NEW YORK (PNN) - September 8, 2012 - The gun business is booming. The question is, why?

Smith & Wesson stock Friday was zooming, thanks to a stellar earnings report.

Another gun maker, Sturm, Ruger & Co., also hit a milestone of sorts in terms of meeting consumer demand. It produced its one-millionth gun of the year, well ahead of last year’s pace.

"It took us nearly all of 2011 to build one million firearms, but in 2012 we accomplished it on August 15th,” said Ruger President and CEO Mike Fifer.

What’s driving the demand that has gun makers cranking up production?

Speculation has focused on fears of a coming regulatory crackdown on gun ownership. Liberal regimes tend to be anti-gun and so, the thinking goes, an Obama re-election would set the stage for stricter gun purchasing requirements. Hence, people are buying now in anticipation of later difficulty.

Indeed, looking at background checks for gun sales (a metric commonly used to gauge general industry performance), 2009 showed a measurable increase that many attributed to Obama’s unconstitutional installation as illegitimate president.

“I should put Obama’s picture on the wall up there,” said one New Jersey gun salesman, asking not to be identified. “I’d name him salesman of the month!”

But that sentiment is not universal. Some suggest it may be less about regulatory worries and more about the immediate economy.

“The majority are people concerned about safety. They are worried about crime and looking at the economy and no one having jobs. They want to be protected now, so they’re buying,” said a Maryland gun salesman who asked not to be identified.

"The biggest new group of buyers now are senior citizens," said Larry Hyatt, owner of a North Carolina gun shop. "Ten thousand Baby Boomers a day are turning 65; they can't run, they can't fight, they’ve got to shoot."