Why is a catalytic converter so expensive? on 2000 Honda Odyssey

I've gotten quotes for replacing the catalytic converters on my Subaru and Honda and both quotes were over $1000.

by in American Fork, UT on December 05, 2011
3 answers
ANSWER by on December 06, 2011
The catalytic converter contains a very expensive metal that cost more than gold.
ANSWER by on December 06, 2011
Some have a platinium-iridium catalyst which accounts for a lot of the cost.
ANSWER by on December 06, 2011
basicly, it is all the precious metals that make it so wxpensive. Roy