Yes you are.

However this will depend on other factors.

Like being in a clan, or a singleton account player.

The storage capacity is only that of the production facility, not how much  in total you can acquire.

You can exceed the storage capacity,but you will not produce any more resources in the town. 

Off hand I am not sure of what and if  anything,you can do at palace 17 to increase the town storage. 

Solo player.

Get yielding from resource tiles A.S.A.P.

 Use bank packs.Bank packs are  not in the town and are safe till you open them .

Possibly rearrange the town. 

Destroy some buildings and concentrate on certain resources, and yield what you don't make. 

Do what most players are doing and buck the system.
Which along with many other reasons, makes the whole concept of the game a farce.

Clansman

Get resources from you clan.

It is confusing.  The capacity figures you looked at tell you the maximum amount up to which your buildings can continue to produce.  Once your town holds that (rather low) quantity the buildings stop producing.  But, as others have said, that does not mean that resources acquired otherwise cannot be stored.  Quite to the contrary your town has an unlimited capacity to store resources obtained by yielding, by pillage, by purchase and convoyed to you by other players.  It is common in the game to find towns which hold many billions of each type of resource.  It is only the storage of rss produced by your own buildings which has a cap on it.

If you have not yet joined a clan do so.  Don't join an open clan with a Chief who has not checked in for weeks or months or years.  Look for a clan whose members speak your language and in which when you click on some of the members they have been in game within the last few hours.  Now the advice from others to ask your clan mates for resources is good.  The quantity of rss you need is very small and it benefits a clan for its members to grow.  So individuals within the clan and the clan itself will be glad to send you a few million rss while you are growing your town.  A well organised clan is likely to have a "bank", that is a town in which a lot of rss is stored and which sends rss to any member on request.  Do not be shy to ask until the quantity you need reaches the billions.

Appreciate all of the responses folks.  All VERY Helpful.   :-)  I got past by buying some resource packs to get me to the amount I needed.   Will save gold to assist when I hit same obstacles as well and obtain resources via the means above.

Thanks again for the helpfile responses.  :-)