Subject: File No. SR-Amex-2005-072
From: Donald G White

January 27, 2006

It is my opinion that the Silver User's Association has used its political influence for many years to make it difficult for small investors to invest in silver. They hope to limit investment in silver and keep the price of silver down to minimize their business expenses. The large bid/ask differentials for small sales, the limits on futures contract delivery, the refusal of insurance companies to insure silver held in home safes and safe deposit boxes, and the sale of silver eagles only thru dealers have made it difficult for the small investor to invest in silver. The silver ETF would solve this problem. The SUA claims that a higher silver price would hurt employment. I believe on the contrary that it would create more employment for miners and mining companies. The price of the silver component in most items containing silver is not a major portion of the item's total cost. Please approve the silver ETF and help the small investor rather the greedy executives of big business.
Thank you for giving me the opportunity to comment.
Don White