After last night’s election results, many in the country are worried about the real possibility of more restrictive gun laws and even a coming assault weapons ban.
As the stock market plunged over 300 points today, stocks from firearms manufacturers Smith & Wesson and Ruger shot through the roof. Smith & Wesson was up over 7 percent, and Ruger ended the day up by three percent.
But it’s not only gun stocks that are surging. From what we’re hearing, Gun Stores are seeing huge spikes in both tactical rifle sales and ammo sales. The stores we talked to said they were seeing a huge increase in people buying AR-15s and AK-47. They also tell us, that ammo for these guns is flying off the shelf faster than they can restock it.
This really shouldn’t be a shock. Last month we covered President Obama’s debate comments on banning weapons like the popular AR-15 rifle.
During the debate President Obama said:
…”What I’m trying to do is to get a broader conversation about how do we reduce the violence generally. Part of it is seeing if we can get an assault weapons ban reintroduced.”
With his re-election only hours old, it’s unclear when the President will put his calls to renew the ban into effect.
Gun owners aren’t waiting to find out. I suspect that just like after his election in 2008, we will likely see a huge spike in gun sales, with it becoming increasingly harder to find certain types of ammo.