Subject: File No. SR-Amex-2005-072
From: Nick R Hodgson

February 14, 2006


of
unfair silver manipulations and monopolies


If one ever wonders why so many South Americans hate the trading policies of the US look no further than the silver Users association trying to prevent free enterprise trade silver via the Barclays ETF.

There are many large and small silver mines in South and Central America in mothballs or closed because the price has been so low for so long. Just drive through the many historic silver mining ghost towns in Mexico, to see this evidence.

For every mine worker creating commodities over 6 to 10 jobs are created depending on the countries infrastructure.

In Australia for very mine worker, 10 service industry jobs are created from school teachers to truck drivers etc servicing the mines needs and staff.

If silver were to go up in price to over 14 dollars an ounce then well over 300,000 jobs would be created in the silver mines south of our border alone.

. And the SUA says that they would lose jobs

Again no wonder we are so loathed for trying to manipulate commodities to our convenience. I hope the SEC thinks of the rights of the miners and the countries that have explored and discovered their silver deposits.

It is both unethical and illegal to prevent mechanisms that may allow increased demand to occur for any commodity.

If demand is suppressed then so is supply and eventually the free market will explode as it finds an alternative venue to express itself.

If Barclays is not allowed to take the ETF silver initiative then I hope they sue the SUA for malicious interference in its business plan by the SUA s efforts to maintain its monopoly. Or better still let some workers representative group from one of the silver rich

Countries take the SUA to some world court for preventing them from getting jobs.

The sad fact is the stockpile at present decline rates will be empty within 2 years and then the price will truly go nuts.

Also there are a many Indians who own silver as an investment and they should have every right to sell their heirlooms if the price appreciates. Either way the market will cater to creating the correct balance on the silver price what ever it may be. But if any group tries to stop free trade of it they are creating problems such as these silent ghost towns that should be vibrant societies strengthening the economies of the nations they are sited in.

So lets have some orderly price rises know so that these miners can get some jobs and lets help them to stop loathing Americas monopolizing self serving mechanisms.