Gun Sales Increased to a Record High on Black Friday. Consumers are Buying Guns over fear of new Laws Restricting Gun Ownership.
Gun sales hit another record high on Black Friday, based on data from the Federal Bureau of Investigation (FBI). The FBI reports that applications for firearms background checks increased by 20 percent to 154,873 on November 23.
The majority of the gun retailers noted that the wait times for the processing of background checks applications by the FBI’s National Instant Criminal Background Check System (NICS) was longer than usually.
A report from The Blaze quoted the statement of Robert Barnett, owner Larry’s Pistol and Pawn in Huntsville, Alabama regarding his observation that the background checks were longer than the normal 2-3 minutes normal processing time. He said, “Most of the day (Friday), I had 8-9 employees on hold with NICS, listening to music and waiting to process their forms, and each employee was holding 4-5 applications. The wait times averaged 15-20 minutes per call, when we could get through.”
Earlier this month, right after the re-election of President Barack Obama, the stock value of gun manufacturers such including Smith & Wesson Holding Corporation (NASDAQ:SWHC) and Sturm, Ruger & Company (NYSE:RGR) surged. Investor speculated that Americans would purchase guns before the Government would implement tougher regulations on firearms.
A report from USA Today cited a comment from Don Gallardo, manager of Shooters World in Phoeniz, Arizona that people are making decisions to buy guns after the election in anticipation of a new law. He said, “with the recent election, some people are making buying decisions just in case something [a new law] happens.”
President Barack Obama indicated his plans to revive the assault weapons ban that expired in 2004 during the third presidential debate, and cited the increase in domestic violence in the country committed by civilians who own military assault weapons. The President avoided introducing any regulation related to gun control during his first term in the White House.
According to a survey from Gallup in 2011, 47 percent of adult Americans owns a gun. Steve Sanetti, president and CEO of National Shooting Sport Foundation, “Responsible firearms ownership is popular, mainstream and growing. Americans in record numbers are choosing to own firearms for target shooting, hunting, collecting and personal and home protection.”
Shira Goodman, executive director of CeaseFirePa, an anti-gun violence group in Pennsylvania believes that people are concerned that the Obama Administration might implement a law restricting gun ownership, which is driving people to buy guns. She also noted that the President did not take any action to limit gun ownership during his prior term. Goodman said, “there was a lot of advertisement about what the re-election of President Obama might mean, although, no action has been taken yet, or in his prior term about limiting access to legal guns.”
In the past five days alone, Sturm, shares of Ruger & Company (NYSE:RGR) are up 22%, while shares of rival Smith & Wesson Holding Corporation (NASDAQ:SWHC), have increased by more than 10%.
Many are joking that President Barack Obama is the best gun sales man in history, as gun sales and stock prices of gun makers haved soared since his election. A joke which the president would likely not appreciate.