INVENTORIES, NET

A summary of Inventories, net is as follows:



	March 31, 2020			December 31, 2019
Finished products	$	47,502		$	48,484
In-process	35,790			30,913
Raw materials	46,958			46,440
Fine and fabricated precious metal in various stages of completion	25,393			29,202
	155,643			155,039
LIFO reserve	(2,555		)	(3,398		)
Total	$	153,088		$	151,641

Fine and Fabricated Precious Metal Inventory

In order to produce certain of its products, the Company purchases, maintains and utilizes precious metal inventory. The Company records certain precious metal inventory at the lower of last-in-first-out ("LIFO") cost or market value, with any adjustments recorded through Cost of goods sold. Remaining precious metal inventory is accounted for primarily at fair value.

The Company obtains certain precious metals under a fee consignment agreement with the Bank of Nova Scotia ("ScotiaBank"). As of March 31, 2020 and December 31, 2019, the Company had approximately $13,910 and $6,880, respectively, of precious metals, principally silver, under consignment with ScotiaBank, which are recorded at fair value in Inventories, net with a corresponding liability for the same amount included in Accounts payable on the Company's consolidated balance sheets. Fees charged under the consignment agreement are recorded in Interest expense in the Company's consolidated statements of operations.

The Company continues to monitor the impact of COVID-19 on our customers and our inventory levels and related reserves.



	March 31, 2020		December 31, 2019
Supplemental inventory information:
Precious metals stated at LIFO cost	$	4,954	$	15,660
Precious metals stated under non-LIFO cost methods, primarily at fair value	$	17,884	$	10,144
Market value per ounce:
Silver	$	14.52	$	17.86
Gold	$	1,621.58	$	1,522.14
Palladium	$	2,283.75	$	1,935.19