Hot lead is starting to cool
Shares of two of the nation’s big publicly traded gun manufacturers Smith and Wesson and Sturm Ruger followed the general trend on Wall Street today. They went down almost 2 percent a piece.
The FBI had a report out not too long ago showing gun background checks are falling, and retailers say they’re seeing demand for both guns and ammunition dropping too.
Frank Gerstenkorn owns Guns & Gear out in Cheyenne, Wyoming. We check in with him regularly, and he says the sales boom six months ago has led to a crowded marketplace today, and his sales have been cut in half.
“Since I talked to you last, we’ve seen three new outlets open for firearms and when you have 16 outlets for firearms in a town that only has 60,000 people, that’s a lot of competition.”
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