I don't think anyone is 100% certain. They haven't been manufacturing the Python Elite for quite some time. First reason I heard (around this time last year) was they had a serious priority back log of 1911's that were in production. Of course, there's the recent rumors of "never again" and Colt selling the commercial business. Nothing has been substantiated that I know of, but the future still looks bleak.
Colt has confirmed, in conversations that I've had with them and that others have had, that there are no plans whatsoever to restart revolver production.
In addition, I've talked to a well-known industry source (whose name you would all recognize) who says that his contacts at Colt have told him that the tooling and fixturing for Pythons and other revolvers have been scrapped.
Keep in mind that this is, as yet, unconfirmed and should be treated as "strong rumor" - but given the reputation of the person I talked to, and his contacts in the industry, I suspect it to be true.
Well that's a darn shame. How come the liberals don't get upset about this historical loss? The handguns that came off that line were used in how many wars and to save how many lives? Those toolings should be donated to the Smithsonian in Washington D.C. as a piece of american history not sold for scrap. We should start a petition on this website and others like this one for just that to be done.