From: Joseph G. Miller Esq.
Sent: February 5, 2006
Subject: File No. SR-Amex-2005-072


I respectfully request that you grant approval for the Barclay's Silver ETF listing. This listing will give American investors a low cost opportunity to invest in a commodity that is currently very costly to obtain. I also believe it will give greater liquidity to the Silver Market since there will be another mechanism for investors to pursue.

While the Silver Users' Association is concerned about the effect this ETF will have on silver price, I think their concerns are unwarranted. Since Silver is traded in several highly liquid markets currently, any increase in the base price of silver will cause a corresponding increase in the available silver supply through dishoarding or recycling. This will bring the market into equilibrium. Additionally, the Environmental Protection Agency (EPA) lists silver in waste water as a toxin that needs to be controlled. This silver comes from various sources including, Photographic labs, dental amalgams, and the electronic industry. A higher silver price will lead to greater silver recovery and a corresponding drop in silver effluent on the U.S. wastewater stream.

Finally, The Silver Users Association make the statement that the ETF will cause a loss of jobs. Why have they not commented on the mass exodus of silverware production (primarily plated ware) to China based on the lower cost of labor there? Increasing silver price would actually increase employment in some of the most economically depressed areas of the U.S. including Idaho.

Again, I fully endorse the approval of the Silver ETF by the SEC as a positive step for investors in the U.S.

Disclosure: I am not connected with any silver industry organization or company. I have not received any payment for my statement here.

Joseph G. Miller Esq.
3 Ferrous Court
Hunt Valley, MD 21030