Subject: File No. SR-Amex-2005-072
From: Jan R Sugalski, Ph.D.
Affiliation: Professor, Santa Fe Community College

February 21, 2006

I strongly urge approval of the silver ETF. On the basis of my own researc, I believe the arguments of the Silver Users Association against the ETF to be basically bogus. In fact, their own arguments actually end up being arguments for the ETF.