Subject: File No. SR-Amex-2005-072
From: Nathan T Schuck

January 26, 2006

I strongly urge you to allow for the set up of a silver ETF

There have been comments made by the Silver Users Association (SUA)that have been completely inaccurate. They somehow make an argument that by creating a greater demand for silver that it would cause mines to shut down, when the contrary would occur. A greater demand for silver would cause more mines to open up. In addition, the SUA has been getting silver for cheap for the last twenty years - and they're going through it like candy. Well, the world does not have an endless supply of silver, and they need to get weaned off of the artificially low prices. The silver being used up has exceeded mine production for almost that same period.

There is no reason not to all a silver ETF. If anything, it will expose the undue influence the SUA has had all these years, getting something valuable for next to nothing.

Thank you for considering my comments. I am just an average citizen - I run no business of my own.