Which dac with this system?

Hello everyone,

Getting back into the hobby and trying to create a minimalist system that is convenient, low cost, and of course sound great. I have decided to use the Quad 12L , eliminates the need of an amp, as my speakers and the Squeezebox touch as my source. What I need now are recommendations for a DAC that has coaxial balanced output, digital in, and is around the 300 - 500 dollar range.

Any recommendations?
Cambridge DACMagic. Affraid that very soon you'll realise you'll need something better...
I'm awaiting my new $1295 toy Antelope Audio Zodiac purchased from sweetwater.com new for the price of used for three monthgly payments YUMMY!
Forgot to mention that it must also have volume control.
Antelope that I've ordered has volume control and headphone amp...
Not for $500 though.
If it were me, I'd lean towards a tube DAC for a smooth presentation with those smaller Quad monitors. Not sure which one would meet all your requirements though.
You think the Emotiva DA-1 will work? Not to sure about the volume control though.
Do you think the M-audio Audiophile, which I own, would work? It does have coaxial input and a output level controller. I mean its not great but could hold me until I can purchase something good no?
Not sure $300-500 will get you where you need to go with this. In the light of Mapman's comments, you might want to consider a tube preamp and use the analog output of the Touch. The only DAC with volume control and balanced out at this price range I know of is the Pacific Valve Matrix mini. I have no idea how it sounds, or if it would be an improvement over the Touch analog stage.
I've read good things about the Emotiva XDA-1. It's got balanced outputs, volume control, and a remote. I've also read positive reports on the Matrix Mini. The M-Audio doesn't have balanced outputs, but I imagine that it would be fine. For a bit more than what you're looking to spend, though, you could get a used Benchmark DAC1.
What if I do not need balanced outputs? Would that open the possibilities more? The only real reason I wanted balanced outputs was because the quads 12l active accept them and some say balanced sound better than unbalanced outputs.

What can I get now?