Subject: File No. SR-Amex-2005-072
From: Jeremy Lowrey
Affiliation: Senior Software Engineer

February 26, 2006

I would greatly benefit from a Silver ETF.

Trading silver is very cumbersome in the traditional world. To complete a transaction online or over phone with a check, it takes close to a month from order placed to order received. (Make purchase, mail in check (3 days), two week check holding period, and seven days for delivery of silver.)

A dealer has a very large spread between the buy and sell price. That spread wipes out much of my resell value of silver.