Do you have a deep interest and a desire to work in the precious metals industry? What a good opportunity! Demand for precious metals is consistent. You can find their applications everywhere, from fashion to technology. The need for rare metals has always been high, but it has grown even more as new technologies emerge. So, how many jobs are available in the precious metals industry?

When determining if the precious metals market is right for you, we’ll look at its various subsectors and the employment opportunities it offers. The global market for precious metals is worth an estimated $183 billion, yet the number of people employed in the sector is relatively low. Due to the industry’s predicted slow expansion, few new job openings may be anticipated shortly.

Number of Jobs Available in Precious Metals

There usually are more than 3,600 job openings in the precious metals market in October of 2022. However, this amount can vary significantly from year to year. Silver and gold miners, jewelry developers, gemologists, and other related occupations are all included in this total. Jobs are available at every precious metals value chain stage, from mining to processing to marketing.

• About 48,450 people have jobs in the jewelry sector, some of whom may be metalworkers. However, the BLS data includes all jewelers, so some people may deal with stones instead of metal or be designers.
• As of 2022, there will be roughly 15,948 people working in the gold and silver mining business in the United States. Employment here is predicted to either be steady or show a slight decline.

As you observe, the following sectors all rely on precious metals for employment. Because of this, the precise number of persons employed in the precious metals sector is difficult to determine. The following data is based on projected job growth, which may or may not be exclusive to the precious metals industry and may instead apply to workers in other fields.

What Are Precious Metals?

Gold, silver, and platinum are the primary types of precious metals.

Gold, among precious metals, is the most common. Gold is widely available in nearly every nation. But South Africa, the United States, Canada, and Russia are where you’re most likely to encounter it. Panning, sluicing, manual mining, mechanical mining, and placer mining are all viable methods for obtaining gold from its ore.

After gold, silver is the most common metal in the world. Silver is primarily mined in Peru and Mexico. However, it happens in places like Australia, Russia, and China. Silver can be extracted from ore using various techniques, including hand, placer, panning, sluicing, and machine mining.

Compared to the other two precious metals, platinum’s abundance is the lowest. Platinum is mainly mined in Australia, Canada, and South Africa. The United States only has modest silver deposits. Platinum can be extracted from ore using various methods, including panning, sluicing, hand mining, and machine mining.

How are Precious Metals useful?

For generations, precious metals have served as money. Many nations continue to back their paper currencies with precious metals. This is because precious metals are scarce, long-lasting, and have a low inflation rate. They continue to be valuable as time passes. Uncommon, organic metallic chemical substances with a high market value are known as “precious metals.”

Precious metals, often known as precious metals, are chemically less reactive than other elements. They typically have a high luster and ductility. The properties of electricity, weight, adaptability, and corrosion resistance are just a few reasons why precious metals are so important in modern technology and jewelry. Many people put their money into precious metals.

Gold, silver, platinum, and palladium are all examples of valuable metals. All of them are uncommon, but gold is very scarce. Gold is an excellent electrical conductor and does not rust. Silver’s malleability and high electrical conductivity make it a desirable material. Catalytic converters require platinum, which is a rare metal. Palladium, like gold, is a scarce metal that finds usage in high-tech gadgetry.

Major Players in the US Precious Metals Industry

The top companies in the United States that deal in precious metals are listed below.

The Mining Industry

Newmont Mining Corporation and Goldcorp Inc. are just a few major mining firms with U.S. operations. The majority of the United States’ gold supply comes from these businesses.

Refiners

Johnson Matthey PLC and Asahi Refining USA Inc. are just two of the many significant refiners with U.S. operations. These businesses refined gold and silver into various forms, including coins and bars.

Fabricators

A plethora of manufacturers produce jewelry and coins made of gold and silver. Company names like “Tiffany & Co.” and “Franklin Mint” fall within this category.

Falling Commodity Prices

Since 2012, when it hit an all-time high of more than $1663 per ounce, the cost of gold has continued to fall steadily. Gold’s price has dropped to about $1999 an ounce since then. Gold’s value increased slightly to around $1,894 in 2020 and 2021. Gold costs yet, fell to $1,644 per ounce in 2022. U.S. precious metals producers have felt the effects of the recent price slump in metals. Refiners and fabricators have also felt the effects of the recent drop in metal prices.

Conclusion

Several environmental laws govern the mining of precious metals in the United States. The sector is feeling the effects of the rising expenses associated with meeting these rules in recent years. Further, derivatives are now subject to stricter regulations thanks to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The precious metals business in the United States is vital to its economy, notwithstanding its difficulties. Numerous mining corporations have temporarily shut down operations or permanently to save money.