How Many Jobs are Available in Precious Metals?

Precious metals have seen a surge in demand due to industrial, investment, and price-related factors. Consequently, a large number of job opportunities have been created in exploration and development activities, such as geology and engineering. If you are interested in a career within this industry, you may be wondering “how many jobs are available in precious metals?”

In this article, we’ll explore what kind of jobs the precious metals industry has to offer. We will also take a look at the current number of employees and whether this field is a suitable career path for those interested in the industry.

According to the Bureau of Labor Statistics (BLS), there are over 45,800 jobs available in precious metals, in the United States.

What are Precious Metals?

Precious metals are rare, naturally-occurring metallic elements of significant financial worth. They are often admired for their scarcity, attractiveness, and durability. Gold, silver, platinum, and palladium are the most widely recognized precious metals. Gold is mainly utilized in jewelry, coins, and bullion, as well as in various pieces of technology and in the aerospace sector. Silver, similarly, is used in jewelry, silverware, and photography but also plays an essential role in the electrical industry. Platinum is generally used in the catalytic converters of cars and palladium has a hand in dental alloys and electronic components. Other lesser-known precious metals, include rhodium, iridium, and ruthenium.

How Many People are Employed in the Precious Metals Industry?

It is hard to precisely calculate the number of individuals employed in the precious metals industry. The figure can differ according to region and job category. As declared by the Bureau of Labor Statistics, there are currently more than 45,000 people employed in the precious metals industry. This includes positions in mining, processing, manufacturing, logistics and sales and marketing. The US precious metals industry is a highly profitable one, boasting a market size valued at USD 182.1 billion in 2019. This number is growing year on year and has a projected CAGR of 9.0% between 2020 to 2027.

Is Precious Metals a Good Career Path?

If you’re considering a career path in precious metals, you may be wondering if it’s the right choice. From mining and refining to selling and trading, there are a number of different jobs available within this industry. Experienced professionals in the precious metals industry can earn up to six-figure incomes. Alternatively, those who are just starting out can still expect to make a comfortable living.

Additionally, due to the increasing demand for these materials, there is no shortage of job opportunities. There is a wealth of positions to choose from and a chance to work with some of the world’s most prestigious companies. Along with the potential for a high salary, there’s no denying that a career in precious metals can be quite rewarding.

When it comes to job security, precious metals are a great option. As the demand for these valuable materials continues to increase, it has resulted in numerous stable positions in the industry. A career in the precious metals industry can be both financially and emotionally satisfying. Not only can you enjoy a successful career with a competitive salary, but you can also make a real difference by helping to protect and preserve the world’s valuable resources.

Best Paying Jobs in Precious Metals

The precious metals industry offers a variety of high-paying jobs for those with the right skills and experience.

Some of the best paying positions in the industry include:

Mining engineers

Mining engineers are responsible for designing and implementing the processes and systems used to extract precious metals from the earth. They typically earn a median salary of around $91,000 per year.

Metallurgists

Metallurgists are experts in the science of metal and are responsible for developing and optimizing the processes used to extract and refine precious metals. They typically earn a median salary of around $87,000 per year.

Geologists

Geologists play a key role in the precious metals industry by identifying and assessing the potential of mineral deposits. They typically earn a median salary of around $89,000 per year.

Refiners

Refiners are responsible for purifying and refining raw precious metals into a usable form. They typically earn a median salary of around $70,000 per year.

Traders

Precious metal traders buy and sell precious metals on the global market. They typically earn a median salary of around $100,000 per year, with top earners making significantly more.

Quality Assurance Managers

QA Managers are responsible for ensuring that the precious metals produced by a company meet industry standards and regulations. They typically earn a median salary of around $90,000 per year.

In addition to these traditional roles, there are also opportunities for professionals with more specialized skills, such as those in environmental management, health and safety, and information technology.

How Big is the Precious Metals Industry?

The precious metals industry is experiencing substantial growth, and the projections are astounding. It is expected to reach an impressive 42.76 KMT in volume by 2022. The industry is also predicted to increase its worth from an estimated $275.40 billion in 2021 to a staggering $403.08 billion by 2028. This upward trend will bring more job opportunities within precious metals. Therefore, presenting an excellent chance for those aiming to make a career in the industry.

3 Largest Precious Metals Companies in the US

1. Newmont Corporation

Newmont Corporation is one of the largest and most diversified precious metals companies in the world, with operations spanning across five continents. Newmont’s portfolio includes some of the most promising gold and copper projects in the world. This includes the Boddington mine in Western Australia and the Carlin mine in Nevada. Newmont has a strong track record of performance and a commitment to creating value for its shareholders, employees, and host communities. They are one of the leaders in the precious metals industry.

2. Barrick Gold Corporation

Barrick Gold Corporation is one of the world’s largest gold mining companies and is headquartered in Toronto, Canada. The company has a diversified portfolio of mines across the globe, including in North America, South America, Africa and Australia. Barrick is known for its focus on large-scale, low-cost operations and has a reputation for being one of the most efficient gold miners in the industry. The company is committed to responsible mining practices and has made significant investments in technology and innovation. This is in order to minimize its environmental impact and improve the safety of its operations.

3. Freeport-McMoRan

Freeport-McMoRan is one of the world’s largest producers of copper, gold and molybdenum and is based in Phoenix, Arizona. The company operates mines in the Americas, Africa and Indonesia. In addition to mining, the company is also involved in oil and gas exploration and production. Their collection of assets encompasses the Grasberg mining region in Indonesia, renowned as one of the planet’s most substantial copper and gold mines. Additionally, they have substantial mining operations in the Americas. Their assests include expansive Morenci minerals district in North America and the Cerro Verde mine in South America.

Different Sectors in the Precious Metals Industry

Mining Sector

The precious metals mining sector is a vital part of the global economy. it is responsible for extracting and refining valuable minerals such as gold, silver, and platinum. These metals are prized for their beauty and rarity, and have a wide range of uses industrial machinery/components and technology. The process of mining precious metals is complex and requires significant investment, but the rewards can be substantial. Companies involved in this sector must navigate a range of challenges. These can vary from environmental regulations, to fluctuations in commodity prices, and the need to constantly innovate and improve efficiency.

Despite these challenges, the precious metals mining sector is expected to continue to grow in the coming years. This will be driven by increasing demand for these metals in industries such as electronics, medicine, and renewable energy.

Jobs Available in Mining

The job roles available in the precious metals mining sector include:

• Mine Engineer: responsible for designing and planning the mining operations, as well as overseeing the safety and efficiency of the mining process.
• Mining Technician: responsible for operating and maintaining the mining equipment and machinery, as well as collecting and analyzing data from the mining process.
• Geologist: responsible for identifying and evaluating potential mining sites, as well as analyzing the composition and quality of the minerals found at those sites.
• Metallurgist: responsible for developing and implementing processes for extracting and refining precious metals from mined ore.
• Safety Officer: responsible for ensuring that mining operations comply with safety regulations and that all workers are properly trained in safety procedures.
• Environmental Engineer: responsible for monitoring and mitigating the environmental impact of mining operations and ensuring compliance with environmental regulations.
• Heavy Equipment Operator: responsible for operating various heavy equipment and machinery used in mining, such as excavators, bulldozers, and haul trucks.
• Drilling Engineer: responsible for designing and implementing drilling programs to extract ore.
• Maintenance Technician: responsible for repairing and maintaining equipment and facilities.

Manufacturing Sector

The precious metals manufacturing sector is a critical component of the global economy. It is responsible for transforming raw precious metals into a wide range of finished products. These products include jewelry, coins, bullion, and various industrial components such as catalysts, electronic components, and medical devices. The manufacturing process of precious metals is a highly skilled and precise craft. Workers must have a deep understanding of the properties of these materials and an ability to work with them at a microscopic level.

The sector is also subject to strict regulations regarding the sourcing of raw materials, quality control and environmental standards. Companies in this sector must also constantly innovate and find new ways to use precious metals in order to stay competitive. Despite the challenges, the precious metals manufacturing sector is expected to continue to grow in the coming years. This will be driven by increasing demand for these products both in developed and emerging markets.

Jobs Available in Manufacturing

The job roles available in the precious metals manufacturing sector include:

• Jeweler: responsible for designing, creating, and repairing jewelry using precious metals and other materials.
• Goldsmith: responsible for crafting and repairing precious metal objects such as coins, flatware, and other decorative items.
• Metal Fabricator: responsible for cutting, shaping and welding precious metals to create a wide range of products.
• Polisher: responsible for smoothing and finishing precious metal products such as jewelry and coins.
• Electroplater: responsible for applying a thin layer of precious metal to other metals to improve their appearance or performance.
• Quality Control Technician: responsible for inspecting and testing products to ensure that they meet industry standards and customer requirements.
• CAD Designer: responsible for creating digital designs for precious metal products using computer-aided design software.
• Tool and Die Maker: responsible for creating custom tools and dies used in the manufacturing of precious metal products.
• Assayer Technician: responsible for testing the purity and composition of precious metals used in manufacturing.

Finance and Investment Sector:

The precious metals finance and investment sector plays a crucial role in the global economy. It provides investors with opportunities to gain exposure to the value of precious metals such as gold, silver and platinum. This sector includes a wide range of financial products and services, such as exchange-traded funds, futures contracts, and bullion storage. The sector also includes banks, traders, and other financial intermediaries that specialize in precious metals transactions. The value of precious metals is often seen as a hedge against inflation and currency fluctuations. This makes it an attractive option for investors looking to diversify their portfolios.

The precious metals finance and investment sector is also affected by various macroeconomic factors. Interest rates, geopolitical risks and economic uncertainty can all lead to fluctuations in the value of these metals. Despite the volatility, the precious metals finance and investment sector continues to be an important source of liquidity in the global economy.

Jobs Available in Finance and Investment

The job roles available in the precious metals finance and investment sector include:

• Precious Metals Trader: responsible for buying and selling precious metals on behalf of financial institutions, investment firms, and other clients.
• Investment Analyst: responsible for researching and analyzing precious metals markets and making investment recommendations to clients.
• Portfolio Manager: responsible for managing a portfolio of precious metals investments on behalf of clients, making decisions about buying, selling and holding assets.
• Bullion Dealer: responsible for buying and selling physical precious metals such as coins and bars, as well as providing storage and logistics services.
• Precious Metals Fund Manager: responsible for managing a fund that invests in precious metals on behalf of investors.
• Risk Manager: responsible for assessing and managing the risks associated with precious metals investments.
• Compliance Officer: responsible for ensuring that the company’s financial activities comply with regulatory laws and guidelines.
• Customer Service: responsible for providing assistance and support to clients regarding their precious metals investments.
• Precious metals accountant: responsible for managing the financial aspects of precious metal investments, including taxes, accounting and record keeping.
• Derivatives trader: responsible for trading derivatives of precious metals such as futures, options and swaps.

Marketing and Sales Sector

The precious metals marketing and sales sector plays an important role in connecting the precious metals mining, manufacturing and finance sectors with consumers and investors. This sector includes a wide range of businesses that specialize in the promotion, distribution and sale of precious metals products. It also includes marketing and sales teams within mining and manufacturing companies that focus on promoting and selling their products to various customers. The precious metals marketing and sales sector is a highly competitive industry, with companies constantly seeking new and innovative ways to market and sell their products.

The sector also closely follows market trends and consumer preferences, adapting to changes in consumer demand for different types and styles of precious metal products. Sales and marketing is also closely tied to the overall economic conditions. Consumer sentiment and disposable income both affect the demand for these luxury goods. Despite the challenges, the precious metals marketing and sales sector is expected to continue to be an important part of the overall precious metals industry.

Jobs Available in Sales and Marketing

The job roles available in the precious metals marketing and sales sector include:

• Precious Metals Salesperson: responsible for promoting and selling precious metal products to customers and clients, as well as building and maintaining relationships with existing customers.
• Jewelry Designer: responsible for creating and designing jewelry using precious metals and other materials, as well as presenting and promoting their designs to customers and clients.
• Marketing Manager: responsible for developing and implementing marketing strategies for precious metal products, such as advertising campaigns and promotions.
• E-commerce Manager: responsible for managing and promoting precious metal products on e-commerce platforms, and optimizing the online sales process.
• Retail Manager: responsible for managing and promoting precious metal products in retail outlets, such as jewelry stores and coin dealers.
• Product Manager: responsible for managing the development, design, and launch of new precious metal products.
• Public Relations Specialist: responsible for managing the company’s reputation and relationships with the media and other stakeholders.
• Customer Service: responsible for providing assistance and support to customers and clients regarding precious metal products and services.
• Inventory Manager: responsible for managing the stock and inventory of precious metal products.
• Business Development: responsible for identifying and targeting new opportunities and markets for precious metal products, as well as building partnerships and collaborations with other businesses.

The Bottom Line

The precious metals industry is a vital and diverse field that offers a wide range of jobs for individuals with a variety of skills and interests. The industry encompasses various sectors, including mining, manufacturing, finance, and sales and marketing. Each providing a unique set of opportunities for growth and development.

From the physically demanding work of mining and operating heavy equipment, to the precision and craftsmanship of manufacturing, the industry offers something for everyone. The precious metals industry is a dynamic and growing field that will continue to provide a wide range of job opportunities. For those who are passionate about working with precious metals, it is a great industry to get into.