IMO: YES, right now guns are an excellent investment. If they pass laws on "smart guns" and internal trigger locks etc etc etc, then all the guns you have now will be "pre-ban" guns. Just like anything else "pre-ban", they are going to skyrocket in value.
Imagine if they make mandatory devices to be built into, say, Glocks and 1911's. People will long for a Glock or 1911 "the way it was meant to be", in pre-ban configuration.
(off topic rant follows) The Clinton administration has only served to increase gun sales to an historic level. I own far more full-capacity pre-ban magazines than I ever would have if they were not outlawed. Everyone is buying "two of everything" in dreadful fear that this is the last chance they will get to buy certain items. "Assualt weapons" and full capacity magazines are now a "must have", when before 1994 they were just another item. Thanks Clinton for making sure America is well armed. No thanks for the high prices.(end rant)
There is a saying that goes "Gun control will only be increased, and gun values will only go up".
Long before guns are confiscated, (if that could ever happen with all the rabid gun owners in this country), more and more guns will be outlawed over the next 5-10 years or so, which always means that they cannot be sold over the shelves but the ones on the market can be sold used. At this point, your guns are going to be worth a mint.
The trend in gun control right now and over the next several years is toward safety devices, smart guns, internal trigger locks, fingerprinting/serial numbers, lower capacity, low rate of fire etc etc, and there is no gun ban even on the horizon. As new guns become more regulated with more devices on them etc, the old guns are giong to be worth more and more money. You can bet the farm on it. In the mean time, collect guns, have fun, shoot them if you want, because a lightly used "pre-ban" is always easy to unload for a good profit. There are not many investments that you can play with, fondle, enjoy, use, and still make money off of down the road.
Also, as stated above, in the event of a depression etc, there are only a few things that INCREASE in value as the economy goes down the toilet. One of them is guns. Guns make excellent bartering items in times of crisis.
Sometimes the best strategy is to buy a used firearm at a used price. Then it has more room to go up in price and it does not decrease in value as you use it. Right now, I would buy used Glocks, which never wear out, and in the event of gun laws they will be quick and easy to unload. The benefit of a used gun is that you can use it and it will not become "more used". No matter what happens to the economy, a used Glock is money in the bank and easy to unload.
Regarding used guns: I bought a Colt Sporter rifle before they were banned in 1994. I bought it used. I shot it whenever I wanted, kept it nice, had a lot of fun with it, and when I had to sell it a few years later to pay for my college education, I made a decent amount of money. How many investments can you play with for years and then sell for a profit?
So, I guess others here have a point. Don't invest in guns purely for the money. But, if you like guns you can invest in them, have fun, and make a little money down the road. Having guns in the safe is like having money in the bank. Anytime you need money, you can have it as quickly as you want. And, there are not many investment opportunities that you can get into for $400 or so.