Although catalytic converter theft has been happening for decades, recent events have caused these parts to drastically increase in price. Between stricter car emissions regulations and slower mining of metals contained in catalytic converters due to the pandemic -- the cost and demand of converters has increased dramatically. To elaborate, the price of palladium has risen from $500 to $2,500 an ounce and rhodium has increased from $640 to $21,900 an ounce. According to New York Times, these precious metals are significantly higher than the price of gold, which costs around $1,800 an ounce today.
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