Inventories

Inventories, net at December 31, 2014 and December 31, 2013 were comprised of:



	December 31,			December 31,
(in thousands)	2014			2013
Finished products	$	24,424		$	20,378
In-process	10,310			8,111
Raw materials	12,346			11,904
Fine and fabricated precious metals in various stages of completion	17,094			19,802
	64,174			60,195
LIFO reserve	(245		)	(1,025		)
Total	$	63,929		$	59,170

In order to produce certain of its products, H&H purchases, maintains and utilizes precious metal inventory. H&H records certain of its precious metal inventory at the lower of LIFO cost or market, with any adjustments recorded through cost of goods sold. Remaining precious metal inventory is accounted for primarily at fair value.

Certain customers and suppliers of H&H choose to do business on a "pool" basis and furnish precious metal to H&H for return in fabricated form or for purchase from or return to the supplier. When the customer metal is returned in fabricated form, the customer is charged a fabrication charge. The value of this customer metal is not included on the Company's consolidated balance sheet. To the extent H&H is able to utilize customer precious metal in its production processes, such customer metal replaces the need for H&H to purchase its own inventory. As of December 31, 2014, customer metal in H&H's custody consisted of 191,217 ounces of silver, 518 ounces of gold and 1,392 ounces of palladium.



Supplemental inventory information:	December 31,		December 31,
(in thousands, except per ounce)	2014		2013
Precious metals stated at LIFO cost	$	4,684	$	5,090
Precious metals stated under non-LIFO cost methods, primarily at fair value	$	12,165	$	13,687
Market value per ounce:
Silver	$	15.75	$	19.49
Gold	$	1,199.25	$	1,201.50
Palladium	$	798.00	$	711.00