RNS Number:6902U
Gold Bullion Securities Ld
27 January 2004

PRICING SUPPLEMENT

                        GOLD BULLION SECURITIES LIMITED

            REDEMPTION OF 750,000 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 redemption
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

Redemption Date                         27 January 2004

Number of Notes to be redeemed:                 750,000

Redemption Price:                             99.978689%

Total Number of Notes following this redemption

quoted on London Stock Exchange:              7,800,632

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

Application has been made for the Notes to be cancelled from 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:      ............................................................

     Graeme Ross

        Director

                             Dated: 27 January 2004


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            The company news service from the London Stock Exchange
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