A few years ago there was a study that said half the guns in the US were owned by 7.7 million people, 3% of the US adult population and about 12% of gun owners. This group had a minimum of 8 guns and an average of 17.
I suspect the same is true of ammo. A small group is buying and holding a lot of ammo.
That small group must have a lot of people that are using ammo as a lead and brass security blanket. When watching riots on TV sitting on crates of over priced ammo could be comforting.
Most people I know that buy their first gun strictly for security go through a few boxes at the range right after they get it and then the gun rarely gets shot after that. The club I shoot is a little less busy but but not by much. The club is members only and expensive to join so not many new gun owners shoot there. But I doubt they are shooting ammo they bought at today's prices.
I haven't seen anyone admit to buying cases of ammo at 4 times what it was selling for 18 months ago. not even online. But somebody is. I am really curious why. A new shooter buying a few boxes I can see. I shooter that didn't stock up buying a few boxes for a match I can see. But buying cases and cases and not shooting any of it? I gun don't get it.
They are not shooting it because they figure ( with some justification ) that every case they buy could be the last they will be able to get. One or more ammo plants going out of business is a real possibility. Not because of lack of customers, but because tha banks, credit card companies, and insurance carriers are under tremendous pressure from the " woke " crowd and
tech giants to stop doing business with gun and ammo companies.
You can't run a business without insurance. If any of the financial institutions refuse to comply, those who threaten them have the money and political power to do damage through legislation or by boycotts.
Legislation is being drafted as I type this that will remove legal protections from frivolous lawsuits due to misuse of products against gun and ammo manufacturers. If these new laws are passed, or enacted by executive order, all it would take is a lawsuit or two against a company to put it out of business.
I have to admit that this new strategy against the ammo and gun companies is quite brilliant in many ways. They have done permanent damage to the shooting sports, and pretty much shut down almost all recreational shooting for the foreseeable future using the overreaction to the China virus as partial cover.
The days of relatively cheap and plentiful ammo are over.