From: Richard L. Fein
Sent: February 21, 2006
Subject: File No. SR-Amex-2005-072

I understand that you are in the process of acting on Barclay's Bank application for a silver ETF. There is already a gold ETF (GDL) which sets the precedent.

I would like to see you approve a silver ETF which would give the smaller investor a chance to invest in silver without the risks of buying silver futures or options or buying silver outright which is very heavy and requires storage fees.

I know that the Silver Institute is made up of big self serving commercials who do not want to see a silver ETF. Why? Simple. They want to keep the price of silver low. Right now they have a hugh short position on silver in the futures market. There is no way they can deliver that amount of silver if the longs want to take delivery. That in itself should not be permitted and is probably illegal.

How about making the playing field more level It will look suspicious if you do not approve a silver ETF when you have approved a gold ETF. You would be looked on like congress is now looked on; money can buy gov's.

Richard L. Fein