Subject: File No. SR-Amex-2005-072
From: James F Santagata
Affiliation: Retired, Private Investor

January 27, 2006

I am recommending the approval of the proposed silver ETF. As small private investors we have no options for silver that rival the investment opportunities for gold. With pensions in so much trouble, home and auto energy costs soaring for the forseeable future and a worldwide commodities shortage that makes commodity investment veru appealing as a way for us to compensate, being able to trade in silver via an ETF could be one of the ways we offset the above financial burdens.