Thursday, May 22, 2008

Thieves cashing in on precious metals

When she started up the shuttle bus, Faith Christian Church’s bus driver knew something wasn’t right. "She said it sounded like a dump truck and not the nice quiet smooth van she was used to driving,” said Pastor Greg Hamlin. As it turns out, the catalytic converter was stolen from under the van.

In Wichita alone there has been a huge increase in the theft of catalytic converters. Two suspects in Maryland were hiding a stash worth almost $6000.00 and in Michigan one business owner is now employing security cameras after being hit for the seventh time. Catalytic converters may not be made of gold but they do contain precious metals such as platinum, rhodium and palladium. these metals are at an all time pricing high with platinum selling for $2000.00 an ounce, Rhodium at $9000.00 an ounce and palladium topping $400.00 an ounce.

"As long as the price of these precious metals is up, it's going to be more incentive for the criminal element to continue doing this,” said John Eggener with the Montgomery County Police Department in Maryland.

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