Subject: File No. SR-Amex-2005-072
From: Jeffrey Wolff

February 12, 2006

The creation of an investment tool to buy and sell Silver bullion without having to own the physical asset, such as the proposed Silver ETF, will provide investors with a mean to diversify their portfolio into Silver with greater liquidity, lower transaction costs and no storage requirements for physical bullion. The SSgA Gold ETF (GLD) has proven to be successful and popular. In a free market economy, investors should have the same opportunity for a Silver ETF. The SEC's decision should be based on legality and demand for such an investment vehicle.