Subject: File No. SR-Amex-2005-072
From: Lawrence A Lacey
Affiliation: National Association of Federal Veterinarians

January 26, 2006

Since the Fedeal regulatory agencies have approved several gold exchange traded funds, (now operating successfully), there can surely be no logical reason why a single silver one should not be allowed to be initiated. The arguments in opposition put foreward by the SUA seeem to me to be a transparent effort in a conspiracy for the restraint of trade and patently illegal. In fact as I see it, the only reason for the existance of of a Silver User's Association is to artificially depress the market price of silver to increase the profits or market share of the member conspirator companies. I appeal to you to allow the market in silver to be freed from over half of a century of manipuation by approving the application for a silver ETF. If in fact, the introduction of a silver ETF should result in a silver price increase (as the SUA obviously fears)it would probably result in a reversal of the depressed economic conditions in the silver producing states. This is because for most of the last 25 years the market price of silver has been held below the cost of production resulting in stagnation. A not unrelated fact is the simultaneous total sell off of the US government's former enormous silver strategic stockpile. In my view this highly questionable and unpatriotic acton was the result of SUA lobbying. If the government's billion+ ounces of silver had not been thrown on the market, price alone would probably have rationed this now scarce militarily sigificant commodity and we would not be facing a scandlous national shortge.