I don't see much hoarding . . . yet? Where'd the millions upon millions of rounds go that were made between 2007 and 2010, if they weren't hoarded (CCI alone has been making a million rounds a day of .22 rimfire)? You think cupboards were bare, while ammo makers were running two shifts, because everyone who'd been shooting 1000 rounds a year, suddenly started shooting 1000 rounds a week? Personally, I don't know a single person who thought it was a good idea to stock-up on ammo and components when they were running 2x and 3x what they'd cost a few years ago, and I have yet to see a huge up-tick in shooting range useage or club memberships, so there are garages and bomb shelters full of ammo, somewhere.