End of days? Gun hoarders? Gun prohibition?
DETAILS: Speak On It! President Obama Addresses Gun Control On ‘Meet The Press’
The U.S. is preparing for a gunless nation in the wake of the Sandy Hook shootings, by purchasing assault rifles at such a rate that they are outstripping supply. In other words, the guns are selling out and gun shops are struggling to keep up with the demand.
To beat legislation efforts to ban assault weapons, people are buying out stores and buying rifles online to own the guns before they are deemed illegal.
“Our phones are ringing every 10 seconds and people are saying, ‘Do you have any assault rifles?'” said Dennis Pratte, owner of My Gun Factory in Falls Church, Va., a store that also sells products online. “They’ve sold out of just about every gun shop nationwide and just about every distributor is out of stock.”
High capacity magazines are also flying off the shelves.
DETAILS: “The Next Best Solution:” Arizona Schools To Arm Principals In Wake Of Sandy Hook
“The retail market is completely sold out of anything with high-capacity magazines,” said Pratte. “We get people 20-deep waiting to buy.”
Supply and demand calls for higher prices, however. Pratte says that prices for guns and magazines are increasing.
High-capacity magazines, particularly the popular 30-round magazines, are going for $100 apiece on Gunbroker.com, a bidding site like Ebay (EBAY, Fortune 500). He said they used to sell for $15.
Gun stores aren’t the only ones feeling the gun drought. Manufacturers are running dry, according to CNN. Beta Mag’s items, who makes 100-round dual drums (which James Holmes used in the Aurora, Co. shootings), are all on back order.
Looks like the panic is about to set in for gun-loving America. I can only imagine what that means.
SOURCE: CNN Money
