A couple of observations. At my gun club, the ranges are generally picked clean of spent brass now. I used to be able to take home a small bucket full every visit... Even if people are not reloading, they are keeping brass. Perhaps for themselves someday, or for a friend now.
It's interesting that at times of plenty, those of us that accumulate ammo are derided as hoarders or arsenal builders...
I've slowly bought ammo over the years whenever I thought it was a good deal.
About a year and a half ago, the CMP offered some surplus Remmington SV .22LR. I bought 10,000 rounds at about 2.4 cents apiece. Today, they are routinely getting 20 cents for .22LR! I teach, and use it in classes. Without it, I'd have to raise prices.
Marc
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 Igitur si vis pacem, para bellum -
- Therefore if you want peace, prepare for war.
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