Subject: File No. SR-Amex-2005-072
From: Glenn Kellis
Affiliation: private investor

January 28, 2006

I would like to express my support for the creation of the Silver metal ETF as proposed. Precious metals remain the best asset for preserving wealth and perhaps the only real money.

Buying bullion directly is difficult and cumbersome and investors would be well served by an ETF holding only real metal in 1:1 ratio to share value. No derivatives of any kind should be permitted, only pure silver metal held by an established, fully insured vault with full transparent accountability.

Sincerely, Glenn Kellis