Subject: File No. SR-Amex-2005-072
From: Robert L Sinodis

January 27, 2006

I find it troubling that the SUA will reportedly use all means at its disposal to derail the proposed silver ETF. In fact,what the SUA wants is foreign to free market economics. It states the goals of ample supplies of silver and low prices. These two goals are contradictory within a free market. The SUA through its political muscle has coerced the dumping of government stockpiles of silver for many years. This represented an artificial and finite supply that is almost gone. Only higher prices will induce the production of more silver.

This new ETF will allow the small investor the opportunity to invest in silver which is a difficult thing to do at this time . While investors are looking out for their own self-interest ,they will be playing a key role in the inducment of more silver production....thereby saving the users from possible shortages down the line. I hope the SEC will not step outside of its mandate and instead will let the free market do its job by approving the silver ETF.