Catalytic converter thefts spike nationwide

thefts of catalytic converters.A catalytic converter is a device that uses precious metals such as rhodium, palladium and platinum to turn an engine's environmentally hazardous exhaust into less harmful gases.A 2021 study conducted by the NICB's operations, intelligence and analytics division found that there was an average of 1,203 catalytic converter thefts reported per month in 2020, compared to an average of 282 thefts reported per month in 2019 and 108 thefts reported per month in 2018.

An employee is working on an SCR catalytic converter for retrofitting diesel for nitrogen reduction at HJS in the workshop in October 2018 in North Rhine-Westphalia, Germany. (Getty Images)The NICB attributes the increase in catalytic converter thefts to the rising value of their precious metals.

As of Friday, rhodium is valued at $17,400 per ounce, while palladium is valued at $2,720 per ounce and platinum is valued at about $1,072 per ounce, according to KITCO.com.It also cites the impacts of the COVID-19 pandemic, including disenfranchised and frustrated young men and juveniles, unemployment, no school, closed outreach centers and public safety resource limitations and withdrawal of proactive policies."As the value of the precious metals contained within the catalytic converters continues to increase, so do the number of thefts of these devices," NICB President and CEO David Glawe told FOX Business. "There is a clear connection between times of crisis, limited resources and disruption of the supply chain that drives investors towards these precious metals."Gerd Schwartpaul works on an SCR catalytic converter for retrofitting diesel for nitrogen reduction in the workshop at HJS in October 2019 in North Rhine-Westphalia, Germany.