Inventories, Net

3 Months Ended

Mar. 31, 2023

A summary of Inventories, net is as follows:


	March 31, 2023		December 31, 2022
Finished products	$	60,220	$	57,487
In-process	43,860		39,300
Raw materials	78,028		79,008
Fine and fabricated precious metal in various stages of completion	39,280		39,104
	221,388		214,899
LIFO reserve	(477)		(815)
Total	$	220,911	$	214,084

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. As of March 31, 2023 and December 31, 2022, the Company had approximately $30,068 and $29,381, 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 recorded 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.


	March 31, 2023		December 31, 2022
Supplemental inventory information:
Precious metals stated at LIFO cost	$	4,101	$	6,678
Precious metals stated under non-LIFO cost methods, primarily at fair value	$	34,702	$	31,611
Market value per ounce:
Silver	$	24.09	$	23.91
Gold	$	1,974.79	$	1,824.52
Platinum	$	999.40	$	1,073.91
Palladium	$	1,476.80	$	1,799.36