Subject: File No. SR-Amex-2005-072
From: John Ellison

February 14, 2006

Please approve the silver ETF for the common man. As it stands now purchase of silver for invenstment other than a life long ordeal is at best a hobbie. A hobbie is something that does not make a profit. With dealer markup nearing 5 percent on both the sale and buy sides of a transaction, a market increase in the spot price needs to be near 10 percent to realize a gain. Unless you are the dealer The dealer is making money hand over foot reguardless of the price of the metal and even more so if you are tring to reduce your loss and sell at a small loss. The silver ETF will make silver a liquid asset for both long and short term investors. Sure at first it will impact the supply but that will level out soon and be long forgotten in the future.

Thanks,