The PSX60 does not have an audio mute function, so the signal path from cartridge to phono output sockets is probably a direct connection -- little to go wrong. Accordingly, my best guess is the cartridge is deteriorated. For example, we know that, in the moving magnet suspension, there are rubber components that break down with age. This would fit with your observations about weak signal and lousy sound. While swapping cartridges can be a lot of work, I recommend you try putting in a known, good cartridge. Good luck.
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