happen. Today, about half of all the platinum, palladium, and rhodium mined is used in catalytic converters. The trio of PGMs used in these catalytic converters are extremely valuable. An ounce of platinum costs about $950 in August 2017, while an ounce of rhodium is worth around $990. Palladium is the cheapest of the three, but it commands a price of roughly $890 per ounce. But these prices are cheap compared with the past. Like other cyclical commodities, the prices of the PGMs ebb and flow with changes in supply and demand. In 2001, palladium traded for nearly $1,100 an ounce – about 30% higher than now. And in 2008, platinum exceeded $2,200 per ounce – more than 130% higher than today – while rhodium briefly surged to more than $10,000 per ounce that year. According to a study released in September 2016 by nonprofit organization National Insurance Crime Bureau, more than 25,000 catalytic converters were reported stolen across the U.S. from 2008 to 2015. The number climbed 23% from 3,246 in 2008 to 3,986 in 2015, according to the study, which noted that these figures only included insured cases. The actual number of total catalytic-converter thefts is probably much higher than that. Companies – usually smelters – will pay a premium for used (or stolen) catalytic converters. They’ll offer better prices if you can deliver the goods in large quantities. These “recyclers” extract the PGMs from the catalytic converters and then resell them for the going rate. It takes roughly six catalytic converters to get an ounce of the PGMs. Depending on the PGM, that would put the value at about $150 per catalytic converter using the current prices. Multiply that by 25,000 catalytic converters and we’re talking about $3.75 million. It turns out that ladrones de silenciadores – or as I like to call them, “cat burglars” – are pretty common.
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