Strike Gold: 9 Best Paying Jobs in Precious Metals (2023)
If you’re looking for the best-paying jobs in precious metals, you’re in the right place. From mining to precious metal consultant and manufacturing, plenty of opportunities exist to make good money. And with gold prices at a near all-time high, now is a great time to get started.
Overview of the Precious Metals Industry
The precious metals industry comprises many types of businesses, ranging from mining and exploration companies to mints and refineries. Investors in this industry can also participate in producing, refining, or selling these metals.
Precious metals have historically been a popular investment due to their relatively stable value no matter the economic climate. After being mined or refined, these metals are sold around the world.
Some of the most common ones include gold, silver, platinum, and palladium. These metals have a variety of different uses in jewelry and electronics manufacturing, among others. Investing in precious metal markets can be an exciting way to diversify your portfolio.
Reasons to Pursue Jobs in Precious Metals
- Financial Security: Precious metals jobs can offer a level of financial security that is hard to find in other industries. With the right qualifications and skills, you could make a very good living as many high-paying jobs are available.
- Variety: This business offers a variety of career paths, from mining and trading to affiliate marketing. This means there’s something for everyone, no matter your interests or skillset.
- Networking: Professionals often have the chance to network with other experts in the industry, which can open up new opportunities and further your career goals.
- Flexibility: While it’s important to stay on top of changes in the market, working with precious metals offers a degree of flexibility. It can be a great option for those who prefer working independently or don’t want to commit to a 9-5 job.
- Job Satisfaction: Working with valuable and rare materials can be incredibly rewarding. From locating a rare coin to helping design the perfect piece of jewelry, there’s always something new and exciting in this industry.
Here Are The Best Paying Jobs in Precious Metals
Now that you know more about the industry, let’s look at some of the highest-paying jobs working with precious metals.
1. Mining and Refining
This involves mining precious metals from the ground and refining them for industrial or commercial use.
Mining and refining precious metal, often for commercial and industrial use, is a challenging yet potentially lucrative job opportunity, with many in this sector earning good money. This vocation can involve both manual labor in a mine setting and highly technical processes for refining minerals.
The type of work required depends on the specific industry sector one works in; some jobs require specialized skills, like metallurgy or engineering, while others only ask for general knowledge of basic safety and hand tools. In any case, it is important for precious metal workers to understand the risks associated with this type of occupation.
Heavy machinery, protective gear, and various environmental considerations are all integral components that must be taken into account when beginning this kind of career. Though demanding, being a precious metals worker can be rewarding when done safely and in compliance with regulations.
Wages range from $26K – $78k per year depending on the type of job and experience.
2. Jewelry Designer
This job involves creating beautiful items from precious metals. Jewelry design requires an artistic eye and a creative mind to create unique pieces that capture the customer’s attention.
The work may include sketching, molding, polishing, or setting gems into the metal. Jewelry designers often specialize in one type of metal, like gold or silver, and may create pieces for clients on commission.
Many designers are employed by larger companies where the annual salary is set at an established wage. A degree in jewelry design or a related subject is usually necessary for most jobs in this field, and you could also consider becoming a jewelry and coin specialist.
If you lack experience, you could start at a jewelry store to learn about the business.
Depending on your level of experience, the salary range is $26k – $75k per year, with an average salary of $44k per year.
3. Gold Affiliate
Augusta Precious Metals
With lifetime commissions, a 90-day cookie duration, and world-class support, Augusta Precious Metals is the perfect partner for anyone looking to get started as a gold affiliate.
Have you ever thought about becoming a gold affiliate to earn money? It is an excellent way to boost your income while still following your passion.
Being a gold affiliate gives you the freedom to work with whichever brands you choose and how and when you want to promote them. You can also take advantage of the great resources provided by affiliate networks, such as tutorials, tracking tools, and customer support teams.
As an affiliate, you will receive generous commissions (average 10%) for any sale transaction, which is a good method for making money with your website. One of the best companies is Augusta Precious Metals, where you can earn lifetime commissions from customers who purchase through your link, and they are well-respected in the industry.
You will need a quality and relevant website to promote the products, and the sky’s the limit when it comes to earning potential. One affiliate I know recently earned $50k from a single sale from a gold IRA company, and though not common, it just shows you what’s possible.
Gemology is the study of gems, including diamonds and other precious stones. This field requires knowledge about the characteristics of various gems and an eye for detail.
Gemologists are employed by jewelry stores and private companies to identify and appraise gemstones. They may also provide expert advice on buying jewelry or conducting repairs.
The salary range for gemology jobs is $40k – $80k per year, with an average annual salary of around $62k, depending on your location. To become a gemologist, you must complete an accredited training program and obtain certification from the American Gem Society or a similar organization.
Gemologists also need to stay up-to-date on industry trends and any new techniques or technologies that could be beneficial. Understanding the ethical and legal aspects of buying and selling gems is also important.
A career in gemology is a very specialized field that can provide a great opportunity for those who are passionate about jewelry and wish to turn their knowledge into an interesting and lucrative profession.
5. Goldsmith and Silversmith
A goldsmith, also known as a silversmith, is an artisan who specializes in jewelry and metalwork. Their duties include crafting unique pieces from precious metals such as gold, silver, and other precious metals.
They may create custom designs for clients or work with existing designs that customers bring to them. Goldsmiths must have a good eye for detail and the ability to work with small parts and intricate designs.
The salary range of goldsmiths and silversmiths is $20k – $65k per year, depending on experience. Many of these types of precious metals workers are self-employed; however, some work in jewelry stores or private businesses specializing in metalworking.
A degree or certification in metalworking can help enhance job prospects and salary offers. For those who are interested in pursuing a career in this field, it is important to keep up with current trends and techniques through continuing education courses.
6. Precious Metals Investor/Broker
If you are looking for a job in the world of finance, then consider becoming a precious metals broker. This is a licensed professional who specializes in buying and selling precious metals.
The salary range for this position is $50k – $150k per year or more, depending on experience and location. Getting a broker’s license requires passing an exam that typically covers investing, risk management, and market analysis.
As a consultant, you need to understand the precious metals market to make informed decisions on when to buy or sell metals.
7. Precious Metals Analyst
This involves keeping track of current prices and trends in the industry and predicting future market movements.
Analysts must also understand economic factors that can affect metal prices, such as supply and demand, inflation rates, currency exchange rates, and political changes.
The salary range for analysts in the precious metals sector is $60k – $125k per year, depending on experience level. To become an analyst, you usually need to have a degree in finance or economics and industry experience.
Those who are interested in this field should be prepared to stay up-to-date on current events and trends in the industry. They should also have strong analytical skills, a good understanding of financial markets, and excellent communication abilities.
A lapidary is a professional who works with stones, crystals, and other semi-precious materials to create beautiful jewelry or decorative objects. They use tools such as saws, drills, and grinders to shape the stones into their desired shapes.
Lapidaries must have an eye for detail and be able to work quickly and accurately. The salary range is typically between $25k – $80k per year, depending on their work type and their field experience.
To become a lapidary, you must first learn how to use the tools and techniques needed to create jewelry or objects from semi-precious stones. You must also learn how to shape and polish stones in order to create the desired effect.
A gemology or jewelry design certification may help those interested in this profession stand out when looking for a job, although apprenticeships are the most common route.
Numismatics is the study and collection of coins, paper money, and other forms of currency. It requires knowledge about the history, values, and rarity of different types of money.
To become a numismatist or coin specialist, you will usually have some experience in collecting or researching currency, and a degree in economics or finance is useful. You could also complete a diploma from the American Numismatic Association (ANA).
The salary range for numismatists is around $30k – $70k per year.
Those interested in this field should have a good understanding of economics and financial markets and an eye for detail. They should also be able to identify rare coins and other forms of currency.
FAQs For The Best Paying Jobs in Precious Metals
The precious metals industry is full of opportunities for those who are willing to take the time to educate themselves and put in the hard work. From a precious metal broker to an appraiser, numismatist, and miner—there is something for everyone in this field.
With the right combination of education, experience, and dedication, you can find a career that pays well and provides satisfaction.
Whether you’re just starting out or already have some experience in the industry, there are plenty of ways to get started with your career in precious metals. Do your research, stay informed about current trends, and don’t be afraid to take risks. Good luck on your journey!