one thing that is going on, that is driving prices upward, is folks are selling their 'stash' to local gun shops. I have personally seen it happen. In one case, 9mm was sold to the store for .75 a round. The store will sell it for over a dollar a round.
That's not driving prices up, nor is it causing demand to increase. It is merely increasing supply. A 'stash' has nothing to do with the current market. Additional supply usually drives prices down. However, given the increased, sustained demand brought on by the implantation of a communist in the White House, that market dynamic doesn't exist anymore.