RNS Number:1323T
Gold Bullion Securities Ld
11 December 2003

PRICING SUPPLEMENT

                        GOLD BULLION SECURITIES LIMITED

            ISSUANCE OF 1,000,000 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                              11 December 2003

Number of Notes to be issued:           1,000,000

Issue Price:                            100 %

Total Number of Notes including this issue
quoted on London Stock Exchange:        4,250,000

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:      ............................................................

     Graeme Ross

     Director

     Dated: 10 December 2003


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