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Inventories, Net
 6 Months Ended
Jun. 30, 2020
Inventory Disclosure [Abstract]  
Inventories, Net INVENTORIES, NET
A summary of Inventories, net is as follows:
June 30, 2020December 31, 2019
Finished products$42,460  $48,484  
In-process29,420  30,913  
Raw materials48,228  46,440  
Fine and fabricated precious metal in various stages of completion
25,827  29,202  
145,935  155,039  
LIFO reserve(2,012) (3,398) 
Total$143,923  $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 Montreal. As of June 30, 2020 and December 31, 2019, the Company had approximately $6,452 and $6,880, respectively, of precious metals, principally silver, under consignment, 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.
June 30, 2020December 31, 2019
Supplemental inventory information:
Precious metals stated at LIFO cost$2,849  $15,660  
Precious metals stated under non-LIFO cost methods, primarily at fair value$20,966  $10,144  
Market value per ounce:
Silver$17.88  $17.86  
Gold$1,767.93  $1,522.14  
Palladium$1,894.23  $1,935.19