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The NRA Is Dying – And the Timing Couldn't Be More Ironic, Crypto Coins News

The NRA Is Dying – And the Timing Couldn't Be More Ironic, Crypto Coins News
  • Gun and ammunition sales are surging alongside the number of coronavirus cases in the US
  • The NRA attributes this to the uncertainty surrounding the pandemic.
  • Ironically, the NRA is running out of cash as the industry experiences a historic sales boom.

The novel coronavirus outbreak is proving to be a blessing for the US firearm industry. As the number of U.S. cases approaches the 574, mark , gun and ammunition sales are booming. That’s why it’s supremely ironic that the National Rifle Association (NRA) appears to be dying.

Americans are stocking up on guns and ammunition

The most recent statistics on background checks conducted on potential firearm buyers by the FBI’s National Instant Criminal Background Check System (NICS) bear this out.

In March, the NICS registered the highest number of firearm background checks since .

Firearm checks rose % from February and

% compared to March . Over 3.7 million people underwent background checks last month, compared to 2.8 million the previous month and 2.6 million in March
The FBI conducted a record number of firearm checks last month as the coronavirus pandemic swept across the US | Source:

FBI

Ammunition sales are spiking significantly too. Ammo.com recorded a % increase in transactions – and a

% rise in revenue – between February (rd) and March st compared to the same period in 5658

ammunition sales and revenues in the US shot up as coronavirus cases rose. | Source:

Ammo.com

According to the NRA, surges in gun and ammunition sales often occur when Americans feel threatened. Sales rose dramatically after the 9 / (terrorist attacks and the Hurricane Katrina devastation in

.

The NRA itself suggested last month that there is fear that safety and security will become become the individual’s responsibility at some point as the coronavirus ravages the US

We’re seeing it now because Americans know that, during times like these, first-responder resources may be limited and their safety is ultimately in their own hands.
Source:
(gun sales rise, but NRA) fundraising figures fall

Ironically, the coronavirus pandemic is having the (opposite) Effect on the fortunes of the powerful gun rights advocacy group.

The social-distancing measures Introduced to curb infections have left the NRA with limited fundraising opportunities.

Maybe the NRA should ask Trump for a bailout. | Source: REUTERS / Bryan Woolston

The organization, whose finances have been worsening over the years , suddenly faces a brutal cash crunch. Just this week, Politico reported that the NRA has (laid off over) employees .

The cost-cutting exercise comes after the NRA was forced to cancel various income-generating events, including its annual meeting and convention in Nashville, which had been slated for April.

How gun stocks are faring

Perhaps the NRA should hit up the firearm industry for a bailout. The massive spike in gun and ammunition sales has had a comparable effect on gun stock valuations.

Ruger stock is up about % year to date. | Source:

Yahoo Finance

While the overall US stock market remains in a fairly steep hole, that’s not true of publicly-traded gun manufacturers.

Sturm Ruger & Company has gained more than 20% since the year started, while Vista Outdoor is up just under (% )

Disclaimer: The opinions expressed in this article do not necessarily reflect the views of CCN.com.

This article was edited by Josiah Wilmoth Now Watch: CCN TV ()

Last modified: April , (7:) PM UTC

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