I'm guessing all of the above, plus

by bj , Monday, November 14, 2016, 19:44 (2933 days ago) @ BC

I'm told there are a lot of private hoarders out there.

I'm discounting the hoarders more and more each day- how many people can afford to spend $50 or more every week to buy out the local WalMart and put it in the closet. This has been going on for many years and with the up and down economy across parts of the country, you would think that eventually some of these people would need the money more than they would need 100k of .22LR and they would start selling. I haven't seen or heard of anyone selling. You go to gun shows down here and there is none for sale. I check a few online stores occasionally and they don't have anything in stock except for the expensive target ammo that costs more than good centerfire ammo.