I remember buying bricks of .22LR (500) for $2.00-2.50, in the 50s/60s. I can also remember buying 7.62x51/.308 in 2001 for 8-9 cents/rnd, in quantity. Those days are long gone.
If people would stop hoarding, prices would drop noticeably, but never to those levels again.
I was getting 500 rd bricks when GWB was in office for $10.