RNS Number:5305T
Gold Bullion Securities Ld
22 December 2003

PRICING SUPPLEMENT

                        GOLD BULLION SECURITIES LIMITED

             ISSUANCE OF 400,000 SECURED UNDATED ZERO COUPON NOTES

                 UNDER THE PROGRAMME FOR THE ISSUANCE OF UP TO

                     1,000,000,000 GOLD BULLION SECURITIES

This document constitutes the Pricing Supplement in relation to the issuance of
Notes as described herein. Terms used herein shall have the meanings given to
them in the Prospectus (the "Prospectus") dated 1 December 2003 issued in
relation to the programme for the issuance of up to 1,000,000,000 Gold Bullion
Securities established by Gold Bullion Securities Limited (the "Programme").
This Pricing Supplement must be read in conjunction with the Prospectus.

ISIN Number                             GB 0033855668

Issue Date                              22 December 2003

Number of Notes to be issued:           400,000

Issue Price:                            100 %

Total Number of Notes including this issue

quoted on London Stock Exchange:        6,800,583

The Pricing Supplement comprises the details required to list the issuance of
the Notes described herein pursuant to the listing of the Programme.

Application has been made for the Notes to be admitted to the Official List of
the UKLA and to trading on the LSE.

Gold Bullion Securities Limited accepts responsibility for information contained
in this Pricing Supplement.





SIGNED on behalf of Gold Bullion Securities Limited





By: ............................................................

     Craig Stewart


     Director



                            Dated: 19 December 2003


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

IODTTBPTMMJTMJJ