Is the Nexus 5 Dead?

Looks like Google has decided to discontinue production of the Nexus 5. According to Google, once the Google Play store is sold out of black Nexus 5 phones it will no longer replenish the stock. Currently, as of 12:13pm, the Google Play store is showing that the 16GB and 32GB versions of the phone are out of stock. Does this mean there isn't more inventory? Is one of the best low priced smartphones gone for good?