Soaring palladium prices are inspiring an unusual band of criminals: catalytic converter thieves.
The exhaust-control devices common in most cars contain the silvery white precious metal, whose prices have climbed more than 50 percent since mid-August. Palladium is now more expensive than gold.
Police in Chicago say perpetrators, who harvest the devices and sell the scrap metal, have converter theft down to a fine art.
"What tends to happen is that in the middle of the night, a group of guys come by with a truck and a reciprocating saw. They cut out the converter, throw it in the truck and drive away," said Howard Ludwig, public information officer at the Chicago Police Department. ...
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