Do you wish to work in a field where your education doesn’t determine your income potential? Have you ever considered taking a rewarding but less mainstream job position?

Well, the precious metals industry is one such sector.

The precious metals career is appropriate for you if you appreciate the variety of responsibilities at work and don’t just want to perform the same tasks repeatedly. A career as a goldsmith, general metals worker, or jewelry designer can be the best fit if you are creative and enjoy attending to small details.

The precious metals market also includes other wide variety of jobs that can be suitable for you, but it only depends on your interests and abilities.

Read on to know about the precious metals career, including its job outlook, earning potential, prior knowledge and experience required to enter this market, and the pros and cons of investing in precious metals.

You will undoubtedly know the correct response to the question “Is precious metals a good career path” by the article’s conclusion.

Precious Metals: What Are They?

Rare alloys that hold extreme value are called precious metals. They mainly comprise metals like:

• gold,
• silver,
• platinum,
• rhenium,
• rhodium,
• and palladium.

There are also other precious metals, but above mentioned precious metals have extremely high values due to their historical significance, industrial use, and rarity.

As they are less volatile in price and value than other investment options like crypto-currencies and bonds, precious metals are also highly sought after for their usage as an investment.

Pro Tip: You might be surprised to learn that the precious metals sector is divided into several metals. Remember that the rates tend to fluctuate more frequently. So, based on the stock market perspective, the best investments are gold and silver.

How Many Jobs are Available in Precious Metals?

Throughout the United States, thousands of jobs are available in the precious metals market. More than 24,350 Americans work directly as precious metals and stones workers or jewelers. Numerous other job roles are also available in precious metals, mainly related to jewelry production and sale.

So, the answer to the question, “how many jobs are available in precious metals?” is that there are plenty of jobs in this sector in various departments like sales, customer service, administration, and other fields. However, manufacturing and mining account for a large portion of these jobs.

With a little investigation, you can identify the ideal job in this market that matches your expertise and skill set.

The following are the most sought-after positions in the precious metals sector:

·        Analyst

He is in charge of determining the gemstone’s worth and its fluctuating ratio during uncertain times.

·        Goldsmith

He is a metalworker who specializes in creating sacred or ceremonial objects out of precious metals.

·        Precious Metals Broker/Adviser

As the name suggests, a broker or an advisor for precious metals makes money on the commodities market. Additionally, this person is skilled at developing relationships with clients. He monitors commodity rules while trading for the investors.

·        Precious Metals Worker

He oversees the design and carries out tests as part of their duties. The same occupational group as a goldsmith includes precious metal workers.

·        Quality Control Specialist

A quality control specialist is in charge of overseeing the precious metals’ quality measures. Mainly, he is the person who is responsible for resolving issues with metal workers as well as analysts.

·        Coins Expert

The most securely and legally purchasing gold coins is done by coin professionals. So, one should not visit a pawn store; instead, go to a coin expert to make out your gold coins at the most excellent available price.

Best Paying Jobs in Precious Metals

A precious metal market offers a variety of jobs, among which many jobs are highly payable. Here are the top 5 best paying jobs in precious metals:

1.     Precious Metal Workers

A precious metal worker makes, on average, $19.89 per hour. He operates with many sorts of precious metals and products produced by those metals. Workers that work with precious metals can be found in various fields, such as mining, jewelry making, furniture production, antique restoration, etc.

2.     Goldsmiths

A goldsmith is a craftsperson who works with gold and other valuable metals. They mainly shape the precious metals, solder shattered metal parts back together, repair valuable stones, alter ring sizes, and repair, clean, and polish jewelry. Their yearly compensation ranges from $37,313 to $56,281, on average. However, the annual average wage for a goldsmith in the US is about $45,559 today.

3.     Precious Metal Brokers

An average broker makes $110,000 a year. They are mainly used dealers that purchase new and used precious metals, intending to resell them. Based on the metal’s retail price or market value, they estimate its value and exchange it for cash.

4.     Metal Production Experts

They are in charge of processing the ore to make steel, selecting the best technique, and figuring out the chemical make-up of the alloys. A metal manufacturing specialist makes, on average, $68,106 a year.

5.     Quality Assurance Specialists

In the precious metals market, a specialist in quality assurance makes an average pay of $116,187. Testing precious metals to ensure they are made per industry standards is part of their job. They are crucial to the manufacturing process.

How Can You Get a Work in Precious Metals?

You want to establish a successful career in the precious metals sector. Great! Do you know what makes this sector unique? It’s the actuality that you don’t need a college degree, I suppose. If you enjoy persuading others, you should consider working in the precious metals market.

In the precious metals industry, you can begin working for experienced metal artisans, for instance, making jewelry, restoring antiques, and building furniture. Pay attention to study the numerous tasks carried out if you work under any of them, and gain the experience that counts in this sector. The precious metals sector welcomes everyone, regardless of educational background. You are just required to have relevant abilities, and a little knowledge like you have a good focus and should be able to pay attention for long hours.

Is Precious Metals A Good Career Path?

So, again, is precious metals a good career path (is capital goods a good career path)? Well, Yes is the quick response! The precious metals sector offers its employees various advantages and incentives. Even though the majority of your peers may be contemplating careers in well-known and mainstream fields, if precious metals interest you much, the following are some significant advantages you can benefit from by working in precious metals:

·        A Variety of Jobs are Available in Precious Metals Market

There are numerous work prospects in the sector. Precious metals, like many other industries, including the capital goods industry and the durable or non-durable industries, provide a variety of professions to those interested in pursuing a career there.

It is simple for everyone to select a career that best suits their demands due to the industry’s broad scope and the abundance of opportunities it offers. Choose a job that allows you to speak with clients regularly if you enjoy getting to know new people and engaging with them.

A position in the production department will be ideal for you if you prefer to work behind the scenes. So, there are various jobs you can go for based on your interest and skills.

·        The Opportunity of Meeting Lots of Different People

You can efficiently work and interact with various people in the precious metals sector. You will get the chance to meet and converse with a wide variety of people, mainly when your job is in a department that deals directly with clients. You’ll likely meet prominent and valuable members of society daily because precious metals attract people to luxury and value.

·        Career Development Possibilities

The precious metals sector itself is dynamic; it constantly changes and grows. As a result, its workers get good prospects for professional advancement in this field. Even if you start in the area as a clerk, you can quickly advance to become an analyst, expert, or even a manager.

·        Excellent Job Satisfaction

The value of precious metals is high. Many people even use them to make future savings. It is a fantastic investment item that, when mentioned, keeps everyone on their toes. Working in this sector will therefore need engaging with something that many individuals genuinely appreciate. As a result, when your work is finished, you feel highly fulfilled.

·        Job-Specific Knowledge 

The sector is quite specialized. Therefore, finding employment in the precious metal sector won’t be challenging if you possess the necessary credentials and skills. Additionally, you will become a more valuable team member as you grow more knowledgeable in your field.

Pros & Cons of Investing in Precious Metals

Investing in precious metals may seem attractive, or you might consider supporting them for future savings. Well! First, know the associated pros and cons of investing in precious metals, and then make a wise decision.

Pros of Investing in Precious Metals

Precious metals are among the very sought-after investment. Following are the pros of investing in them:

·        Hedge against Inflation

Are you setting money down for a long-term goal or retirement? If so, investing in valuable metals, which have excellent retention of value, might be the best course of action.

As precious metals retain their value over time, unlike other types of investments, precious metals make excellent investments. It is especially advantageous because both the cost of living and the price of precious metals have been steadily growing. Therefore, even in economic difficulties, like the onset of unrest and others, these precious metals are a great store of wealth.

Precious metals’ stability may be attributed to their being considered commodities because they are tangible assets. Precious metals are good stores of value and an excellent inflationary hedge because of the gold’s relative stability throughout several millennia.

·        Diversifying the Portfolio

‘Never put all of your eggs in one basket’ is a popular investment rule you should always follow. Accordingly, a significant benefit of investing in precious metals is their lack of correlation to other assets like bonds and stocks. Therefore, economic uncertainty does not affect the value of precious metals like it does on stocks or bonds. In fact, during financial crises like stock market collapses or economic depression, precious metals like gold perform very well.

·        Long-Term Value Storage

During economic, social, and political unrest, the value of precious metals typically rises. They serve as a massive repository of wealth as a result. Contrary to what some investors believe, buying precious metals is not a defensive move against inflation.

Long-term price increases also occur when it comes to precious metals, occasionally more quickly than equities and bonds. Consequently, you might make a sizable return by merely investing in precious metals.

This investment doesn’t depend on the success of a specific business or sector, so you can invest with confidence, knowing that the worth of your valuable metals will increase over time.

·        Demand & Shortage

It won’t always be necessary to mine for precious metals. Because their sources are slowly being exhausted, obtaining this natural and limited resource is becoming more challenging. So, precious metals are becoming increasingly in demand despite their scarcity due to the exhaustion of this natural reserve. Precious metals are used more frequently in daily items like computers and medical equipment, increasing demand.

Precious metals like gold have seen their prices rise due to the augmented shortage of these metals. It indicates that investments in precious metals, such as silver will be very profitable due to increased demand.

·        Tangible Asset

Seeing the product you have purchased in person can be comforting. Investing in precious metals in their physical form, which retains their fundamental value, allows you to enjoy this. But with investments like stocks or bonds, you receive a certificate that would be valueless in the event of a market meltdown. So, the tangibility of these assets is also the benefits you can feel when buying them.

Cons of Investing in Precious Metals

Like any other type of investment, precious metals have drawbacks. The following are the most significant drawbacks you should be aware of:

·        Liquidity Issues

Valuable metals such as gold aren’t generally regarded as legal currency in their physical form. As a result, your only choices are to sell them to get cash, a recognized legal tender, or to enter into a barter arrangement. All of this isn’t very pleasant and lessens the allure of precious metals.

·        Tax Rates

The capital gains tax rate for collectible metals, such as silver and gold bullions, is 28%. It doesn’t matter how long you’ve kept onto the valuable metal for this to apply. The capital gains tax rate of 28% is also significantly higher than the 20% tax rate applied to other long-term capital gains on assets like equities.

·        Storage Problems

You must make plans for storage if you purchase the precious metal in a physical form. It is possible to keep it at residence, but doing so raises the possibility of theft or damage from calamities like fire. If your resources are tight, the second option is to pay to store your valuable metal in bullion storage, which is not ideal.

·        High Investment Cost

A valuable metal will cost more to purchase than its actual market value. It is typically the case since commissions are charged when buying precious metals like gold and silver. Local coin shops are generally more expensive than online dealers, and bars are less costly than coins because the latter frequently have intricate designs. The price you pay will typically depend on the market conditions and dealer.

Final Verdict

Deciding on your career might be challenging because it depends on your preferences for different types of work. A career in the precious metals industry can surely be advantageous for those intrigued by valuable metals. You can become an Analyst, Goldsmith, Precious Metals Broker/Adviser, Precious Metals Worker, Quality Control Specialist, Coins Expert, and more.

There are many reasons to consider having a career in the precious metals industry because of the availability of various jobs in this sector. You can fit in the best-paying jobs in this sector, including precious metal workers, goldsmiths, precious metal brokers, metal production experts, and quality assurance specialists.

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The industry is already progressing, and no signs suggest that it will halt soon. Thus, it indicates that you currently have a fantastic opportunity to enter this prosperous business before it becomes overly competitive.