Subject: File No. SR-Amex-2005-072
From: Benny Y.W. Tsui

January 27, 2006

My business is a retailer of Silver jewllery and watches.

Personally I do agree the setting up of the iShares Silver Trust. I understand that may result in a rising demand of silver. I understand this may lead in a rise in the price of silver, but I want to point out that in jwellery field, the silver cost is only a small fraction of the price of a jewllery being sold.Think about our market head "Tiffany", they sold a silver bracelet of less than 1 oz silver with price mostly over 150 whereas the raw silver cost less than 9 at current price. Besides as a silver industrial user, one can buy silver contract in the comex to hedge large quantity demand or hope in future buy the iShares silver trust to hedge no so large quantity amount against the initial rise of silver price. In a long run, the rise in silver price will be met by more activity of the silver miners to extract from ground whereas at current low price they don't have any incentive to do so due to the cost to get silver from ground is much higher than the current market price.

So, I do agree and wish the iShare Silver trust be allowed to set up to let the free trade of Silver for us.

Thanks for your kind attention