I'm down to my last two boxes of Federal ammunition.  The stash was twelve, but I do shoot a few rounds of it every time I do range time.  Anyway, I got the ammo sometime in the '90s, but I haven't noticed any decrease in the thunder/flash at the range, so it appears to be still doing its job.  I'll have to chrony a few rounds before its gone to satisfy any doubts.

Is Speer still the cappo di tutti cappi for .38 spcl +P rounds?
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The FBI uses Federal HST.

I've read a lot of good things about the Speer and Federal offerings. I carry the Hydra-Shok in 129gr +p

You won't go wrong with Speer Gold Dot or Federal HST.  Either will serve you well.

Federal has a 130 grain .38+P HST coming soon. But the load is like a wad cutter so it may be a pain to do speed reloads with.

Not for 38 spl, and I believe the use Gold Dot G2 for 9mm.

Speer Gold-Dot 125gr +P is a good loading (SKU 53720)

For everyone recommending HST, Federal does not currently produce a HST loading in .38 Special...

They do now, actually. Credit to @GSL in another thread:

HST .38 Special

That's why I said currently.  I know its been announced, but right now its unobtainable vaporware.

Ammo does not go bad assuming reasonable storage. The ammo you have will be fine but you may have a hard time finding the exact same load again, the +p+ was probably an LE overrun from back when revolvers were still popular duty guns. Having said that a lot of more modern hollow point ammo is available today that should perform as well or even a bit better ballistically

This! I've still got 7.62x39 ammo with a 1960's headstamp on them. They go off HARD every time without fail. As long as ammunition is stored "High & Dry" it won't go bad. Moisture is the problem that can degrade the efficacy of ammo. It's hot an humid in Georgia 8 months of the year and I sweat more than the average bear. I've yet to have a self defense/duty round fail to detonate as of yet... knock on wood!

If you are looking for a good .38spec load that is getting rave reviews the Gold Dot 135gr +P is apparently the shit as of now. But I think that it's optimized for short barrels. However, it certainly will still do the job in longer barrels though. I personally use GD 125 grain standard pressure as my first choice as it hits hard from a 2.5" barrel. It comes in +P loads too. Then there is always Buffalo Bore's loadings. I like their soft cast LSWCHP's. And lately I've been a fan of the Hornady 158gr XTP's. There are some wicked gel test on youtube as of recent that XTP's... Lastly, for a woods load I really like Buffalo Bores Hard Cast Wad Cutters in 158gr... They penetrate pelt, tendon, and shatter bone like nothing else in a .38Spec caliber that I've seen. So you've got quite a few modern options to choose from.