Subject: File No. SR-Amex-2005-072
From: sabu p ninan, mr
Affiliation: rph

January 27, 2006

THE SILVER ETF WILL GIVE INVESTORS AN OPPURTUNITY TO INVEST IN PHYSICAL SILVER WITH OUT OWENING THE METAL IN THEIR VAULT. THE SHORT POSITION IN SILVER IS SO HIGH THAT THE SILVER ETF WILL GIVE SILVER A BALANCED PRICE.