Subject: File No. 265-23
From: TOBY V FRIEMEL
Affiliation: RETIRED INVESTOR

January 2, 2006

I WOULD URGE YOU TO LOOK FAVORABLY ON THE ETF SILVER FUND PROPESED BY BGI FOR US COMMONERS TO BE ABLE TO HOLD A SMALL AMOUNT OF SILVER. THE SILVER USERS OPPOSE THIS , BUT IF YOU LOOK AT THE PRICE OF SAME COMPARED TO GOLD IT IS OBVIOUS IT IS BEING MANIPULATED, TO OUR AND THE PRODUCERS DETRIMENT. WHAT IS WTRONG WITH THE FREE MARKET SYSTEM TO REGULATE THE PRICE AND SUPPLY OF SILVER? THANKS, JOSEPH V FRIEMEL, BOX 692 CEDAREDGE CO. 81413.