Supply and demand. I don't think ammo has anything to do with it. To think of all the bitching about prices I heard when I had beautiful No.4's available in bulk for $350 or so! I don't hear those guys bitching now! Folks are shelling out $500 for Ethiopian rifles, both SMLE and No.4, and then investing in rebarreling because they ALL have sewer pipe grade bores. I haven't seen a matching bolt yet in those either. Times have changed.