Catalytic converter thefts spike nationwide as precious metal prices spike
Catalytic converter thefts are on the rise, and the crime increase is fueled by a number of factors. The New York Times reports that police are sounding the alarm on an unusual nationwide surge in cases.
St. Louis catalytic converter thefts were eight times higher in 2020 than years past. Lexington, SC and Wichita, KS both reported triple their typical numbers for 2020. Some cities don’t have detailed data available, but in general, the numbers are up across the board.
Prices for the valuable and precious metals needed for emissions controls found inside catalytic converters are rising. The NYT points out two materials found within converters in particular: palladium and rhodium. Palladium was worth about $500/ounce five years ago, but hit $2,875/ounce in 2020. Rhodium was $640/ounce five years ago, but skyrocketed all the way up to $21,900/ounce recently. For some context, the NYT points out that $21,900/ounce is about 12 times the price of gold. Both of these materials are found in catalytic converters, so it’s no wonder that thieves want them. A greater demand for these metals from countries like China and others with emerging automotive markets that are pushing more emissions controls has pushed the prices up.
In a pandemic-stricken year where more folks than ever are short on money or out of jobs, the increase in thefts could be a sign of the times, too. Many were or will be stuck with massive repair bills to buy a new catalytic converter if their car’s is stolen. Meanwhile, the thief is getting a big pay day.
https://autos.yahoo.com/catalytic-converter-thefts-rise-nationwide-201500016.html
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