Been following this thread, feeling somewhat amused. Capn Mac did finally put things into perspective with his take:
Purchasing firearms and and ammo is all discretionary spending. Discretionary spending has no financial value. It will not gain value through interest, or by way of contractual trade. Changes in replacement costs, particularly through inflation, can appear to be an inflation of value, a financial "gain." Which is not the same as an investment, where terms and values can be predicted or scheduled.
Harkening back to the OP:
Moral of the story: shoot what you have and don't squirrel it away. it doesn't bring back the money you've already spent on it and you can quit shooting it when you've run out which would just be the same as having the bullets and not shooting them.
My thoughts on the subject are simply, if you enjoy your firearms (and perhaps collecting more) and shooting, buy as much ammo as you can, when you can, at prices you can afford, and -- as we're talking about a hobby -- quit trying to analyze things in economic terms unless you're not able to keep food on the table for your family, pay your bills and mortgage or you're robbing your kids' college fund and your own retirement accounts.
I order my ammo in thousand-round cases, always have, always will, and I'll continue to do so, despite rising costs.
Can I supply a small country going to war? Probably.
Do I have enough to keep shooting weekly for the rest of my life? Probably.
Do I over-think my ammo supply? Never.
Am I a "hoarder?" I prefer the term "planner." But I'm too old and too tired to worry about what anyone calls me, or thinks of me for how I've chosen to spend my discretionary income.
I'll never have to stop shooting and enjoying my sport because I run low, or run out of, ammunition.
And I have no problem selling some to friends or even new shooters-- at my cost --, and often give it away, by box or case.