I think his assessment has some truth. There are people buying a lot of ammo, but not a lot of people shooting a lot of ammo.
Fact: Factories are pumping our record amounts of ammo.
Fact: People are hoarding ammo, not blowing it at the range like before.
What exactly is going to happen to all of that ammo? Is it gonna get shot? Or will it eventually be sold? If sold, at what price?
It'll be stockpiled, like so many people here advise.