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Inventories, Net
6 Months Ended
Jun. 30, 2018
Inventory Disclosure [Abstract]  
Inventories, Net
INVENTORIES, NET

A summary of Inventories, net is as follows:
 
June 30, 2018
 
December 31, 2017
Finished products
$
49,522

 
$
49,053

In-process
26,649

 
25,037

Raw materials
60,662

 
53,015

Fine and fabricated precious metal in various stages of completion
22,478

 
16,757

 
159,311

 
143,862

LIFO reserve
(726
)
 
(1,227
)
Total
$
158,585

 
$
142,635



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 LIFO cost or market, with any adjustments recorded through Cost of goods sold. Remaining precious metal inventory is accounted for primarily at fair value.

During the third quarter of 2017, the Company began obtaining certain precious metals under a $29,500 fee consignment agreement with the Bank of Nova Scotia ("ScotiaBank"). As of June 30, 2018, the Company had approximately $8,500 of silver under consignment with ScotiaBank, which is recorded at fair value in Inventories, net with a corresponding liability for the same amount included in Accrued liabilities on the Company's consolidated balance sheet. Fees charged under the consignment agreement are recorded in Interest expense in the Company's consolidated income statements.
 
June 30, 2018
 
December 31, 2017
Supplemental inventory information:
 
 
 
Precious metals stated at LIFO cost
$
10,811

 
$
4,897

Precious metals stated under non-LIFO cost methods, primarily at fair value
$
10,941

 
$
10,633

Market value per ounce:
 
 
 
Silver
$
16.15

 
$
17.01

Gold
$
1,250.45

 
$
1,296.50

Palladium
$
953.00

 
$
1,056.00