Subject: File No. SR-Amex-2005-072
From: Terence J McCloskey
Affiliation: Retired, investor in Silver stock

January 27, 2006

Investors in silver have a great need for a Silver ETF, such as that proposed by Barclays Global Investors. Investing in Silver stocks now involves dealing with a very volatile market. An ETF would provide more stabilization for the investor, that is much needed.