Customer assets under management I am encouraged by the new Goldmoney Properties business and the substantial cash flows that it will provide over the coming years. Another positive is the continued exposure to precious metal related cash flows through the pm trading and custody services. It will be interesting to see how all the cash flow is allocated. Surely we will continue to see buybacks considering the current illogical share price. I also would like them to make some modest additions to the properties portfolio, even if it means taking on a little more debt. Our debt level is very manageable.
One concern I have is the continued trend of net outflows of customer pm assets. I have not seen management directly address this. Fortunately for them, the increase in pm prices has somewhat masked this. But it would still be helpful to get management's take on the negative trend. Has it been driven mainly by the increase in interest rates over the last few years, and could reverse as rates go back down? Is it being driven in part by customers simply taking some profits? What steps are they taking to address this issue?