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Precious Metal Prices Increase Catalytic Converter Theft

In the United States over 130,000 catalytic converters were stolen in the last year! We can see that the trend is consistent over time; however, there are some spikes that occur due to related factors. The rising value of precious metals contained within catalytic converters, such as platinum, palladium, and rhodium, is primarily driving catalytic converter thefts. The act of theft is extremely dangerous and has a relatively low reward for those who participate; however, as the value of the main precious metals within a catalytic converter increases, the risk becomes more justifiable in some eyes, resulting in an increase in theft. 

The Relationship Between Precious Metal Prices and Catalytic Converter Theft

Catalytic converters are components of a vehicle’s exhaust system that are designed to reduce harmful emissions which is why the precious metals are there. Catalytic converters contain traces of precious metals, making them a high target for thieves looking for quick cash. The rise in catalytic converter theft can be attributed to rising precious metals prices, particularly palladium and rhodium, which have reached historic highs in the last five years, though platinum is also extremely valuable and is found inside catalytic converters.  

What Drives the Price of Precious Metals

Have you ever wondered what drives the price of precious metals so high? Consider the following scenario: industries such as automotive, electronics, and jewelry are on the hunt for these metals, resulting in a constantly increasing demand. But here’s the catch: These precious metals are in short supply. With demand soaring and supply having trouble to keep up, you can guess what’s coming next—prices skyrocket! 

This is where things start to get interesting. These precious metals’ rising prices have set off a chain reaction. People with criminal motives start looking at them as a chance as they become more valuable. These small components have a big impact and chances are you or someone who you know has fallen victim of catalytic converter theft.  

Catalytic Converter Theft Is Rising

As of recent days, we see a 10-fold increase in catalytic converter theft over the previous four years. Is your catalytic converter safe? Follow this link for some ways to ensure you protect your catalytic converters from being stolen. 

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If you are a registered automotive business with scrap catalytic converters and are looking for a reliable recycler to sell them to, look no further! Reach out to us today! noble6® only partners with licensed businesses, and we strictly follow anti-money laundering (AML) regulations. Our commitment is to buy scrap catalytic converters ethically and recover the valuable metals with the goal to contribute to the circular automotive economy. By doing so, we not only assist to reduce mining pollution, but we also aid in preserving valuable natural resources. 

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