Jingle All the Way - noise from right rear

I have an annoying noise from the right rear on a '95 525i that I can't figure out. It is definitly not a clunk - but a high pitched jingle/rattle ( as if something is loose and rattling around ) when going over a bump. I've elimated the brake and shock by removing both and still getting the noise by rocking the suspension arm. The noise seems to be coming right around the hub - not at any of the bushings. Is this a common noise for either a failed/failing wheel bearing or outer CV joint? Any advice on finding the culprit?

I know there is a water shield for the brake rotor on the front, and i believe there is one on the back as well. That shield could easily create a noise like you are describing.