Subject: File No. SR-Amex-2005-072
From: Joseph P Brian, P.E.
Affiliation: Sr. Process Computer Engineer/Computers

January 31, 2006

Purchasing, taking delivery, storing, selling and shipping physical silver is a significant burden to those wishing to invest in physical silver. An ETF for a physical silver trust would be a great asset to the silver market. At present, either going through the trouble of taking physical delivery, or becoming a registered commodity trader on the Comex exchange where the contract size is 5000 ounces, are the only ways to enter and exit physical silver investments. Having an ETF set up to handle all the physical handling activities and relieving the small and non-professional investors of this world who would like to have a low cost way to invest in silver would be a tremendous advance for the market. Greater price stabilility, greater liquidity and easier access to the market are things I greatly desire. I have some IRA money invested in physical silver. Since I cannot take delivery of a commodity that falls under the rules of IRA accounts, I incur great expense in purchase/selling commissions and storage fees to maintain adequate diversification in my IRA account. An ETF in silver would allow me to maintain my IRA account diversification without the significant storage fees that I am charged for this service every two months.