Subject: File No. SR-Amex-2005-072
From: Roland H Watson

January 26, 2006

I think the Silver Users Association's comments need to be taken with a pinch of salt. Silver stockpiles are sufficiently large to satisfy mining shortfall but also sufficiently small to create an investment opportunity.

Silver mining production has fallen short of demand for 15 years now. That may continue for another 15 years, but investors should not be denied this ETF to risk some capital on it not being so.

technical note: your form did not allow my email address of shimei123@yahoo.co.uk, so please amend.