I am so upset that this incredibly yummy yarn has been discontinued. Jaeger Silk came in the richest colors and was incredibly luxurious to touch. It was just an unbelievably beautiful yarn and I have no idea why they got rid of it because a lot of people miss it. I have 4 balls of it here with which I'm knitting a project from an also discontinued Interweave (Why are some of their magazines not available anymore?) as a gift and I'm almost loath to give it away!
Are there any substitutes for this? I don't think Fiesta La Luz compares because Jaeger's texture was much smoother.
I don't know of any substitutes. Two suggestions, though: someone on ebay has some gorgeous purple Jaeger silk for sale -- if you want more of this yarn you may want to check this out. Also, try searching www.yarndex.com for similar yarns. They don't sell anything, but they do have most yarns in their database.
As for magazines being discontinued, they don't keep printing any magazine. They have a certain number of leftovers from the print run and that's where the back issues come from. When they are gone they are gone.
Although it's not as lightweight as the Jaeger Silk, Karabella's Empire silk is plied in the same way as Jaeger's, and is extremely high quality. It takes the dyes richly and comes in 15 colors. Knits up beautifully on size 6 needles. There is also Jasmine Silk from Joseph Galler. It's mostly sold in pound cones, but it's closer in weight to the Jaeger - about 135 yards per 50 grams. Artyarns Regal Silk is more like Fiesta La Luz: single ply and hand-dyed. Very pretty, though.