Check that the spare tire and tools are secured, first.
Then, proceed to the tailgate as this is a common issue for rattles over bumps. Try riding in the back with someone else driving, and see if you can change the noise by pressing on the tailgate. If so, you have identified the location.
To fix it, here is a post to start you off:
http://www.xoutpost.com/bmw-sav-foru...trunk-e53.html
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2007 X3 3.0si, 6 MT, Premium, White
Retired:
2008 535i, 6 MT, M Sport, Premium, Space Grey
2003 X5 3.0 Steptronic, Premium, Titanium Silver
2002 325xi 5 MT, Steel Grey
2004 Z4 3.0 Premium, Sport, SMG, Maldives Blue
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