Subject: File No. SR-Amex-2005-072
From: Michael Biggus

February 16, 2006

Please approve the Silver Exchange Traded Fund.

Your only real issue is whether or not you believe in free markets or manipulated markets. To not approve this would clearly be a sign of collusion with the Silver Users Association to keep the price of silver down. If silver is in fact scarce and prices go up because of the ETF then let it be. Let the market decide.

This Silver ETF should clear up all those conspiracy theories about silver price manipulation over the years.

Yes to the Silver ETF.