Is Precious Metals A Good Career Path?– Careers in the precious metals industry are rewarding. If you’re the type of worker that gets bored easily and needs variety in their work, this is the field for you. If you have the right set of talents, there are plenty of opportunities in the precious metals industry.
If you have an eye for design and a knack for precision, working with jewelry or gold might be the right career for you. Sales and marketing may be exciting fields to work in if you thrive on competition and love using your imagination to promote your products.
Production line, materials operation, and manufacturing positions may be suitable for those with an interest in this industry who would want to avoid direct contact with customers.
Whatever your background or expertise, there is likely to be a position in the precious metals business that is a good fit for you.
What Are Precious Metal?
Before we get into the specifics, though, it’s important to understand what precious metals are and why they’re so prized. Precious metals are metals mined from deep inside the Earth because of their rarity and great economic worth.
These days, you may get a wide variety of metals, but these are the most popular and often used ones:
- Gold
- Silver
- Platinum
Throughout history and until the present day, people have consistently preferred these three precious metals for a wide variety of uses, including investment and jewelry. Other valuable metals exist, though; examples include palladium, rhodium, and ruthenium.
Why, therefore, do we refer to them as valuable metals? The primary reason is the high value of these metals compared to other commodities on Earth.
If you look at the historical statistics on the price of gold over the past century, you will notice that it has followed the uptrends and is currently climbing.
What Does A Precious Metal Worker Do?
Working with precious metals is a common job requirement for those in the industry. Many different valuable metals fall within this category. Depending on your line of work, you may also come into contact with various types of precious stones.
Each day may consist of a variety of activities, some of which may include:
- Fixing imperfections and finishing metal joins
- Be sure to clean and shine your jewelry
- Putting together price estimates for clients
- Copper alloy
- Bend metal
- Create molds, and then cast the metal parts
What you really do in this business will depend on the precise subset of it that you choose to work in from among the numerous available options. For example, a gemologist’s daily tasks could differ significantly from those of a bench jeweler.
How To Become A Precious Metal Worker
The good news is that a high school diploma or General Equivalency Diploma (GED) is typically all that is needed to enter this field. Most people who work in the precious metals industry have at least a high school diploma, though not necessarily one in a specific field.
Some of them will acquire their accreditation from the Gemological Institute of America Inc., while others may study at community colleges or vocational schools (GIA). Getting certified by the GIA is the best method to break into the field since it demonstrates to employers that you are serious about your work.
Try to get an apprenticeship with a seasoned expert in your field to gain practical experience if you’re serious about making progress in your chosen field.
Best States To Find A Job In Precious Metals
If you want to boost your chances of finding employment as a metal worker, you might consider moving to one of the states where there is a higher need for metal workers.
Greater New York
California
Texas
Florida
Washington
Wages are almost $51,000 per year higher in New York and California.
How Many Jobs Are Available in Precious Metals?
The precious metals industry employs thousands of people across the United States. More than 24,350 people in the United States are directly employed as employees in the precious metals and stones industry. There are a wide variety of different careers available in the precious metals industry, most of which are connected to the manufacture and retail selling of jewelry.
What this means is that the question, “how much employment is there in precious metals?” has a definitive answer. is that it offers a wide range of career opportunities in industries such as sales, customer service, administration, and others. A sizable share of these positions, however, are in the sectors of manufacturing and mining.
With a little digging, you can find a position in this industry that’s a perfect fit for your skills and experience.
The most sought-after occupations in the precious metals industry are as follows:
Analyst
He is responsible for estimating the value of the gemstone and its variable ratio.
Goldsmith
He is a skilled smith who has dedicated his career to the production of artifacts for religious or ceremonial use.
Precious Metals Broker/Adviser
A broker or advisor for precious metals engages in commodities trading for financial gain. The ability to connect with customers is another strength of this individual. When he trades on behalf of investors, he keeps an eye on commodities rules.
Precious Metals Worker
As part of his responsibilities, he monitors the design process and conducts testing. Precious metal workers are in the same occupational category as goldsmiths.
Quality Control Specialist
A quality control expert is responsible for monitoring all aspects of precious metals’ quality. He is primarily responsible for handling problems between metalworkers and analysts.
Coins Expert
Professional coin dealers are the safest and most legitimate option for buying gold coins. Thus, if you want to get the best price for your gold coins, you shouldn’t bring them to a pawn shop but rather to a coin specialist.
Best Paying Jobs In Precious Metals
Numerous well-paying positions may be found in the precious metals industry. The top five highest-paying professions in the precious metals industry are as follows:
1. Precious Metal Workers
On average, a worker in the precious metals industry earns $19.89 per hour. He deals in a wide variety of precious metals and metalwork. Mining, jewelry manufacturing, furniture building, antique restoration, etc. are just a few of the many industries that employ people who deal with precious metals.
2. Goldsmiths
Goldsmiths are skilled artisans who work in gold and other precious metals. They mostly work with precious metals, shaping them into new designs, repairing broken pieces, soldering them back together, fixing expensive stones, resizing rings, cleaning and polishing jewelry, and so on. Their average annual salary is $56,281. However, a goldsmith’s average salary in the United States now is around $45,559 per year.
3. Precious Metal Brokers
The median annual salary for a broker is $110,000. These businesses often buy precious metals, both new and secondhand, with the intent of reselling them. They determine the metal’s worth in terms of cash by comparing it to its current market price or retail value.
4. Metal Production Experts
They are in charge of determining the chemical composition of the alloys, as well as identifying the most efficient method for processing the ore. The average annual salary of a metal production expert is $68.106.
5. Quality Assurance Specialists
Quality assurance experts in the precious metals industry earn an average of $116,187 a year. One of their duties is to inspect precious metals for compliance with manufacturing norms. They play a vital role in the production procedure.
How Can You Get a Work in Precious Metals?
You hope to make a name for yourself in the precious metals industry. Great! Does one understand what sets this industry apart from others? Simply said, the fact that formal education isn’t required plays a role. Working in the precious metals market might be a great fit if you have a knack for convincing people of one’s point of view.
You may get your foot in the door with seasoned metal craftsmen in the jewelry, antique restoration, and furniture manufacturing industries by learning a trade and working for them. If you work for one of these people, it would be wise to pay close attention to learning about the many activities performed so that you may get the relevant expertise necessary for success in this field. Anybody can work in the precious metals industry, no matter what their level of schooling is. You should just be competent in the appropriate areas and know a few basics, such as being able to concentrate for lengthy periods of time.
Is Precious Metals A Good Career Path?
Is it worthwhile to pursue a job in the precious metals industry? So, the short answer is “Yes.” Advantages and incentives abound in the precious metals industry. While most of your friends may be thinking about professions in well-established industries, those interested in precious metals have many advantages over those who don’t.
A Variety of Jobs are Available in the Precious Metals Market
Numerous job opportunities exist in the field. Those interested in a career in the precious metals sector can choose from a wide range of available positions, similar to those in the capital goods industry, the durable goods industry, and the service industries.
Due to the industry’s expansive nature and the wealth of job openings, it provides, choosing a profession that is a good fit for you is easy. If you love talking to new people and striking up conversations, look for work that requires frequent client contact.
If you’d rather not be in the spotlight, a job in production may be perfect for you. Therefore, you may choose a career path that best suits your interests and abilities.
The Opportunity of Meeting Lots of Different People
The precious metals industry is a great place to put your communication and collaboration skills to use. When working in a department that interacts directly with customers, you will have many opportunities to talk to individuals from all walks of life. Because precious metals are associated with wealth and status, they are a great way to network with influential individuals every day.
Career Development Possibilities
The precious metals industry is in a perpetual state of flux, expanding and altering. Because of this, its employees have excellent opportunities for growth in their careers. If you enter the field as a clerk, for example, you have a good chance of rising up the ranks to become an analyst, an expert, or even a manager.
The Job Is Very Satisfying
Precious metals are quite expensive. Additionally, many people put money away for the future in this way. When brought up, the topic immediately raises eyebrows as a result of its excellent financial potential. Therefore, working in this field will need to participate in an activity that many people like. Since this is the case, you are likely to have a sense of great satisfaction when completing your work.
Knowledge Unique to the Position
Because of the niche nature of the market, entry barriers are high. This means that if you have the right credentials and talents, obtaining a job in the precious metals industry won’t be difficult. Learning more about your field can also make you a more valued team member.
Pros & Cons of Investing in Precious Metals
It’s possible that precious metals as investments or causes appeal to your sense of financial security and long-term planning. Well! Before making any investment in precious metals, it’s important to weigh the benefits and drawbacks of doing so.
Pros of Investing in Precious Metals
One of the most popular ways to put money into the market is by purchasing precious metals. Several benefits may be gained through purchasing them, including:
Hedge against Inflation
Have you started saving for retirement or other distant goals? If that’s the case, you could do well to put your money into precious metals, which tend to hold their value well over time.
Precious metals are superior to other investments because their value does not depreciate over time. In light of the rising cost of living and the value of precious metals, this is an extremely attractive option. Therefore, these precious metals are a tremendous store of wealth even in economic difficulties, such as the start of unrest and others.
Because of their physical nature as commodities, precious metals tend to be rather stable investments. Due to gold’s long-term stability, which spans several millennia, precious metals provide great inflation hedges and safe long-term investments.
Diversifying the Portfolio
The old adage “Don’t put all your eggs in one basket” is sound advice when it comes to investing. Therefore, the fact that precious metals don’t move in tandem with other assets such as bonds and equities is a major plus when it comes to investing in these commodities. Therefore, unlike stocks and bonds, the value of precious metals is not affected by economic uncertainties. Actually, precious metals like gold do rather well in times of financial crisis, such as when the stock market crashes or when the economy is in a downturn.
Long-Term Value Storage
Precious metals tend to increase in value when economic, social, and political instability occurs. Because of this, they act as a vast savings mechanism. The purchase of precious metals is not a hedge against inflation, despite popular belief to the contrary.
Precious metals, like stocks and bonds, may appreciate in value over the long term. Consequently, investing just in precious metals might potentially yield a high rate of return.
Unlike investments tied to the performance of individual companies or industries, precious metals tend to rise in value over time, making them a safe and reliable option for long-term saving and investing.
Demand & Shortage
Metal mining may eventually become obsolete. Because their supplies are dwindling, it’s getting harder to get your hands on this precious commodity. As a result of this depleting resource, the value of precious metals continues to rise despite the difficulty of obtaining them. The demand for precious metals is growing as their widespread incorporation into modern conveniences such as personal computers and medical devices increases their widespread use.
The increased scarcity of these metals has led to a price increase for precious metals like gold. This bodes well for silver and other precious metals as investment options, as rising demand is usually followed by the price appreciation.
Tangible Asset
Having the option to physically see a product before to purchasing may be reassuring. To do this, it is possible to invest in precious metals in their physical form, where they maintain their intrinsic worth. Stocks and bonds are examples of investments that provide you with a paper certificate that has no value in the case of a market crash. This means that the benefits you receive from owning these assets are not only theoretical but rather palpable.
Cons of Investing in Precious Metals
Precious metals, like any other investment, are not without risk. The most important disadvantages are as follows:
Liquidity Issues
Gold and other precious metals are not accepted as legal tender in most countries. Therefore, you may either sell them for cash or some other kind of accepted legal money, or you can try to work out a barter agreement. This whole situation is unpleasant and diminishes the value of precious metals.
Tax Rates
Silver and gold bullion is subject to a 28 percent capital gains tax rate. In this case, the length of time that you’ve been holding onto the precious metal is irrelevant. When compared to the 20% rate applied to long-term capital gains on assets like stocks, the capital gains tax rate of 28% is rather high.
Storage Problems
Buying the precious metal in real form requires you to think about safekeeping. It can be stored at home, although doing so increases the likelihood of loss due to burglary or natural disasters like fire. Your other, less desirable, alternative is to pay for bullion storage for your precious metal.
High Investment Cost
The cost of acquiring a rare metal will exceed its current market worth. As a rule, this is the case since precious metals like gold and silver are usually purchased with a commission. Prices at brick-and-mortar coin shops are often more than those offered by reputable internet vendors, and bars are typically less expensive than coins due to the complexity of their designs. The final cost is often determined by a combination of market fluctuations and the offering dealer’s markup.
Conclusion – Is Precious Metals A Good Career Path?
Choosing a profession might be difficult because it depends on your interests and skills. If you’re fascinated by precious metals, you might want to consider making a living in the sector that deals with them. Analyst, Goldsmith, Broker/Adviser, Metals Worker, Quality Control Specialist, Coins Expert, and more are all viable career paths in the precious metals industry.
Jobs in the precious metals market are plentiful, which is one of the numerous attractions of working in this field. You can find the highest paid employment in this industry, such as working with precious metals or as a goldsmith, dealer, expert in metal manufacturing, or quality assurance inspector.
There is no indication that the industry’s upward momentum will slow down any time soon. This means that right now is a great time to get into this booming industry before the competition becomes too fierce.