As Platinum Soars, the Catalytic Converter Gets Hot

Why are catalytic converter's getting stolen?

Catalytic converters use a small amount platinum to convert harmful engine emissions, including nitrogen oxides and carbon monoxide, into less harmful ones, like nitrogen and carbon dioxide.

Platinum is currently trading at $2100 an ounce and each catalytic converter contains between three and seven grams. This recent price spike is largely the result of fears of mine closures due to power cutbacks in South Africa, which controls some 80 percent of the world's platinum output.

Palladium and rhodium, also used as catalysts, are running about $445 and $7300 an ounce, respectively.

I had been wondering why I was suddenly reading a rash of stories of catalytic converters being stolen from parked cars.