Subject: File No. SR-Amex-2005-072
From: Dmitry Tratas

March 15, 2006

The first news about Silver ETF was about in last summer. Silver prices were about $ 8.90. Analysts said in that time about $1.50 - $2.00, which can be added if they would approve Silver ETF. That is the price for removing physical silver from the market. With todays price of $10.30 we can say that market already paid that price.
Some people say, "Let the market free, we want to trade silver without real ownership of that" From that point of view the market is already free. Every investor can buy silver in the futures market as well as in the forex market.
But it isn't really free for now. Because there is only one force left in that market. That force is news about silver ETF. With the very weak physical demand prices continue to move up - that is abnormal state of things. Investors buy rumours. That rumours shall be sold as facts.
It will be very big sell-off when rumors shall become facts.
The more market is overheating the more price fall awaits us.
Somebody needs another brothers Hunt history.
Those who shall come into that market too late will be new brothers Hunt. In my humble opinion "too late" is today, maybe yesterday. But let every investor takes his own decision about it.
Obviously that today isn't a good time for launching silver ETF, because it's very unstable and overheating market now.
But worst thing is any delay in decision.
So my request is - please, take ANY decision as soon as possible.
Let the market really free.