Subject: File No. SR-Amex-2005-072
From: JOSEPH E BRAUER
Affiliation: INDIVIDUAL INVESTOR

January 26, 2006

I am very interested in the proposed silver ETF. I would urge approval. I feel this would give investors an efficient vehicle to trade silver. The fund could possibly increase awareness of silver as a strategic investment. This would be a great benefit to the mining industry. Increased demand could help stabilize mining company operations and add to employment.

On balance I think an ETF in silver would be a very positive development. Please consider these comments in your deliberations. Thank you.