Ammunition prices have skyrocketed during the coronavirus pandemic, the inevitable result of nationwide ammo shortages, unprecedented demand, record gun sales, a disrupted supply chain and an international fight over copper.
that are on track to beat last year’s annual record. Guns need ammunition, and Americans have been buying a lot of both.
Americans are buying guns because they fear for their self-protection against rising crime in major cities including gun violence, incidents of police brutality against Black Americans sparking volatile protests, an unrelenting cycle of mass shootings in multiple states, hate crimes versus Asian-Americans, and outbreaks of civil unrest including the Capitol riots of Jan. 6.
More than 10 million people have bought guns for the first time during the pandemic, according to Mark Smith, Chief Executive Officer of Smith & Wesson. Gun sales are being fueled by the specter of more restrictive gun control measures under President Joseph Biden, a Democrat who owns guns. It remains to be seen whether Biden can enact significant gun control legislation with a slim Democratic majority in Senate.
Firearms are less vulnerable to inflation, according to retailers I spoke with, presumably because they’re durable goods lasting for years and potentially for generations. But ammunition is a product that’s intended to be used up and restocked.
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