Palladium is a precious metal that is more valuable than gold, and its price has skyrocketed over the last couple of years. In 2018, it was worth nearly $1,000 an ounce. Now, a single ounce is worth nearly $3,000. But as its value has risen, devices that use palladium have become magnets for thieves.
The metal is primarily used inside of a catalytic converter, a device that converts harmful emissions such as carbon monoxide and nitrous oxide into less harmful ones before being released into the atmosphere. Since their adoption into the automobile industry in the 1970s, catalytic converters have led to a significant drop in carbon monoxide and nitrous oxide emissions. And the more palladium they use, the more efficient they are at…