Is Precious Metals a Good Career Path, a Critical Analysis?

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Choosing a career is not that easy for any of us in the modern cut throat competition. It is very difficult to secure a job in any profession especially when it comes to the mainstream jobs. Under such circumstances people have questions like is precious metals a good career path for them. Recently the trend of picking marginalized jobs is growing radially and so is the case with precious metals career as well. So here we will talk about all the sides of this precious metal career for people. You will be able to make a decision by going through this analysis whether to switch for this career or not.

Is Precious Metals a Good Career Path, a Critical Analysis

What are precious metals?

Precious metals are those metals which are high in demand and as a result of which their price automatically rise in the market. People find precious metals a good career path for them as it is having lesser competition as compared to other jobs in the market. Metals like

  • Gold,
  • Silver,
  • Platinum,
  • Rhenium,
  • Rhodium,
  • Palladium,
  • Iridium,
  • Osmium,
  • Indium

Are on the top priority of people and thus have most liquidity ratio too. You can sell them anytime in the market. The metals are making headlines for centuries and they are securing this top position for a long while now.

Why precious metals a good career path for youth?

The reason why precious metals a good career path for youth is because of low level of competition. At the same time you do not have to ensure any technical degree to get into this career. Your experiences, creativity and innovation can work for you like magic to secure a good job here.

Things to know before choosing precious metals as your career

Precious metal is a good career path and has a wide range of options. This career is a bit different from your 9 to 5 job; here you need more attention and creativity. Many people are confused about whether to choose precious metals for their careers or not. Some people also think this is a kind of generation-to-generation job where the son of the goldsmith follows the footsteps of his father. But any person who is passionate about precious metals can become the best fit.

Precious metals are highly demanding natural metals that are rare in nature and have good economic value. These metals are not reactive like other metals. The top precious metals are gold, silver, and platinum.

How many Jobs are available in precious metal career?

If we talk about the question that how many jobs are available in precious metals then we can say a lot of them are ready for you. You can find a job easily in this domain if you have a little knowledge of these metals. From goldsmith, brokering, precious metal career in extraction of metal, analyzing market prices etc. are the top arena of this career.

List of best paying jobs in precious metals career

List of best paying jobs in precious metals career

1. Broker of precious metals

You can ensure the supply of precious metals to other small goldsmith in your area by becoming a broker of precious metals. Buying metals and then selling them on a commission can get you good amount of money to earn.

2. Handling the extraction of metal from ore

It is very important to extract the metal from its ore which is a raw state of the metal. So you can extract it from the ore as a professional ore extractor in metallurgy. That is another big professional career opportunity one can avail in precious metals.

3. Appraising the metal

Next in this category is appraising the metal in such a way that they look beautiful in all aspects. It is a skill based career where your experience matters a lot to appraise a metal just like we apprise diamonds in finest way. Not every individual can play a big role in this kind of jobs where appraising a metal is done.

4. Jewllery designing

The next type of job that one can secure in precious metal career is designing gold, silver and platinum jewllery. These jewllery is highly in demand and if you are good at art especially visual art you can easily design best jewllery of precious metals. Only handful of people are able to do this job perfectly who have wit and creativity in their mind.

5. Analyzing the market for prices of metals

The next job that one can take in the field of precious metals career is as analyzer where they have to analyze the price of the metals. The prices of these metals keep on fluctuating and analyzer can critically analyze the cost of metals for future. So based on this analysis goldsmith and broker can buy or sell their gold to the customers. It is very important for the people to understand that such career can give best income to them as analyzer’s job is not considered something very common.

Why do people like to buy precious metals?

Financial concerns: Every nation has some political instability. Some countries are less politically unstable whereas some countries are very politically unstable. During any kind of financial crisis, these precious metals like gold and silver can be very helpful.

  • Wars: During the war, precious metals can be exchanged for food, shelter, and other goods.
  • Inflation: Investments like stocks, cryptocurrency, and bonds can fluctuate. But precious metals like gold and silver are more stable and always maintain their value. They might get a drop in price but only for a short period.
  • To wear: People love to wear gold, silver, and platinum. From rings to a necklace, wearing precious metals make you look rich.

Essential traits to become a precious metals worker

You don’t need a high degree to become a good precious metal worker. Meanwhile, there are a few traits you must have to do well in this job. The very first thing is concentration. You need good concentration power so you can work for several hours on a small thing without getting distracted. Any small mistake can cause a huge loss. To make the best profit, it may take long hours on a very small thing.

You should have a good vision. Your sharp vision can help to get the best of every precious metal. As a precious metal worker, you need excellent hand-eye coordination with good patience. These jobs may take long hours, you need good patience in your job. You should also be good with tools. Now every precious metal job requires tools but problems can appear anytime. You must have basic practice with tools. Distinguishing between real jewelry and fake jewelry is not easy for the common person. As a precious metal worker, you must distinguish between real jewelry, gemstone, and other items.

A degree is not necessary for this career however having good academic qualifications and design experience is always a plus point. Having an apprentice in a precious metal can be very helpful to build a good career in this field.

Ethics forms are very necessary as precious metals possess good value. People will work with you only when you are trustworthy. If the person fails to gain trust, this industry is not for him.

Merits and demerits of investing in precious metals

Most people like to invest in precious metals like gold. Before investing in any precious metals, a person should view all pros and cons of investment.

Merits

Protects against inflation

If you are looking for a long-term investment then investing in gold is the best thing. Precious metals do not lose their value and increase day by day. Sometimes the value may decrease but it only occurs temporarily. The prices increase often due to the scarcity of these metals. Our society values gold a lot which makes it more stable.

Aid your portfolio

A person should never invest all assets in one place. Along with stocks and bonds, investing in gold is a good option. Even if the market is down or having a financial downturn, precious metals do well.

Reduced availability

Mining these precious metals is very complex but the demand is very high. Working in the precious metals industry can be very beneficial and the demands are increasing day by day.

Cons

Difficult to use in emergency

When you have cash or money in your account, you can easily make the payment in any emergency. Meanwhile, utilizing precious metals in an emergency like in a hospital is difficult. You need to walk into a jewelry shop and sell your jewelry in an emergency. At that time, you may not get the best price for it.

Taxes

Taxes on precious metals like gold and silver is way more than having other assets like stocks.

Safety issues

Precious metals need good security. Keeping them at home can be risky. These metals are not reactive like other metals but still need good storage to prevent any kind of damage.

How much a precious metal job career can help you to earn?

If we talk about the earning through best paying jobs in precious metals then you can earn good chunks of money through this career. Here you can sell the gold by being an analyzer through purchasing it on lower price and then selling on higher cost. There are handful of people in the market who are good analyzer and under such state you can try out a win win situation for you. You can earn in even lakhs if playing a good role in the career goals of precious metals. There are people who are living luxurious life by just opting precious metals as their career. So it depends upon your skills and how you grab the experiences throughout in this journey. It is not a common thing to pick a job in rare stream like precious metals career. But it does not mean you cannot earn god money in this arena of career.

Conclusion

So this is how we can consider precious metals career path as best when it comes to choose a rare stream profession for you. At the same time there are other career opportunities similar to it like capital goods a good career path for people. A lot of youngsters are showing their interest in capital goods nowadays. It does not matters which career you are opting for the only this that is going to matter is how you are working in it. If you are giving your best in every way then nobody can snatch the success from you. At the same time if you are not able to do your best at work then you cannot relish the success in any field. So it all depends on us how we can make or break our career through our actions.

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