Had the same problem on my '05 King. Drove me nuts. Turned out to be the bolt inside the bottom of the rear fender that holds both left & right braces to the inside of the fender. The guy I bout the bike from was a real shoemaker mechanic, and he prolly sheared the bolt off when he installed the saddlebeg guards. I popped the chrome fender tip,drilled out the stud, installed a nut & bolt & called it a day. No more rattle.