Subject: File No. SR-Amex-2005-072
From: J Yee

February 5, 2006

The Sherman Act was established to ensure a free market. As such, it would not make sense to disallow the establishment of a silver ETF simply to curtail price. The price must remain free and subject to laws of demand and supply. Any manipulation will only be short lived with one party advantageous over the other. Any disequilibrium will result in only temporary measures which may be the reasons why the etf may be set up in india and elsewhere. Such will however be disadvantageus to the average American investor since such a holding will be unavailable other than volatile silver miners and physical/paper holdings that are hard and expensive to get hold of and maintain ...