I recall watching a YouTube video about an amateur chemist who theorized that if enough highway dust were collected, one might find useable amounts of platinum and palladium which had been shed by catalytic converters. He swept up a five-gallon bucket of dust from a nearby interstate and ran it through a series of complicated chemical reactions after which he did get at least a measurable amount of those precious metals.
This company has a machine that separates the catalytic converters. Including vacuums that suck up all the dust and deposit the rare earth elements into bags inside 55 gallon drum.
I asked him how much a drum was worth when full. He replied $12K. I looked around the warehouse. He said there were cameras/people monitoring the inside of this warehouse 24/7.
I asked what is the most valuable catalytic converter. He said a Ford Expedition. It has two. Each are worth $650 as scrap.
He said it takes a thief about 30 seconds to remove one from under your vehicle with a battery operated sawzall. This was a few years ago.
The FBI got involved in the theft of them awhile back. To break up the criminal rings. They now have a VIN# on them.
So, the recycler has to record that number from the person who sells them the part.
This company used to buy them from all over the USA. They would send you a shipping label. Then pay you when they received the CC. They cut way back on that because he said they were afraid the FBI was going to come in and seize their entire inventory.