Catalytic converters cut out of cars

In Bangor, thieves brazenly removed catalytic converters in a busy hospital parking lot in broad daylight. Police also have fielded reports in recent weeks in Alabama, California, Louisiana, New York, North Carolina, Ohio and Tennessee.

Catalytic converters contain small amounts of valuable metals – platinum, rhodium and palladium – and the value of those precious metals has been growing. Likewise, prices paid by scrap yards for catalytic converters have grown from $5 to $30 a decade ago to today’s level of $5 to $100. Some can fetch up to $150.
The growth in catalytic converter thefts has followed the growing value of those precious metals, said Ashok Kumar of A-1 Specialized Services and Supplies, which buys catalytic converters by the truckload before they’re shipped for processing.

Platinum, for example, was selling for $400 an ounce in August 2001; the price is more than $1,100 today

Sun Journal