

Sound Performance

I. How to use STUDIO Settings and why they are a Game Changer

I soldered my first headphone amplifier around 2005 (it was a tiny battery-powered amplifier) and, ever since, I have been curious enough to try out most, if not all, HiFi brands that craft headphone amplifiers of all sorts. From op-amp-based to fully discrete and from solid-state to OTL and transformer-coupled tube amps, I’ve tried them all at various prices, ranging from $100 to $ 16.000, and still use a few around the house as I’m typing this.

Let me tell you that from the plethora of headphone amplifiers that passed through my hands, not a single one offers so many features and sound enhancements as this HP-10 Deluxe. Let me remind you that this is not their 3rd or 5th headphone amplifier; this is their first headphone amplifier model, and it already plays a forever alone game, especially if you like to enhance your listening experience. The HP-10 is not a specialist headphone amplifier; it wasn’t created to work with a particular planar or dynamic headphone. It was made to work with all of them. They even compiled a handy PDF file that contains a long list of headphones that helps you choose the correct settings for your headphones. From Crossfeed, Damping factor, Harman Balance, Clarity, and Depth, everything is there for you to explore. Since I own a couple of headphones from the PDF files (here it is for you to download), I decided to give them a try and save three profiles directly on the HP-10. Let me tell you that I don’t remember ever driving the Sennheiser HD800S with a solid-state amplifier and getting such a lovely tonal balance out of the box. Not even Sennheiser’s HDVD800 DAC & amplifier, designed explicitly for the HD800S, sounded as lively, cohesive, open, and expansive as they did on the HP-10, let alone as dynamic and, dare I say, overwhelmingly addictive. Once you choose a high damping factor and enable the crossfeed to option 1 or 2, I kid you not, you could transform the HD800S into bass canons, something that not even overkill tube-based amplifiers are capable of doing. All of this Hocus-Pocus that transcends the HD800S into a work of art works in the analog domain, without inducing any artifacts usually found on DSP-equipped units. The resolution and dynamics remain consistent once you start poking around its touchscreen, and no matter what setting you choose, it never sounds out of place, flat, or plain weird.

And the same goes once you attach a pair of high-end planar headphones to it. Be it Meze Elite, HiFiMan Susvara Unveiled, or a pair of Audeze LCD-4, the interesting part is that with the correct settings, it was slightly adjusting its tonality and stereo separation to counterbalance most of the issues of the headphones above. For example, with the HD800S, I’ve got a lot more bass and midrange, while gently rolling off the pesky 6 to 8 kHz peak. With a pair of Audeze’s, it would be the other way around; it would add more clarity at the top while still pushing and pulling their drivers like rag dolls. With the Susvara Unveiled, it planted more life in the midrange and pumped iron into the bass region. It was like I was no longer listening to a pair of HiFiMan, Meze, or Audeze, but to a better version of themselves. HD800S became HD900S, LCD-4 was now LCD-4.5, and the Meze Elite transformed into Meze Ultimate. I want to tone down my excitement…but frankly, I never experienced something remotely similar in a headphone amplifier before.

There’s usually a gain setting at worst, and a lower or a higher Class-A bias at best…but that’s it! No damping factor adjustments, no Harman balance, clarity control, and depth juggle. Some still offer a Crossfeed option, but on the HP-10, it isn’t only adjusting the stereophonic effects; it also adjusts the frequency response in a significant way. At first, I believed that juggling with the damping factor would be a game changer, but after playing with all of the sliders and adjustments, the Crossfeed options rock my world so much harder; they are the ones that make it harder slamming, adding so much energy in the lowest octaves.

The SUPER FLAT option turns off every enhancement and lets it work as a pure headphone amplifier without altering the signal in any way. When doing headphone measurements, this should be the only option you need to engage. If you want to hear the true nature of your cans, again, the option should reveal all of their pros and cons. The sound, however, isn’t in any way flat or dull, let’s not forget that we’re still dealing with a fully-discrete Class-A amplifier that pumps 10 Watts per channel, it was still blooming with emotion and no matter how hard I tried pushing it to its limits, it was still smiling back, efficiently driving most of my headphones…except for One.

II. Power Output & Noise Floor

Ultra-sensitive IEMs and 10.000 mW of power available on tap per channel, out of which a single mW is needed to blow your eardrums. What could possibly go wrong with 10.000 of them waiting to be unleashed, right?

Rest assured, we have a logarithmic volume increase, so most of its power can be felt at the very end, atop a low-gain option available. Therefore, I don’t foresee a real problem in using sensitive IEMs with such a unit. Personally, I don’t use IEMs at all with desktop components; I prefer desktop dynamic or planar headphones at home, which can deliver so much more. More dynamics, more details, more air, and more music in a more relaxed manner without assaulting my eardrums. However, I don’t judge people who use IEMs on a daily basis with desktop components, and you can certainly do so with the HP-10 if you’re cautious with the gain switch and volume knob.

As a general rule of thumb, amps that don’t use negative feedback or noise shaping techniques won’t be dead silent. Op-amp-based amplifiers are known to have a lower noise floor compared to fully discrete amplifiers, which, on average, have twice the number of components for similar power ratings. Considering that each electrical component generates its own noise, it’s no surprise that op-amp-based amplifiers work better with IEMs and high-sensitivity loads. We don’t employ noise-shaping techniques here, nor do we use op-amps; on paper, it should be noisier than the average headphone amplifier.

Foreplay was out of the question with the HP-10, so I went directly to testing it with the most sensitive IEMs I have in my collection, mostly checking its 4.4mm jack. Whether it was the FiiO FX17 or the FA19, there was a faint, barely audible noise when I inserted the IEMs at a lower volume. Even on the low-gain position, I could hear a barely audible hiss passing through. It’s important to mention that once the music started playing, it was no longer bothering. It didn’t matter whether I was increasing or decreasing the volume; the hiss remained constant at all times.

Engaging its high-gain setting and pushing more power towards the IEMs further increased the noise floor, suggesting that high-gain should be used only with low-sensitivity planars or high-impedance dynamic headphones.

When I moved to less sensitive IEMs, the noise floor went to subatomic levels and I couldn’t spot it anymore, even at higher volumes without music playing in the background. As you can imagine, portable over-ear headphones and sensitive desktop dynamic headphones couldn’t pick that up, and again, complete silence covered my tracks. The lesson is quite simple: I don’t recommend using ultra-sensitive IEMs with this unit, but if desktop space is an issue and a universal unit for your entire IEM and headphone collection is desirable, then may I suggest getting an iFi Audio iEMatch+ that will remove all of the noise.

Power-wise, there’s no need to go through every headphone in my collection. Still, I will mention that from 99 steps available on tap, I never went past the ~60 volume position with a pair of HiFiMan Susvara Unveiled, and mind you, these are currently some of the lowest-sensitivity headphones out there. With the Sennheiser HD800S, the 50-volume position was already way too loud, and with the T+A Solitaire P, I could never reach the 50-volume position. In all of these cases, the SPL was going past 100 dB, reaching 110 dB peaks, something that I don’t recommend for prolonged listening sessions. Despite listening to music at (much) lower volumes, I also need to test the limits of headphone amplifiers, and this is where I observed that there’s only one headphone from my collection that was gently clipping at higher volumes with bass-intensive music, and that was the HiFiMan Susvara (the original). Reaching a volume level of 65 and then going above that point, the bass starts distorting, a clear sign that the HP-10 is running out of steam, even with the PSU-10 EVO attached.

Long story short, it seems that the HP-10 will easily drive the most demanding loads out there, except for the naughtiest headphones such as the HiFiMan Susvara OG and the Mod House Tungsten. The Susvara Unveiled were no longer heavily distorting, nor could I reach such high volume levels with them, sounding snappy and, dare I say, impactful, precisely as they do on top-tier headphone amplifiers.

The headroom remaining on tap felt almost infinite, as in my day-to-day listening, I rarely even touched the 50-volume position, a place where the HP-10 felt snappy and ultra-fast, tightly controlling the headphone drivers. Everything else in my collection, except for the Susvara OG, was dynamically engaging, and I didn’t need to crank the volume way up for that to happen. Even at low listening volumes, you could feel the bass bouncing all around and strongly kicking my eardrums with an impressive force.

III. Adding the PSU-10 EVO into the chain

When you purchase the HP-10, you also receive a switching-mode power supply. While it wouldn’t induce a higher noise floor into its analog amplifier stage, something wasn’t clicking into place with the stock PSU; I felt it was less impactful and less dynamic-sounding. I’ve got a similar effect with the Gold Note DS-10 Plus and also with the Ferrum OOR back in the day.

The driving force behind your setup is usually your digital or analog front end. Music starts its life there and slowly moves up the ladder to the preamplifier, then to the amplifier stages, and finally to the diaphragms, before reaching your eardrums. If you want to eliminate noise properly and for good, you need to do it at the source, starting with your DAC, CD player, tape player, or turntable. Stop the noise there until it becomes a gargantuan problem down the road.

An external power supply for your equipment isn’t a new concept, as some brands have been offering this for quite some time. Remember SBooster, Farad, SOtM, Naim NAPSC/SuperCap, and Plixir Elite BDC?  All of them are making high-quality power supplies for your digital or analog sources, and some of them could even work with low-powered headphone amplifiers that use a DC input instead of an AC one.

The PSU-10 EVO is something more advanced than all of the brands I just mentioned, because it doesn’t use just a single toroidal transformer. The EVO has four transformers inside, one of which is used as an inductive filter. Several voltage regulators and, of course, a higher capacitance will be conditioning all that power, lowering the noise floor by more than 80 dB!

That is a biggity BIG number if you ask me, and it matters a lot if you dislike hearing noises plaguing your HiFi system. The HP-10 alone is a clean-sounding unit, with clear and defined leading edges and full-bodied tonality. However, when PSU-10 EVO was added to the chain, the void spaces between the notes increased, and the background became darker; the textures and leading edges became more precise and defined. Still, the most significant change can be summarized by a single word: Dynamics! On its own, the HP-10 is always snappy and engaging-sounding, trying to put a smile on my face, but with the EVO in place, everything becomes more colorful and juicier. The low-end becomes stronger and more layered as if you can dissect bass notes much easier this time around. We also get a somewhat denser and purer midrange, completely removing the digital glare from the treble region. This power supply added muscle mass in the bass, my eardrums became punching bags, and it also added a sense of effortlessness, as if the music was pouring down more easily. This change in tonality, in background blackness and dynamics, wasn’t felt only via headphones but also via loudspeakers, adding additional air all around the room and further decompressing the sound. The tiniest details were now easier to spot, improving the sound’s transparency at the end of the day. The soundstage improved slightly as well, but transparency was the one that made me wonder if it’s on par with my own preamp, and let’s write about that.

IV. HP-10’s Tonality & Dynamics

Describing HP-10 tonality becomes a mission impossible, mainly because you can alter it at your will. Go with a higher damping factor, and there’s more life in the bass. Stronger dynamics will relentlessly kick your eardrums, engage its crossfeed, and again feel a higher force emanating from the bass region, with a full-bodied sound enveloping your head. Play with the Harman curves and you’ll easily alter its voicing, almost to the point of unrecognizability. You can even enhance its clarity, sound’s depth, and even the treble can go up or down depending on the preference, and as you can imagine, once you start pocking around its UI, there might not be two HP-10s that sound the same.

Nonetheless, the HP-10 has a voice of its own, a voice I had already experienced before with the DS-10 Plus back in the day, driven by the same PSU-10 EVO. The HP-10 goes with the same classic transistor sound biased into Class-A operation. The effortlessness and ease with which it dictates driver movements are the first things you’ll observe. The sound doesn’t try to catch your attention with lots of sharpness and firm leading edges; on the contrary, it lets you relax your thoughts. The extreme sharpness I usually experience with affordable Chi-Fi amplifiers is no longer present; the HP-10 is more about relaxing your senses and letting the music do its own thing. It’s more like it disappears from the acoustic chain and lets your DAC and headphone shine the most. It’s not significantly influencing the sound, as it doesn’t artificially boost a particular frequency region; instead, it allows the music to flow into your eardrums harmoniously. Once you experience the actual voicing of your headphones and this kind of effortlessness and refinement, I assure you that there’s no way back.

Although it doesn’t affect the resolution that comes from your source, be it on the micro or on the macro scale, what it will boost and you’ll feel that right away would be the inner textures. You’ll immediately realize that this instrument is made of wood. There’s a metallic shimmer with cymbals that feels natural; even the voices will feel somewhat real and not played back. A certain sweetness and refinement surround the music, an aura that always remains, regardless of the setting you choose to engage with. I’m not sure if this is a MOSFET-based amplifier and how highly it was biased into class-A operation, but it feels that way. It’s almost as if a small vacuum tube was hidden somewhere in there without being mentioned on the spec sheet. I have experienced aggressive solid-state headphone amplifiers many times by now, and this Italian guy is sitting on the opposite pole of aggressive. It’s agreeable, sweet, and quite natural in its tonality, which sometimes makes me wish all the headphone amplifiers I have would sound like this. This is my fourth day listening to it, and today I have already put in 3 hours of listening, and yet my brain craves more music.

It’s not adding any listening fatigue, quite the contrary. It relaxes the sound and lets you see the music laid right before your eyes. A minute later, its sweet tonality becomes emotional, and incredible dynamics are translated into goose bumps; all you wonder about is how the next track sounds. This is the true nature of the Gold Note HP-10.

Snake Pit Poetry by Einar Selvik begins roaring loudly via a pair of HD800S (available on Qobuz and Tidal). I close my eyes and I can picture the sound emanating far away from me, from somewhere in the North. The sound wasn’t only distant, it was deeply hidden, and I needed to search for the inception point. In the second act of the song, you can hear a band of warriors chanting together, accompanied by a female voice that passes through like a spring wind. The Big drum comes out of nowhere and shatters my eardrums with an overwhelming force. The HP-10 pumps so much energy into the HD800S, it’s almost as if the 56mm ring radiators were swapped with 105mm planar drivers, pumping additional bass energy into them and extra dopamine into my bloodstream. The track slows down its pace, and instead of battle cries, we start hearing the beautiful side of human nature – the Valkiries singing with sorrow. The track transitions from small to large in mere seconds, and the dynamics shift from smooth and gentle to powerful and hard-hitting. I would never call the HD800S perfect when rendering the vocals or any musical instrument. They lack the warmth and texture of planar headphones…but these are different HD800S, reforged and retuned from the ground up. It’s pure magic what this fellow does to the HD800S with the correct settings, and I can’t express enough how impressively balanced and, dare I say, even organic this combo sounds to my ears in the current state.

V. Resolution & Sound Transparency

I was lucky enough to try out some of the best headphone amplifiers out there. Regardless of their working principle, I observed that those with a shorter signal path and a less complicated analog design sounded purer to me, closer to what I’ve heard at various live concerts where amplifiers and speakers aren’t in sight. Unamplified music is rare nowadays, but I still go with my wife at least once every couple of months to a cozy blues or jazz concert.

Over the years, I also learned that multiple tricks could clear up the sound (such as the use of negative feedback) at the cost of sounding more artificial and less natural. There was a short period in my life when I was searching for the last bit of information, for the most linear and clinical-sounding amplifier, forgetting that music isn’t about that; it’s about conveying emotions and trying to understand what the artist intended to express through the power of music. I’m no longer there; I no longer listen with my brain. I listen with my heart, and over the years, I realized that all of those NFCA and THX-AAA amplifiers were doing more harm than good.

Luckily, the industry has already shifted and they’re back at creating transistor-based amplifiers biased in Class-A or AB operation. Vacuum tubes once again shine brightly in lots of stereo or head-fi battle stations. The HP-10 is the kind of amplifier that doesn’t over-sharpen the leading edges; it leaves them untouched. It’s the kind of amplifier that doesn’t boost the treble energy at the very top; it leaves it be. In peace, untouched. It’s the kind of amplifier that lets you hear all and everything, but without being cocky about it. It is indeed a detail monster amplifier that’s always transparent to its core; it’s crisp and even biting on several occasions, but without making you uncomfortable about it. I hear the same traits on the Cayin Soul 170HA and Feliks Envy Performance Edition headphone amplifiers that I use daily, with the exception that the HP-10 is ever so slightly clearer, with additional micro-details oozing from the deepest pits of the dynamic range. There’s a bit more at the bottom and extra bits at the very top, all while delivering them in an easy-to-understand manner, which many of us call music. It can be neutral if that’s what you’re searching for, but it will never be clinical or harsh, even after making drastic adjustments to all its settings.

The HP-10 is not reinventing the wheel, but it commands respect for the high dynamic range and resolution we get in return. The veiled sound of Audio-GD fully discrete amps and of many older fully discrete designs is no longer plaguing the HP-10. Instead, we get more of everything: more music, extra bits of information, and an easier-to-focus sound, all at a price that makes sense. If these aren’t great engineering feasts, then I don’t know what are.

VI. Soundstage & Imaging

When you combine Thor’s thunderclap (its sheer dynamics) with an effortless presentation of fully discrete Class-A designs without ever touching half of its power output, undeniably, you can expect it to pull some magic tricks on you when it comes to stereo separation and layering. The HP-10 has “that” perfect decay that I’m usually struggling to find in solid-state amplifiers.

Most of them are significantly shorter compared to tube amplifiers, which is why many people have already switched to such amps and enjoy tinkering with different tube flavors, due to the more natural decay of notes and the more expansive soundscape. The HP-10 doesn’t seem to fade away the music way too soon; it lets you enjoy a longer trail of it, painting a generously sized stage front and back of the listener. Interestingly enough, the transients don’t feel lacking in intensity at all; it’s still fast and furious as a Ferrari when it needs to be, but it also knows how to decelerate and, for a microsecond, let you enjoy an airy presentation with all sorts of acoustic music. The HP-10 has the capacity to unleash sound towards you in multiple waves, layering one after the other as if there’s some order.

This change of pace, transitioning from small to big, from cluttered to airy and holographic, isn’t coming only from the amplifier, but also from the PSU-10 EVO, which has substantially improved the stereophonic effects. Instead of hearing a musical note one after another, you hear a rise, a sustain, a decay, a short pause, and then another rise, sustain, and decay. The music is no longer playing from left to right; it also gets closer and then distances itself from your face. Once you experience a capable headphone amplifier like this on a pair of high-end headphones, it would be impossible to go back to an op-amp-based amplifier or to one that uses noise shaping techniques. It’s difficult to explain by mere words what you are going to hear and/or feel with a pair of open-back headphones, but I’m sure you’ll be as surprised as I am by its “decompressing” skills.

In The Garden Of Souls by Vas starts playing (found on Qobuz and Tidal). Instead of using the usual “out of my head sounding” headphones, such as the T+A Solitaire P and the Sennheiser HD800S, I decided to use a closed-back pair of planar headphones, the SJY Closed Carbon, which, in theory, shouldn’t play tricks with my imagination. Immediately after pressing play and getting to know the track, I’m getting a heavy Middle-Eastern ethnic slant mixed with dark ethereal music that surrounds my head. Azam’s voice wasn’t angelic as Enya would be more often than not; she sounded darker, gloomier, bringing along ethno-tribal vibes that persisted for the entirety of the track. The SJY Closed Carbon sounded big…. dare I say spacious on this particular track. In 10 minutes and 26 seconds, this majestic track led me to a spiritual awakening. Try it for yourself, but do so in complete silence and solitude. The way so many emotions could be evoked with just a shamanistic voice and a few instruments is beyond my comprehension. Azam’s long vocal sustains and high-pitched voice sent shivers down my spine. I was amazed at how deeply her voice was embedded in the mix, piercing through the sounds, taking center stage before my very eyes. While I can’t guarantee you’ll have the same experience, a part of mine was undoubtedly due to none other than the HP-10.

VII. HP-10’s DACs Performance

My Rockna DAC is here to stay for a very long time. I love it to bits, and I have never been happier with my latest DAC purchase. I won’t change it for nothing in the coming years; it gives me everything I ever dreamt about, from technicalities to musical involvement, it has it all, and most of this review was put down using them together as a dream team. One was artfully decoding the music the best it could, and the other was further decompressing the sound, injecting a tad sweeter tonality versus any other fully discrete amp I had on hand. This is my third day of writing down listening impressions, and for the last round, I decided to remove the Rockna and let the HP-10 do it all, without any extra help.

I connected it to the Rockna Wavedream NET Roon Server via the USB Type-C connection, and a few hours later, I also used the ONIX XST20 CD transport and spun a couple of CDs to strengthen my initial impressions.

From the marketing materials and its official webpage, it’s evident that Gold Note markets it mainly as a high-performance dual mono headphone amplifier with never-before-seen sound enhancements. Only after scrolling down to its main features, you find out that there are three different versions of it. The bare-bones headphone amp, the second variant with a Bluetooth Receiver on board (uninteresting, if you ask me), and only the last version, the Deluxe package, added a USB Type-C connection to its back panel, equipped with an AKM 4493 DAC chip and Velvet Sound technology.

I made myself comfy and pressed play. An hour passed, and I was still wondering why the sound was not getting muddy, congested, and why it didn’t lack finesse as I imagined it would. I played a couple of CDs and again, the resolution didn’t drop considerably as I had expected, but more importantly, the sound remained as effortless, clean, and glare-free as it was on the Rockna. And then…it hit me!

I remembered that the aging DS-10 Plus DAC powered by the PSU-10 EVO sounded exactly as effortless, organic, and natural back in the day, while also decompressing and stretching the sound as much as possible. The same AK4493 DAC chip powered the DS-10 Plus; a déjà vu moment passed right before my eyes, as these two sound quite similar subjectively. I’m happy to report that the DAC section wasn’t overlooked, and the USB Type-C connection wasn’t put only for convenience. It genuinely impressed me working as a standalone DAC, and I see it comparable with dedicated DACs costing around ~$1500 to $2000. The resolution and dynamic range are pretty high on this one, and dynamic peaks never felt muted. The ugly digitus never appeared in my tracks, and listening fatigue never settled it. We can now draw some meaningful conclusions; all of the signs are pointing towards the fact that I’m dealing with a great DAC section. The only gripe I have is that there wasn’t enough space on its back to include additional digital inputs…An I2S, AES, or BNC would probably further enhance its performance.

VIII. HP-10 Preamplifier’s Performance

Casually chatting with Tom, I asked if the little HP-10 has a dedicated active preamplifier section, because usually such mid-sized units can’t possibly have it all. They are limited by space constraints, even if we have a couple of PCB boards sandwiched together. “Yep, we have an active preamp stage inside”. I asked him again, on purpose, because even larger devices usually use a relay-based volume control; they tend to call it a preamp. But that’s a passive preamplifier, and everyone knows how big a difference an active preamplifier can make versus a passive. “Yes, an actual active preamplifier stage drives its RCA and XLR outputs.”

Challenge accepted, I replied. A few minutes later, I removed the Chord Ultima PRE2 (~$22.800) and introduced the little Gold Note duo. After powering them on, a barely audible hiss came out from the TD2.2’s ribbon tweeter. As I’m typing this, the Raidho TD series, together with the Borresen M series, uses the lightest-weight tweeters in existence. The Raidho tweeter foil is just 11 microns thick (about ~16 times thinner than a human hair), which means it’s about ~50 times lighter in comparison to a conventional dome tweeter. There’s no voice coil inside, and the whole surface weighs only 20 milligrams. In simple terms, these tweeters reveal everything that comes from downstream equipment; every distortion or noise will pass through if your system is up to snuff. And I have another déjà vu moment, which I have already experienced via ultra-sensitive IEMs, and it’s precisely what I’m getting with the TD2.2 as well.

But hold on a second, I still need to assess its performance as a preamplifier. I press play and I listen to the same tracks I used via headphones. I could barely move the volume above the 30 volume position out of 99 steps available on low gain. This is already a strong indicator that an active preamp stage does the heavy lifting, as with a passive one, I usually stay around the ~70 volume position. I immediately realize that all of the sound enhancements are also working via the Pre out, including gain, damping factor, Harman curves, everything! I disabled them all and left it in low gain, since my monoblocks pump around 1000 Watts per channel in 4 Ohms, and 480 Watts per channel in 8 Ohms. I relaxed my spirits and sat down for a long listening session.

The first thing I observed was its full-bodied presentation. It’s hard to admit it, but the little HP-10 brought forward a sweeter midrange and pumped extra energy into the mid-bass compared to my own reference preamp. My preamp is not there when it comes to tonality or frequency response; it simply disappears from the chain. It’s the cleanest-sounding preamp I have ever experienced. The artful Italian was instead adding a higher mass in the bass while gently bringing forward the vocals closer to my listening spot. As was the case via headphones, it single-handedly removed all sharpness and listening fatigue, and more importantly, dynamics were never pressing the brakes. My son came over and we started listening to his favorite tunes, and we both remained pleasantly surprised by how well it handled complex passages and crowded music in general. It might not sound as clean as the KECES S4 ($4000) I tested a couple of months ago, nor as smooth and polite as the LAiV Harmony HP2A ($2700) sounded in my living room. Still, it was more about evoking an emotional state, about the experience as a whole, rather than discussing its technicalities on a micro level. I like when a preamp can pressurize a room to excess, filling every corner with music, something that the LAiV didn’t do for me. In the end, disregarding the slight white noise with music on pause, this is an exceptionally sounding preamplifier, and I mean it. I presume it would do wonders in a HiFi system that uses small to medium-sized bookshelf speakers that can’t bring the thunder, nor awaken the midrange’s purity. The HP-10 will revitalize the whole bass region and will add extra sweetness to mid frequencies, while gently removing the grain and listening fatigue.

My Conclusions

I use two headphone amplifiers daily with a wall full of headphones. One weighs 40.5 kg and the other a little over 15 kilos. When a compact 3.5 kg unit (without the PSU-10 EVO) comes along and barks at much bigger, heavier, and pricier headphone amplifiers, it usually runs away with its tail between its legs. But not this puppy! I specifically didn’t include a few comparisons in this article for a couple of reasons. The first reason is that I’m already on the 15^th page, and extra pages won’t add a lot of value. The second reason is that the HP-10 can’t be compared features-wise with anything already available on the market, especially somewhere in between ~$2000 and $3000. The sound enhancements are much more usable and can have a massive impact on either planar or dynamic headphones. There isn’t a universal setting that works with all headphones on the market; you need to find the best sound with your favorite headphone and then save the preset for future use. You can save up to 3 presets tuned explicitly for three distinct headphones, and pardon me if I’m wrong, but I don’t know anything remotely similar. Its feature set wasn’t overlooked, like what we usually get at these prices. Not only can these sound enhancements turn your headphones into better versions of themselves, but the DAC and preamp sections were carefully selected to match the performance of its excellent-sounding headphone amplifier. Sure, it’s maybe not the most resolving DAC and Preamp out there, but I didn’t care for that aspect. It sounded sublime as a DAC & Amp combo or a standalone preamplifier. The last reason is that I don’t remember testing a solid-state headphone amplifier that had so much character to it. The Enleum AMP-23R and the LAiV Harmony HP2A are the closest amplifiers that share similar traits, with a single caveat: neither offers a DAC section or a Bluetooth receiver option. The more I looked for a contender, the more I realized that HP-10 is looking better and better with every passing day.

Complaints? A slight white noise covering my tracks with ultra-sensitive IEMs and ultra-sensitive tweeters. This is my only complaint. Apart from that, I hope many other headphone amplifier builders will finally understand that we no longer want an excellent component selection, a fully discrete amp stage, all biased into Class-A operation, and all of the power of infinity stones. We want a little more than that, and that’s where the Gold Note HP-10 feels different and way more appealing. I love some of my headphones even if I understand their drawbacks. With the HP-10, I no longer need to close my eyes and accept their cons; I can fight them back, and that’s what makes the HP-10 unique in the head-fi scene at the moment.

The HP-10 is a true value champion and quite possibly, a giant killer unit that challenges separates. I can see why many will opt for it instead of going with two or three units for a similar sound and feature set. For this and many other reasons, my second Highly Impressive award for a headphone amplifier in 2025 goes to the Gold Note HP-10 Deluxe: tanto di cappello, amici.

Gold Note HP-10 DELUXE will set you back €2.390 in Europe or $2.599 in the USA, and you can get it from your nearest Gold Note distributor. The PSU-10 EVO adds an extra expense, going for €1.190 in Europe and $1.399 in the USA. In case you’re getting a unit and still have some burning questions, please say Hi and drop me a line in the comments section below.

PROS:

• Italian design at its finest, HP-10 is simple yet exquisitely beautiful.
• Petite footprint, with a high WAF attached
• Rock-solid build quality, complemented by one of the most elegant remote controls I’ve ever held.
• Feature-packed to its core, without overlooking any available feature
• Powerful headphone amplifier section, effortlessly driving even the most demanding headphones.
• Sound enhancements galore! Tune your headphones to your liking and unlock their true potential
• Smooth, easy-going, sweet, and warm-sounding at all times, devoid of harshness or listening fatigue.
• Expansive soundstage that surpasses expectations, with clear and defined stereo imaging.
• Punchy, impactful performance across the board, even with demanding headphones.
• Highly engaging and entertaining sound that prioritizes enjoyment.
• A truly Future-Fi product, epitomizing the latest advancements in audio technology.
• An outstanding price-to-performance ratio

CONS:

• While resolving, the DAC section doesn’t quite reach the pinnacle of high-end audio reproduction.
• Only a single wired digital connection is being offered (USB Type-C)
• A slight noise was detected on both ultra-sensitive IEMs and Raidho TD 2.2 speakers when standing near their tweeters. However, the noise was absent from the listening position.

ASSOCIATED EQUIPMENT:

• Digital Transport / Roon Server: Rockna Wavedream NET 4 Tb
• Network Switch: Ansuz PowerSwitch D3
• DACs: Rockna Wavedream Reference Signature, Gold Note HP-10 DELUXE
• Headphone Amplifiers: Gold Note HP-10 DELUXE, Cayin Soul 170HA, Feliks Envy Performance Edition
• Preamplifier: Chord Electronics Ultima PRE2, Gold Note HP-10 DELUXE
• Power Amplifiers: Chord Electronics Ultima 3 (X2)
• Full-sized headphones: HiFiMan Susvara Unveiled, Susvara OG, T+A Solitaire P, Sennheiser HD800S, and many others
• Loudspeakers: Raidho TD 2.2
• Interconnects: Crystal Cable Monet XLR (X2)
• Speaker cables: Crystal Cable Monet 2.5m
• Power Cables: Crystal Cable Monet (X4), Roboli Stars Power (X2)
• Ethernet Cable: Crystal Cable Monet (X2)
• HDMI Cable: AudioQuest Dragon
• Balanced Isolation Power Conditioner: KECES IQRP-3600
• Audio Racks: Woodyard Suspended Triple & Baby Modular