Subject: File No. SR-Amex-2005-072
From: Timothy R West
Affiliation: Research Analyst / Individual Investor

January 26, 2006

I would like to encourage you to support the creation of a silver ETF. I believe an investment in precious metals, particularly silver, is a useful element to my investment portfolio. The silver ETF would be a big improvement to the currently expensive way of buying and holding silver bars. My one word of caution to you, however, is that there appears to be a limited supply of silver available to back the trust. It would be a grave error to create an investment vehicle that doesn't have the proper liquidity going "in" which could force silver prices to go parabolically and then lead to a crash in prices. My advice is to assure the market that there are ample supplies of physical silver available to back up the Silver ETF. Also, silver derivatives should not be allowed to be held by the trust as they are merely paper promises and could become a financial black hole should the speculators on the other side of the trade become bankrupt. Thank you for providing a forum for us to express our support and concerns.