Looks like you're right, I was hoping the reason for the shortage was , AMD shipping GPU's to the partners for custom build cards and underestimating the reference card inventory.
Right now the 290 series are sold out everywhere, same goes for the 7900 series, even R9 280X are hard to find. Some price gouging is already going on. Right now only one R9 290 available at
Newegg for $460, "Free Battlefield 4 game w/ purchase, limited offer" LOL is more like full price for the game.
All the R9 290X are sold out and all "Auto-Notify" prices are higher than the MSRP.
The worst is ASUS R9290X asking $630, hope this wont last too long, otherwise the custom built cards will cost arm & leg.