Subject: File No. SR-Amex-2005-072
From: Lawrence N. Peterson
Affiliation: water quality specialist

January 28, 2006

Our family is in total support of the proposed Silver ETF. The world has operated with a deficit in the mined supply of silver relative to demand for what appears to be well over 50 years. Due to the historic hoarding and coin use of the metal (monetary value), there has been an ample supply to satisfy the ever growing and essential industrial needs. This historical cache of silver has lead to under pricing of the metal and lack of economic incentive to initiate new mining. Sunshine Mines vanished (along with my investment in it) as an American employer due to these unprofitable prices in 2000. Even now the current mines are struggling to keep their payrolls and social obligations intact. To put off introduction of a mechanism that will help move silver prices to a more reasonable level is simply amplifying a serious shortage that is coming.

As a family, we want to own some silver to augment our retirement funds for the safety it offers. At the current prices, it is simply too bulky to store a reasonable amount and few options exist for safe and cost effective storage with a private vault. Likewise, it puts the family at risk to simply pile it in the house (attractive nuisance to invite thieves). Please give us this ETF option to have a means of convenient purchase and sale of silver through our established stockbroker relationship. Grant the Barkley SLV a green light, please. Thank you for the opportunity to comment. LNP and Carrie and Jeff Peterson