Subject: File No. SR-Amex-2005-072
From: H Kelley
Affiliation: voter

March 3, 2006

All respect to Rep.J.Gresham(fax 2-16-2006). It would be criminal insanity to not grant the ETF. We are way past the point of rationing silver given the insinuation of rarity and indication of strategic necessity by the Hon.Rep.J.G. An ETF would give a deterrant against used silver in trash dumps vs. conservation and recycling before it truly is to late. Legally a company can buy all the silver they want and sell to whomever they wish. Perhaps the ETF can be allied to a strategic reserve as with oil, before other nations do (nuf said??). Please consider a structured allocation over time to avoid panic hoarding, perhaps from a federally purchased stockpile that could also be maintained as a counterweight against panic and insurance of a strategic supply for our high tech toys in future.