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Man Raids Kids’ College Fund to Buy Gun Magazines as Prices Skyrocket

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Allen Blakemore

Blakemore (Credit: Facebook)

Recent acts of gun violence and talk of stricter laws have translated into increased purchases by gun enthusiasts and people worried about safety, but also by investors stockpiling weapons and ammunition and counting on supply and demand to drive up prices even higher.

As weapons stores report shortages and high demand, several people told the Houston Chronicle they bought assault rifles and ammunition clips in hopes that their value will go up. 

Allen Blakemore, a Houston-based political consultant, says he borrowed from his children’s college fund to buy 200 high-capacity ammunition magazines.

In three months, the magazines have gone from $15 apiece to about $75.

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