Subject: File No. SR-Amex-2005-072
From: Stephen Segreto
Affiliation: Investor

February 16, 2006

I am in favor of the silver ETF. I currently hold physical silver and would sell this silver and purchase shares of the ETF if approved, as the holding of ETF shares would be a much easier vehicle to invest in silver.

I have read the comments of the Silver Users Association ("SUA") against the proposed ETF. I note that the SUA theorizes all manner of dire conseqences related to competitiveness and job loss if the ETF is approved. In addition, the comment states that one need only look to the 130 million ounce purchase in 1998 by Warren Buffet to see what the effect of an approval of the silver ETF would be. I do not see how this argument helps the SUA, as they point to this event as the model for what would happen if the ETF is approved, and none of the dire competitiveness or job loss consequences theorized in their comment have come to pass.

Thank you for the opportunity to comment.