I read an obscure article somewhere with someone in management at an ammo producer, and they said the smelter in question only processed raw lead ore, but that most ammo producers get their lead from recyclers, so the actual price of ammo was not likely to be impacted at all.
This is true. This panic is fanned by the same kind of morons that left the market in 2008 and secured their losses, tin foil hats, etc, etc.
The lead to be recycled had to come from somewhere. All copper bullet? Expensive and possibly hard on the barrel. This will affect supply and price. Hardest hit will be the bullet casters, the ones that know how to make bullets when the SHTF. Very hard time finding wheel weights now which are great for casting...of so I’ve heard...not that I do anything like that.