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Catalytic Converter Theft Crisis

Catalytic Converters contain precious metals, including rhodium, platinum and palladium, making them valuable to scrap metal dealers. In the past five years the price of these metals has skyrocketed. Palladium went from less than $500 an ounce in 2016 to a record $2,875 in 2020. Rhodium prices saw an even larger increase, going from $640 an ounce to a record $21,900 an ounce in 2021. For perspective, the current price of gold is $1,745 an ounce, making Rhodium over 12 times more valuable. With the prices of these metals soaring — and a worldwide pandemic leaving many out of work — it comes as no surprise that catalytic converter theft has increased in the past year. Just how much it has increased though, may surprise you.