Here are some potential disadvantages or risks of investing in gold bullion:

• No yield – Gold bullion does not provide any interest or dividend payments. The only returns come from price appreciation.
• Storage and security costs – Physical gold requires secure storage and insurance, which can eat into returns.
• Liquidity challenges – Large gold bar purchases/sales may need to go through dealers and can take time.
• Volatile prices – Gold prices can swing sharply up or down based on economic conditions, dollar strength, inflation, etc.
• Tax treatment – Some gold investments may be subject to higher collectible tax rates rather than capital gains rates.
• Non-productive asset – Gold cannot be used to generate other revenue unlike many other assets like real estate or bonds.
• Transportation and transaction costs – Shipping and insurance costs may apply when transferring physical gold internationally.
• Counterparty risks – Gold certificates or bullion banks entail risk if the issuer defaults on obligations.
• Low returns during deflation – Gold struggles during periods of economic decline or deflation compared to other assets.
• Difficult to value – Determining the fair value of gold relative to financial assets or currencies can be challenging.
• Black market risks – Buyers may unintentionally purchase stolen or conflict gold which raises ethical issues.
• Subject to manipulation – Large traders like governments and central banks can influence gold prices in the short run if they desire.

So while gold has some merits as a diversifier and inflation hedge, investors need to weigh these potential disadvantages as well. Moderation and proper storage are keys to utilizing gold in a portfolio.