I'd say we're being gouged right now.
There was a point where supply got tight and everyone was panicking and buying everything they could, and that drove prices up. But then human nature kicked in, and sellers realized they could turn a bigger profit because demand was so high, and the prices went up more.
I say that, because I'm starting to get multiple emails from stores, pushing "we've got ammo!" at high prices. Funny, I get the same email or even more urgent ones, the next day, from the same places. So their $700 cases of 9mm didn't sell out yesterday or the day before, and they have to push me again, because it really might today.
Thanks, no thanks. I've got enough to last awhile, I think I'll hold off for now. If the dire warnings come true, I'll probably sell off most of my handguns and keep just a couple of what I feel I need, and ammo for those.