RNS Number:5251U
Gold Bullion Securities Ld
22 January 2004



Pricing Supplement
Issuer:                           Gold Bullion Securities Limited
Series Number
Description:                      Issuance of 53,170 Secured  Undated Zero Coupon Notes
Currency/ Principal Amount:
Issue Price:                      100%
Specified Denominations:
Issue Date:                        18 December 2003
Maturity Date:
ISIN:                             GB 0033855668

     A copy of the above document has been submitted to the UK Listing Authority
      and will shortly be available for inspection at the UK Listing Authority's
                                Document Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade Canary Wharf
London
E14 5HS

Tel. no. (0)20 7066 1000

(Documents will normally be available for inspection within six normal
business hours of this notice being given).


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