Subject: File No. SR-Amex-2005-072
From: David C. Chatalbash

January 27, 2006


I am a firm believer in a free market. Allowing a silver ETF is permitting the free market to operate. History has clearly suggested that to bow to the demands of anyone suggesting that a less than free market is appropriate is a serious mistake.

Additionally, already there are indications that other markets in other countries will provide silver ETF's on their bourses if the SEC does not approve. I have no doubt that they will indeed. Let us not "shoot ourselves in the foot" while we attempt to stop an inevitable free market process to procede. Thank you for your time and attention.