Subject: File No. SR-Amex-2005-072
From: Robert A Konczal
Affiliation: International Association of Assessing Officers

January 26, 2006

-A silver ETF is a great idea. It will greatly increase demand and TEMPORARILY increase silver's price.

This will lead to more mining exploration.

More exploration will lead to more mines, more jobs for citizens, more tax revenues for federal, state, and local governments, and an expanding economy. It will eventually increase silver supply and bring prices down, while increasing employment.

Silver is a great American natural resource that we don't have to import from China. Something has got to replace lost manufacturing jobs and mining is a good start.

It's a winner all around, except for a few special interest groups that like the status quo.

regards,

bob