I think the "panic buying" is just about over on firearms. Think you will see November 2012 prices in a month or two.
However ammo may be another matter. A lot of regular shooters have depleted their supply and will be OK with paying a 20-30% premium to build their stock back up.
Along with the "regulars" are a Whole bunch of new gun owners that probably are willing to pay 30% 40% premium to get ammo for their "new" firearms. Add to that the current shortage on store shelves I would say it will be 4 to 6 months before ammo is back to normal.
One mitigating factor may be that speculators (unknown how many /much ammo is in their hoards) will soon start to unload their supply when the market starts to fall. In my opinion many will be selling for less than they paid if they don't do that in the next month. In view of these facts ammo may settle down in the next 3 to 4 months to a "reasonable" price somewhere between 20 to 30% above November sales prices.
I think primers and components will start dropping in price in about 3 ~4 months, and supplies will be back on the shelf. Six months from now I think you will see primers / components back to near Nov. prices.
I think once the tax refund checks are spent, that'll be the last hurrah, barring something unforeseen.