No more than $300, because that's what it's worth historically.
The current pricing is artificial, being inflated by someone in the chain. The amount of supply isn't going up, so there would be no additional expenses incurred by the manufacturers (I'm talking the majors like Federal, Speer, Winchester, etc.). So that means they shouldn't be raising their prices.
That leaves distributors and retailers. That's where the price increases are coming from. They're artificial increases not based on cost, but based on demand. In the economic world, demand causes the legitimate increase in price only when that demand is causing pressure to increase supply, which then causes expenses of the suppliers to go up. But since they're clearly just increasing price to increase profit, it becomes artificial and market manipulating.
I am anxious for the day when these folks have to eat their own supply because they can't move them. The fire sale days will be coming.