Investing in bullion, which refers to precious metals such as gold, silver, platinum, and palladium, has its own set of pros and cons. Here are some of them:

Pros:

1. Tangible asset: Bullion is a physical asset that can be held and stored, making it a popular investment option for those who prefer tangible assets.
2. Hedge against inflation: Bullion has historically been viewed as a hedge against inflation since the price of precious metals often increases during times of economic uncertainty.
3. Low correlation with other assets: Bullion has a low correlation with other assets such as stocks and bonds, making it an effective diversification tool for an investment portfolio.
4. High liquidity: Bullion is highly liquid, meaning that it can be easily bought and sold in the market at any time, making it an attractive investment option for short-term investors.

Cons:

1. Volatility: The price of bullion can be highly volatile, which means that the value of your investment can fluctuate significantly in a short period of time.
2. Storage and insurance costs: Storing bullion securely can be costly, and investors also need to pay for insurance to protect their assets.
3. No income: Unlike stocks or bonds, bullion does not generate any income in the form of dividends or interest payments.
4. Counterparty risk: If you invest in bullion through a third party, such as a bank or a dealer, there is a risk that the counterparty may default on their obligations.

​Over the past 10 years, the price of gold bullion has fluctuated significantly. In February 2011, the price of gold was around $1,400 per ounce, and by August 2021, it had risen to over $1,800 per ounce. However, the price has also experienced significant dips and peaks during this time.

If you had invested $1,000 in gold bullion 10 years ago, your return on investment would depend on when you bought and sold the gold. If you had bought gold at the beginning of 2011 and sold it in August 2021, your investment would have grown to around $1,285, assuming you didn't have to pay any storage or transaction fees. However, if you had bought gold at its peak in September 2011 and sold it at its lowest point in December 2015, your investment would have decreased in value to around $630.

Ultimately, whether investing in bullion is a good option for you depends on your investment goals, risk tolerance, and overall portfolio strategy. It is recommended that you do your research and seek professional advice before making any investment decisions.

Managed Discretionary Accounts (MDAs) are a type of investment account that allows investors to delegate investment decision-making to a professional investment manager. With an MDA, an investor provides the investment manager with a mandate outlining their investment objectives, risk tolerance, and any specific investment preferences or exclusions. The investment manager then has the discretion to make investment decisions on the investor's behalf within the parameters of the mandate.

MDAs are typically offered by financial advisers or wealth management firms to high net worth individuals or institutional clients. They can offer a number of benefits, such as professional investment management, tailored investment strategies, and the ability to access a wider range of investment opportunities. However, MDAs also involve certain risks, such as the possibility that the investment manager may not perform as expected or that the investor's objectives may not be fully met.
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MDAs are regulated in many jurisdictions to ensure that investors are adequately protected. In Australia, for example, MDAs are subject to the Managed Discretionary Account Services Regulatory Guide, which outlines the legal and compliance requirements for advisers and investment managers offering these services.