It will come down.  Ammunition in all calibers is available somewhere somehow, but hardly anyone is showing up to the range to shoot.  The free market will correct this naturally in time.

I would say that the prices won't come down until the assholes that are buying everything up in the stores just so they can resell it for profit stops

I talked to the guy at my local cabelas the other day and have had many talks with my LGSs and they all say the same. The same Idiots line up every morning the trucks come and buy everything while talking about how much they made in the past week.

Some don't even shoot or own guns but seized on the opportunity to start a business out of it.

When I was a federal hazmat contractor working large scale national disasters there were laws prohibiting price gauging including resale of items and it was taken seriously

During Katrina they all flooded in from TX and across the country selling $600 generators for $6000 and 2 gallon gas jugs filled with gas for $40-$50 each.
Cases of water for $25

They were so many they couldn't get rid of them and although on occasion seized the items and we assumed they went to FEMA, they had no jail to lock them up or courts to deal with them. Hell the local police were displaced and most were out of town state police or federal authorities.

In the case of Covid they should have put a price lock on many "essential" items.
Now it's just a shit show and while some ppl are left without or going broke trying to protect their family, others are just laughing all the way to the bank.

I have enough high quality defensive ammo to suit my needs and have made sacrifices in order to make that possible.
And I feel bad for those that have to suffer trying to find what they need. Everything from JHPs to BCGs

The gun community as a whole has always been known for helping others out when times get tough.
It seems that the influx of "new shooters" and opportunists over the past year has put a strain on that reputation.

Ammo at $20/box for 556 and $30/box for 762 NATO is sitting unbought for days, by the pallet stack, at local retailers here.

It will moderate and then break soon.

That is still a 100% increase on what it should be.
A 420rd can of XM855LC1AC1 on stripper clips is supposed to retail for $189

Made right down the road.
25201 MO-78, Independence, MO 64056

The point being, its not selling at that price.

And gold is supposed to be $35/oz. Yet neither is true.

Fuckin' economics.

Lake city produces and sells it under contract to Federal, Winchester or whoever.
It is sold wholesale to distributors.
Those are the warehouses that store the goods under consignment and purchases in house when it is sold and shipped to retailers.

Federal Winchester and the rest can say all day that they are not raising the prices and it is true but the distributor is not bound by regulations that set prices. Being a third party they can charge whatever they want. Some are honest and some are new players that just started with investors last year.

It's one reason federal started allowing purchases direct from warehouse as a way to win back customers trust knowing what was going on.

Bottom line is that the distribution networks monitor the supply chain. It is their job to do so. When people buy up everything and resale is high due to supply being low they can offset the cost of storage while turning a profit on higher prices. Right now it's over 100%.
The real loser is the manufacture as they are feeding a surplus to the distributors which means that once sales go down the plants workers will be told to go home.

Many products have pricing control at distributor level.

“What it should be”

Please, tell me.  What should the prices be for energy, labor/benefits, taxes, brass/lead/copper, etc?