Subject: File No. SR-Amex-2005-072
From: Jay Goodfellow

January 27, 2006

I support the SEC approving the proposed ishares Silver Trust. Having silver available to investors in this fashion will create a more liquid market. It will lead to a greater production of silver as there will be a greater demand for it. More demand equals greater production. Initially the price may advance somewhat beyond current levels so that the price will be in excess of the cost of production. The average cost of production including the cost of capital is somewhere in the area of 10.00 to 12.00 per ounce. If silver were to trade at this level, new mines would be opened and production would increase and there would be no shortfall in supply like we face today.
Once again, I support the proposal for a silver ETF.
Thank you for the opportunity to comment.
Jay Goodfellow