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Depends at what time someone chooses to stock up (MSM "hoarding"), as to whether or not such has any affect on demand.

Stock up when whatever is readily available? Wise.

Stock up when whatever is challenging to source (price increase/limited quantity purchase/out of stock/multiple trips etc etc). Not wise.

Also, those whom stock up wisely have lessened the burden on those whom want whatever during a sourcing challenge. Because they don't compete with others whom weren't wise…
After every panic finally ends you see some who "got caught" with stuff they really did not want or can't afford and try to unload it. Of course they tend to wait too long and then the stuff will not sell or what they have in it. See a lot of ads asking prices for stuff that no one will bite on. Often have to wonder if the owners did not buy the stuff with a credit card and is now seeing how expensive that is if you can't pay it off?
 
After every panic finally ends you see some who "got caught" with stuff they really did not want or can't afford and try to unload it. Of course they tend to wait too long and then the stuff will not sell or what they have in it. See a lot of ads asking prices for stuff that no one will bite on. Often have to wonder if the owners did not buy the stuff with a credit card and is now seeing how expensive that is if you can't pay it off?
Or when things are flush, ask who in their right mind would ever load 9mm cartridges.
 
After every panic finally ends you see some who "got caught" with stuff they really did not want or can't afford and try to unload it.
This not only applies to ammo but reloading equipment/components as well.

I have seen more than a couple people after 'shortages' who spent more in one purchase than I have in over 47 years of reloading trying to sell off what they bought - unused and unopened.
 
This not only applies to ammo but reloading equipment/components as well.

I have seen more than a couple people after 'shortages' who spent more in one purchase than I have in over 47 years of reloading trying to sell off what they bought - unused and unopened.
I think a whole lotta people bought stuff to flip instead of use.

Judge Judy, "Speculation!".
Me, "Yep".
 
I think a whole lotta people bought stuff to flip instead of use.
Ammo & components maybe but 'Flipping' reloading equipment wouldn't be too smart.

Too many variations, with a limited market to find buyers wanting what you have. Also reloading equipment prices don't rise and fall, like say guns do in times of perceived shortages or fear of bans, so finding a buyer for more than what you paid is unlikely.
 
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I respond to "panics" about the same as I do to a fluctuating stock market. Like stocks, I don't buy and sell based on the current trend. I admit to a much simpler approach. If something costs too much for me, I won't buy it. When something I want is reasonably priced, I'll buy it. Simple. Supplies may dwindle, but then they recover. Seems to work because "panic" periods are a non-issue (and certainly never feel "panic" myself).

That said, I definitely pay attention to the harmful shenanigans we see from manufacturers, namely because I hate manipulative market immorality borne of excessive greed. That is one of the main reasons I've lost respect for Vista and Olin, and embracing Fiocchi more and more.
 

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