Does anyone know where the shield of Balduran is.............?

I'm not sure but I think you can buy it at new merchants near adventurers mart if you get the bonus CD.

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http://hem.netlink.se/~sbe29647/bilder/anima.gif

The shield is with Diedre the merchant, behind Ribald in the Adventurer's Mart. You have to have the Limited Edition files installed.

I have the two Merchants but I haven't had the chance to buy that shield but I heard people say it an other (legal)Cheat item like the cloak of mirrors.

Cloak of mirror is better, you are better off having a free hand to use a shield that gives a lower AC or wield another weapon.

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Long live H22A1!!!!!

the cloak is MUCH more better, it is not only reflect Beholder gazes but all magics that damages the wearer of the clock including the beholders.

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CLoak is in underdark chapter, when you meets the shark tribes while killing the king or the rebel I think

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Maybe it's because I hate drows more than I hate Humans - Jarlaxle to Entreri