This day, buyers were not limited to three boxes total, but were allowed to buy three boxes of each caliber of ammunition that was in stock. I saw one guy fork over more than $400 for 1000 rounds of something, but I could not hear what. It was not long before Dick's ran out of ammunition. Judging by some of the conversations I'd heard while in line, some of the folks will no doubt be back in line Wednesday morning, adding to their stockpiles.
In a sad twist of irony, this is the same Dick's location, where just over a week ago, a man took his own life. He'd asked to see a shotgun, but also wanted the trigger lock removed. When the salesman refused to remove the lock, the man pulled out a revolver, which turned out to be unloaded, and demanded that the lock be removed. He grabbed some shotgun shells, locked himself in the men's room, and later died of a self-inflicted gunshot wound.
Today, it was as if nothing had ever happened.
No doubt some of the ammunition purchased today will be used at the range; while some will be stored. It's hard to say for how much longer the ammo lines will persist; but the fervor will ultimately die down, however, as the balance of supply and demand is restored.While the highly polarizing gun debate rages on, there is an economic lesson taught by the ammo lines. If the population at large believes that something might be taken away for them or will be in short supply, whether real, rumored, or imagined, they will line up and they will stockpile. At the time of publication the author held no positions in any of the stocks mentioned. Follow @JonMHellerCFA This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.