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Thieves are targeting car parts as precious industrial metals have become more valuable than gold

Added 10-26-21 02:14:02am EST - “Catalytic converters are getting stolen from cars worldwide as prices of rare metals in the car parts hit record highs this year.” - Businessinsider.com

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Posted By TheNewsCommenter: From Businessinsider.com: “Thieves are targeting car parts as precious industrial metals have become more valuable than gold”. Below is an excerpt from the article.

Thieves are going after car parts as prices of rare metals in catalytic converters hit new highs this year.

Theft of the devices, which are a part of a car's exhaust that converts smog to less harmful emissions, have quadrupled over the last year, according to the New York Post.

Through Oct. 10 this year, 2,170 catalytic converters have been stolen statewide, up from 501 last year, the newspaper reported, citing the NYPD.

"The whole process takes under two minutes," Detective Thomas Kelly of the state's Auto Crimes Unit told the Post.

Even though there are just a few grams of expensive metals like rhodium, palladium, and platinum in catalytic converters, they command high prices even on the scrap market.

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