…it's also clear that part of the gun-buying rally is driven by
people like Mr. Chambers who are buying weapons the way others invest
in a hot stock. The buying is pumping up prices. Many popular models of
guns are back-ordered for a year or more. Some manufacturers are
operating plants 24 hours a day. According to the 2009 edition of the
Blue Book of Gun Values, the average price of European-made AK-47s –
the famous Soviet-era military weapon now made in several countries –
doubled from $350 last September to more than $700 by the end of 2008.
Bert Collins, an Atlanta commercial
real-estate manager, recently bought two AR-15 rifles for about $1,600
each. He's keeping one in its box, untouched, with the hope of selling
it at a profit should Congress re-enact the law, which expired in 2004.
"It's certainly a better investment than my 401(k) has performed," Mr.
Bubba Sanders, owner of Bullseye Supply LLC, in Brandon, Miss., said
he has "a number of doctor clients whose financial advisers have told
them to invest in ammunition. Beats the hell out of money markets and
CDs. You can double your investment in ammunition in a year."
I thank John de Palma and James Solier for the pointers.