U.S. background checks for citizens wishing to purchase a firearm have soared to nearly 7.7 million in the first three months of 2016, a year-over-year increase of 36% compared with the first quarter of 2015. The FBI ran more than 23 million background checks in all of 2015, a record total.
As of 2009, the number of guns in the United States has exceeded the country’s population, and the gap has been growing ever since. And that’s just the legal number.
In October 2015, the Washington Post cited a report from the U.S. Bureau of Alcohol, Firearms and Tobacco (ATF) that revealed firearms manufacturing had nearly doubled in the United States between 2009 and 2013, from 5.6 million to 10.9 million rifles, shotguns, handguns and other firearms.
Handgun makers Smith & Wesson Holding Corp. (NASDAQ: SWHC) and Sturm, Ruger & Co. (NYSE: RGR) certainly could testify to the increase. Shares of Sturm Ruger rose from about $6.50 to nearly $82 between January 2009 and January 2014. Smith & Wesson’s shares rose from less than $3 to about $15 in the same period. Handguns represent the largest portion of the current spike in firearms sales.
Sales rose late last year, following the mass killings in Paris and San Bernardino, and have been bolstered by Democratic presidential candidate Hillary Clinton’s promise to push for stricter gun control laws if she is elected. An industry analyst told CNN Money, “As the general election draws closer, we believe fear [about second amendment rights] will be maintained.”
The 7.7 million background checks run so far this year are only a rough indicator of the number of new guns that will be sold. A single background check can cover multiple firearms.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
