Subject: File No. SR-Amex-2005-072
From: Paul Yusem

January 27, 2006

I am a professional investor and trader that specializes in the gold and silver markets. I also participate in the Bloomberg gold survey.

With zinc, lead, copper, platinum, natural gas, oil, and the CRB index at or recently at all time highs, a case can be made that silver is the most undervalued commodity in the world. Why is silver 80 percent off of all time highs and these commodities are making all time highs?

Higher silver prices provide jobs for silver miners. Silver is a very small component in the pricing for most products. The SUA has basically had almost free silver for decades. Why?

The United States of America stands for free markets and capitalism. A fringe group, SUA, should not stand in the way of free market principles. Let the market determine the price of silver. I urge that the silver ETF should go forward.