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There's Platinum in Them Catalytic Coverters!


TM-NEWS.gifModern Day Prospectors Targeting a Car Near You


News from Cinncinnati
and around the country is that thieves have been stealing catalytic converts for thier platinum and palladium. They slip under parked cars and use portable power saws, probably something like a reciprocating Sawzall to cut out the converts in a matter on just a few minutes. Apparently scarp yards and chop shops are paying about $50 to $100 per converter, based on todays preciosu metal spot prices.

This kind of theft has been occuring for some time now in the base metals catagories. Copper piping and copper wire, sewer grates and manhole covers all have been at risk, as theives cash in on the rising prices at scrap yards.

This is the first report I have noticed on any precious metals risks of street theft however, but I am sure it could be an ever growing problem. Better keep an eye out for troubles of this sort in your area. Some areas are begining to offer solutions, like serial numbers on your converter. Replacing a catalytic converter can cost between $500 and $1000, depending on make, model and aftermarket or original manufacturer source.

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3 Responses to There's Platinum in Them Catalytic Coverters!

  1. Coinflation.com has lots of stories on metals related thefts. There are some terrible stories like one about a small child who fell into a man hole after someone stole the cover to sell for scrap. Strange times…

  2. tom says:

    When I was in Costa Rica last year, just such athing happened during heavy rain when two children were washed into the sewer where a grate had been stolen for scrap. Luckily several men were able to scramble down to the next grate, open it and grab the children as they passed.

    Thanks for the tip about Coinflation.com!

    Best,
    tom

  3. Koichi Ito says:

    If you have purchased Platinum Coins in 1997 or 1998, you have made a very good investment! Platinum was only $400 per ounce in 1997 and 1998 and now about $2000 per ounce!

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