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question about catalytic converter/platinum

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I notice that scrap catalytic converters are selling for over $100 each for their precious metals content. Where are the precious metals located? I have a couple of cats off a 1979 Lincoln. There is some rattling inside and some of the honeycomb material is falling out.

Does this honeycomb looking material contain the platinum or is it located further inside?

thanks posted by  bbaddog

On Fords, its the honeycomb material posted by  tbaxleyjr

I believe that platinum is actually not the most valuable metal in the cat converters, Rhodium costs about five times more. I don't know how much of either is in there though. posted by  giant016

You can make some money from it...I heard on the news that thieves would steal the catalytic converters from cars, and sell the minerals in there for something like $75-100 if I'm not mistaken. posted by  chris_knows

Around here, thieves will steal air conditioning units to sell for the copper coils - You don't have to have precious metals. posted by  tbaxleyjr

up here, too. i went to a no-a/c call at a local subway, walked around back and the whole condensing unit was gone... at another place (a bar) someone carefully cut out just the condenser coil for the walk-in keg cooler and took it...:thumbs: posted by  dodger65