Theft of catalytic converters, an anti-pollution device, is rising rapidly across the US. Thieves usually slip under the vehicle and use battery-powered saws to hack the converter off within minutes. The motive: catalytic converters use precious metals such as platinum and palladium. And with climbing metal commodity prices, catalytic converters prove to be attractive and easy targets.
Five years ago, the price of platinum and palladium were $608 and $208 per troy ounce, respectively. Now platinum commands a $2,083 price tag per troy ounce while palladium is worth $468 per troy ounce. Thieves sell stolen converters to scrap yards for $50 to $100 but price varies among buyers. There have been reports of catalytic converter theft epidemics from Cincinnati to San Francisco.
Source: The Detroit News