It will come again. Ammo has a lot of properties like classic currency, like salt. That's actually produces an instability in demand that makes it's availability unpredictable. Find me a consumer good that is: Light weight, Small, Valuable, Storable, Uniform to a degree, Consumable, Divisible, Relevant in 20 years There is a near economic law that you won't find many consumer goods in a common store like that. Everytime one of those aspects will be missing. Because the availability of those goods can't be relied upon and people develop other solutions that lack at least one of those properties and people end up using that. At one point that was salt, which was reliable, but the point is you can't have that while having a fiat currency. The volatility between the two and the relative low expense of buying it (expense vs investment) leads to speculation. Even if people don't mean to speculate all purchases are speculation and enough "consumers" in concert doing their consumer thing but impacted by those forces can lead to high demand volatility. It's not a mistake that there was an ammo shortage during quantitative easing and now fed interest rates have gone up and it's gone. hint: If you see news of a recession buy ammo before the run. Then you can sell it. Recession means the fed is going to respond. Response means this happens all over again.