Subject: File No. SR-Amex-2005-072
From: Philip G Dawson
Affiliation: retired GM employee

January 27, 2006

The silver ETF should be approved to provide individual investors additional choices for hedging against dollar inflation. The precious metals have historically been the best choices to maintain purchasing power in an inflationary environment. The success of the gold etf should influence you that there is legitimate demand from mutual funds, hedge funds and individuals today Please consider the safety of portfolio diversification for all investors in your decision to approve the availability of this ETF. Thank you for your consideration