So, is precious metals a good career path? Is there any job in the world that wakes you up excited five days a week? Do you want to work in an industry where your educational background is not a parameter to evaluate your earning potential? Have you ever thought of joining a not-so-mainstream yet rewarding job position? Can you relate that a job with fewer applicants receives the maximum profit compared to other career paths? This article will talk about one such industry – the precious metals industry.
Although, the industry right now is not in high demand because of its luxuriating nature. But it will be, in upcoming decades. But still, it doesn’t stop people from bowling over with the career path in the precious metals industry. Rich brags are investing in precious metals, which will open up the opportunity for employment in many industries. For example, antique restoration and jewelry designers.
The idea of investing in precious metals is a life-changing decision in the long run. Someday, after becoming a pro in the industry, this sort of business will also help you establish your own jewelry store! With technological advancement, it is quite easy to invest in precious metals, but keep in mind that precious metals carry no credit risk due to unique inflation.
Read on to learn about precious metals careers and their importance. In addition, we will go knee-deep in various other important aspects of the precious metals industry, including roles, job positions, and average salaries. If this resembles what you are looking for, keep scrolling!
What are Precious Metals?
Just as it sounds, precious metals are valuable gemstones. They are one of the rarest alloys because of a myriad of factors. You don’t find them in abundance in nature, and hence, precious metals score high economic value. Most importantly, high luster is the parameter to characterize valuable gemstones. In a nutshell, precious metals are more expensive than base metals.
General Characteristics of Precious Metals
Precious metals are naturally occurring metallic chemical elements. Also, they are:
- Ductile
- Resistant to corrosion
- Good conductor of energy and heat
- A good investment asset
Sneak Peek Into Precious Metals Industry
Consequently, the precious metals industry is an umbrella of products and services. Here, entrepreneurs generate networking benefits. All of a sudden, the next-generation entrepreneurs are leveraging precious metals to turn a profit in their own business, thanks to uncertainty in the pandemic, which we believe to be prepared in advance with money flow.
As a result, in the previous year, the 2021 global precious metals market reached a value of US$ 192.9 Billion. Another key point, experts estimated that the same market will shoot up to US$ 254.3 Billion by 2027. This signifies career growth opportunities in the valuable metals industry. Did we mention the ones who become experts in specific niches can open a jewelry store in a glamorous location more often?
Importance of Precious Metals
Many people buy and sell precious metals as a good investment with low credit risk. All of a sudden, precious metal has become an amazing career path. As a precious metals broker, you can work for many giants in the United States or globally and expect career growth to the fullest.
From a financial uncertainty lens, precious metals are a good investment. Simultaneously, you must realize that precious metals are an essential component for jewelry or electronics for commercial buyers.
Primary Precious Metals That Are Famous in Precious Metalworking Community
Here’s is the list of the most valuable precious metals that are famous in the precious metalworking community:
- Gold
- Silver
- Palladium
- Platinum
- Ruthenium
- Rhodium
Side Note: To your surprise, the precious metal industry is segmented into more metals. Keep in mind that the rates hover more often. If you look from a stock market point of view, gold and silver bring the best return.
Overview of Precious Metals Worker
Drop that thought where you think precious metal workers work only in a jewelry store. Because that is the half-truth. As we have said, the next time you want to see precious metals workers other than a jewelry store, head to the environment like;
- Expensive pawn shops
- Mining, blacksmith regions
- Furniture restoration areas
- Coin specialists
Are Precious Metals Worker Jewelers?
Yes, you can say that precious metal workers have a good knowledge of gold, silver, and similar gemstones. The same knowledge is helpful in the jewelry industry. Their work involves designing, fabricating, adjusting, repairing, or appraising jewelry from precious stones.
Tasks Precious Metals Worker Perform More Often
Check out the common tasks of precious metals workers, from ground level work to popular positions:
- Clean, polish and restore delicate items.
- Smooth joints and roughness on metals through adequate tools.
- Mold making and fabricating.
- Solution of hands-on problems on precious metals products.
Why Do Precious Metals Matter?
All the precious stones are popularly used for jewelry making. But if you ask us which one of the long-standing favorite precious metals investors bowl over the most, it’s gold. It is no brainer that gold holds the best intrinsic value in the precious metals umbrella. Even amidst the pandemic slowdown, gold marinated its value.
In a nutshell, rich brags invest in precious metals and hold it as a good investment return. As a result, such entrepreneurs will open up job opportunities in upcoming years. If you resonate with what we are saying, it’s a safe bet to say you want to pursue your career in the box job. Continue reading!
What Is the Future of Precious Metals?
For people who have a passion for luxurious things in life, what could be better than pursuing a career in the luxurious metals industry? If you talk about the future of precious metals, investing in the same will strengthen your investment portfolio. On the safer side, investing in gold is a good investment as its price has steadily risen in the last few years compared to other gemstones.
It is safe to say that detail-oriented work and creativity go hand in hand in the precious metal industry. And it will be in the upcoming decades because other precious metals like ruthenium and rhodium are more often used for industrial purposes.
Why Are Precious Metals Expensive?
Scarcity affects the price of anything globally, and precious metals are also no exception. You have to understand that precious metals’ value gets influenced by several market forces. If you take a sneak peek into the precious metal industry, you can observe that precious metals also involve risks! We will talk about the risks in the further section. In a nutshell, rareness and their naturally occurring behavior are significant reasons precious metals are expensive.
Is Precious Metals a Good Career Path?
Here comes the main topic – is precious metals a good career path? If you have not jumped directly to this point, it’s a safe bet to say you know the answer. But if you have clicked on this subhead from the table at the top, let us give you a clear picture.
Yes, you can build a good career in the precious metal industry. This career path is rewarding for creativity and luxury lovers. Thanks to evergreen, lucrative, high-demand luxurious metals. Indeed, you can unlock various career growth opportunities and join a respected profession. All you need to do is possess a comprehensive knowledge of precious metals. Because, let’s face it, this will reduce the risk of the market crash in times of uncertainty.
The best bet? Many brokers in the precious metal industry have no particular college degree. They have a good knowledge of communication and interaction, and an appetite to build rapport with clients. If you have that charisma in your personality, you can become a precious metal broker with a particular degree.
Reasons That Personify Precious Metals Is an Amazing Career Path
Do you know about any other job that lets you stick to it ever after retirement and still make money? Guess what? If you have good knowledge of precious metals, you will always be your own and open a fancy office to deal with customers.
Do you know precious metals will never go out of fashion as they are more often used in automobiles, accessories, and design items?
Irrespective of your experience, feel free to join the industry as a clerk and later become a specialist or analyst.
What Are the Types of Precious Metals Jobs
Are you wondering if precious metals are a good career path? Yes, it is! Read on the types of precious metal jobs roles and take your pick according to your educational background and expertise you have:
Analyst
He’s the one who is responsible for evaluating the gemstone’s price and its hovering ratio in times of uncertainty.
Goldsmith
He belongs to the metalworker category and specializes in crafting ceremonial or religious precious metals items.
Coin Specialist
Coin specialists are the ones who buy gold coins most safely and legally. One must not head to a pawn shop. Rather, switch to a coin specialist to see your gold coins at the best market price.
Precious Metal Worker
Their work is to keep a check on design and conduct examinations. Precious metal workers belong to the same working umbrella as a goldsmith.
Quality Control Specialist
He’s the person in charge of ensuring quality control of the products. Most importantly, a quality control specialist is the one who takes accountability for troubleshooting problems with analysts and metal workers.
Precious Metal Broker/Advisor
As the name suggests, a precious metal broker or advisor earns money in the commodities market. Plus, these guys have good knowledge of building rapport with clients. He trades on behalf of the investors and keeps a check on commodities laws.
How Much Does a Precious Metal Worker Earn?
You can classify the basic salary of a precious metal worker into three sections – hours, months, and annually. Above all, educational requirements make or break the deal regarding a handsome salary. As a result, the basic salary of precious metal workers in the United States starts at $20-$70 per hour. However, it’s the approximate estimate but gives you a clear picture of the entry-level salary with a higher position.
As can be seen, the average salary results from the number of hours an employee gives, his experience, job position, and much more! But suppose you still ask about the monthly amount a precious metal industry worker earns. In that case, the short answer is something between $25,000- $71,000, even more!
How Do You Become a Precious Metal Worker?
So you want to carve a good career path in the precious metal industry. Great! Do you know the distinguishable feature of this industry? Well, it’s the fact that you don’t have to own a college degree. If you have a penchant for convincing the buyer/customer, you are in to join the valuable gemstones industry.
You can start working under professional metal workers in various Industries. For example, jewelry, antique restoration, and furniture production. When you join any of them, pay attention to learn the various tasks performed. Irrespective of any educational background, the precious metal industry welcomes all.
Are Precious Metals Expensive?
Yes, precious metals remain one of the rarest metals found on the earth. One of the most expensive precious metals includes palladium, silver, platinum, and gold.
Pros and Cons of a Career Path in the Precious Metals Industry
Benefits (Pros)
- This market is for people with luxurious appetites.
- One need not worry about career growth even without a college degree.
- The average salary is handsome compared to other industries without a degree in the United States.
Drawbacks (Cons)
- If you are a 9-5 person, this industry is not for you.
- Plus, job positions are fewer but continuously increasing.
- Without harnessing the networking benefits, you may find it hard to proceed.
- If you have less knowledge of precious metals, it’s better not to invest.
Final Words
Precious metals are universally valuable, and however, the four precious metals are staples in the industry – gold, silver, palladium, and platinum. So if you are looking for an unconventional career path, look no further than the precious metals industry. You can build a good career path here from scratch also!
Moreover, from a freelancing point of view, the precious metal industry is very enticing for young entrepreneurs. Various factors like usage drive their demand, but all of them are valuable assets in the long run. So one can invest in precious metals for long-run benefits. The real-world examples of precious metals include inflation, financial concern, wars, and political crisis.
With the advancement taking a new toll, people are discovering more and more ways to invest in precious stones. As a result, the market will become a whooping industry in the upcoming decades. Also, if you are still not sold, you may want to check out public utilities as a career path!
Still wondering, “is precious metals a good career path? Do you think we have missed anything important? Let us know in the comments.
