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

January 29, 2006

I was for the Silver ETF until I read that it would only encourage the ongoing price manipulation in the silver market by selling futures contracts at 100 paper ounces per physical ounce held in the ETF. This is a horrible distortion of what free market trade is all about. The derivatives are driving this market into worthlessness for us savvy investors ready for a free market. A Silver CEF is the honest and just way to bring silver back on the map because there would be 1 ounce of physical silver for every 50 ounces of physical gold readily available to trade. There would be NO paper contracts. Help everyone by stopping the Silver ETF and bringing in a Silver CEF.

-Justin Reynolds
Free Market Optimist