Subject: File No. SR-Amex-2005-072
From: Allan Rachap

January 27, 2006

The listing of iShares Silver trust should be APPROVED
I belive that MARKETS should freely set prices - not government, and certainly not associations like SUA.

ETFs have not wrecked the gold market and they won't do it
to silver.

If the SEC does not approve this fund a similar vehicle
will spring up offshore. How will that benefit U.S. investors?

Allan Rachap