Privilege at whose authority? The bourgeoisie and the nation-state they control? I am not lacking literacy here, I just am thinking through the implications of handing authority over this matter to the capitalist state. Apparently you are not.
When gun-ownership is not socially protected the people lack the means to affirm their will outside of the rigged political process. You might feel comfortable with your country's well-off controlling your access to guns, I am not.
I am assuming you are a reformist though, which has so many practical problems one might as well call oneself social democrat or left-liberal.
You might not be comfortable with limitations, but being part of society is not about ou feeling comfortable but to form a society that best benefits the people as a whole and i described in the unalienable rights that the declaration of independence describes: "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness."
This phrase supercedes your right to bear arms any day. What society is about is finding this balance, even when individuals feel uncomfortable with the changes or who is in charge to enact them.
And what is your solution to having some kind of regulations in society if you don´t trust the government to do it?