Subject: File No. SR-Amex-2005-072
From: D Simon

March 10, 2006

What a joke the anti-ETF brigade's arguments are. The congressman seems to have the exact same, thin argument as the SUA. I wonder how impassioned such entities were when the silver mining companies were going BANKRUPT and miners lives were ruined when silver prices cratered - at the same time THE SHORTING OF MORE SILVER THAN EXISTS was kicking off - and the companies that comprise the SUA were gobbling up this strategic metal for pennies.

Do you know how Silver Standard acquired its silver properties? By buying them from silver companies that couldn't stay alive at the low prices enjoyed by SUA users. One would think the other side of the coin to the ruination of the miners would have been the SUA members' foresight to keep some profits back for a time when prices rose due to the lack of mining, let alone overconsumption.

Are you really going to take them seriously now that they are whining to be allowed to continue doing this, just as the silver is RUNNING OUT

You gotta be joking. Where is Paul Miller's treatment of Hubbert's Peak? What are the CPM group's thoughts on certain parties' historical claims (all of a sudden reversed) that there is a copious amount of silver? How does the politician feel about how the silver price has been controlled by short-selling? Is he aware of it?

If JP Morgan's vault is too small, big deal. Build a bigger room. If silver supplies are tight, well the ETF will scoop up enough for this to be reflected in the price, at which point the supply will start to be protected, and reserves will be repleted.

The argument that there is no silver left is a screaming call for the ETF to bring the market back into balance, not the other way round. You only need half a brain to understand this.

To suggest that the lack of silver should vitiate against an ETF is to make the argument that the current reserve-degenerative state of affairs should continue - a state of affairs that if left to endure will bring THE WHOLE OF SOCIETY to a crisis far greater than the punishment of a few silver users for failing to hedge, substitute or pay their dues for the cheap ride at the expense of many that they have taken for decades.

Do you really think it would be a good idea for the fox to keep the keys to the chicken coop on its representation that there aren't too many chickens left? There were 2 billion chickens in 1990 today there is just a fat fox with an unrequited appetite.

The silver users' willingness to capitalise on an artificially low price means they themselves have been participating in the silver market's march towards volatility and crisis.

Do not have the wool pulled over your eyes by their using the results of their own continuing conduct as a justification for blocking the one thing that can put a stop to their suicidal behaviour.

They won't like higher prices, but we - and they - need them.

Thank you.