It is a bubble and it has to burst. Why? Simple; eventually all the paranoid people will have the ammo they are wanting. It's been said many times and it's still true. There are different types of people buying ammo. But only a small percentage are buying cases and cases of ammo. The problem currently is that there are MILLIONS of new buyers and those who rarely shoot the gun they have that have gone out BASICALLY ALL AT ONE TIME; and have bought ammunition. Even if these people only bought 5 boxes just to protect themselves with, that's a crap load of ammo. It is estimated that 1 in 5 people own at least 1 gun. That's roughly 70 million people. Of those; more than half basically have a gun for self defense purposes. They rarely if ever go shooting. They don't belong to a range and they've had the gun a long time. Of the other 35 million, probably only about 1/4th (8 million) shoot on a regular basis for fun, sport, hunting, etc... These people buy ammo on a regular basis. They shoot a lot of ammunition. Throw in a few extra (Call it an even 15 million); and that's what the manufacturers and market were probably geared up to produce. This is on top of the requirements by law enforcement and the military; as well as exports.
Now; if because of paranoia, the other 55 million people with guns decide they better buy some ammunition in case it becomes difficult to purchase in the future; a simple 3-5 boxes each could increase the normal supply requirements 400%. Then throw in a small percentage of those buying cases at a time. Throw in the law enforcement agencies who many times start their order in the first of the year because of their budgets; and you are looking at too much of a demand all at the wrong time.
Well, of those additional 55 million gun owners, most of them will be content with their 5-10 boxes once they have them. To them 250-500 is more than they'll ever use. And with the price of ammo, they become content. Law Enforcement and the military will get theirs first. Then the demand will slow down considerably.
You can already see it in the shops. Of our 3 gun shops, 1 walmart, and 1 sports authority; there isn't 1 caliber of ammunition that I can't find. I even bought a box of 380 at walmart a few days ago, Are the prices a little higher than "Normal"? Yes. But those too will come down. But the ammo is available. Matter of fact, between the 3 gun shops, I can get any primers, powder, and bullets I might want. The same couldn't be said a couple months ago.
I say that in a few month; NLT 1 September; the "Non-Regular" shooters will have their fill of ammunition. They will have bought any new guns and ammo they needed/wanted. That will cut the demand in half. The uber paranoid who are buying/holding cases of ammo (Aren't regular shooters); will also slow down in their purchases. If for no other reason than economics. (Then they'll be trying to figure out how they're going to sell some of it). And the regular shooter (Those who shoot at least one weekend a month and usually have numerous/multiple guns); either reload or have always had enough ammo, and had online sources. It's the walmarts and the superstores like sportsman's warehouse, sports authority, cabelas, etc... that are the normal go-to places that are really out of stock. If you look at the mom and pops and the smaller online sources, you'll find what you're looking for.