Money Metals, Gem State Chronicle, and the Propaganda Pipeline
Stefan Gleason’s donations power a network of PACs, loyal legislators, and fake news sites that are all working to pass legislation that could make him millions
Since at least 2020, one man, Stefan Gleason, has invested hundreds of thousands of dollars in Idaho elections through three donor entities: himself, his company, Money Metals Exchange, and another firm he controls, SMC Properties. The donations span every level of the political machine: fringe candidates, far-right PACs, and even Republican county central committees. But this isn’t ideological giving. This is business. And Gleason has made it clear what he wants in return.
He wants the Idaho Legislature to pass bills that benefit his financial empire. In 2024, Gleason pushed for legislation that would have allowed the state to transfer billions in idle funds into physical gold, which could only be stored in a vault that meets the criteria outlined in the bill. The exact requirements that would make the Money Metals vault in Eagle the primary source for the state to buy and store speculative gold investments, if the bill had been signed.
The scheme was so egregiously self-serving that even after passing the House and Senate, the bill was vetoed by Governor Brad Little. Lawmakers who followed up with the Treasurer’s office discovered what the fiscal note conveniently left out: the cost of acquisition, insurance, secure transportation, and private vault storage. Once senators had the full story, they refused to override the veto. That should have been the end of it.
But Stefan Gleason didn’t just want the bill passed. He wants the entire Legislature reshaped so that eventually he’ll have the votes to get what he wants.
That’s where his donations grease the IFF-backed political machine and keep it running.
Gleason makes direct candidate donations, maxed at $1,000 per person, per election cycle. But why stop there? He added SMC Properties and Money Metals to the mix, sending the same $1,000 checks from each entity to some of the same candidates across the different cycles. Some received all three. Others got a fourth boost from Gleason’s in-law and business partner, Clint Siegner.
Then came the flood into political action committees. Gleason has been one of the largest funders of the Idaho Freedom PAC, the Citizens Alliance PAC, the Idaho Freedom Caucus PAC, and Think Liberty Idaho PAC, each with ties to the Idaho Freedom Foundation and its endorsed candidates. These PACs exist to do what candidates themselves often can’t: flood mailboxes, run digital ads, and finance full campaign operations with zero grassroots support. These are not independent expenditures in any meaningful sense. They are lifelines for candidates who never have to fundraise, never knock on a door, and never answer to their communities. They answer to the people who pay their bills.
This is how you buy a Legislature.
And when propaganda is needed to move public opinion, the network calls in one of its most loyal voices: Brian Almon. A former communications director at the Idaho Freedom Foundation, Almon now runs the Gem State Chronicle. This site claims to do independent journalism while acting as a megaphone for the IFF donor class.
Almon published a column yesterday lamenting the Legislature's 2024 decision not to move billions in idle funds into physical gold. He framed it as a "missed opportunity" by pointing to the current market price of gold, suggesting the state could have profited had it invested.
What Almon failed to mention was the staggering cost to taxpayers hidden in the bill—acquisition, storage, insurance, transport—or the fact that the bill would have directly benefited Stefan Gleason, whose company operates the vault. The article should have come with a disclaimer similar to this: "This article was bought and paid for by one of the Idaho Freedom Foundation's biggest donors. Likely written under orders to prop up a donor’s self-enrichment scheme." This omission isn’t just misleading; it confirms Almon is a participant in the machine, not an independent voice.
The article was amplified on social media by none other than Rep. Rob Beiswenger, a recipient of Gleason campaign donations and an employee of Money Metals Exchange. He posted, "Terribly short sighted veto last year costing Idaho taxpayers hundreds of millions." But speculative gains are not a "cost" to taxpayers. What is a cost—one deliberately omitted from the fiscal note—are the millions in fees for acquisition, transport, security, and storage. By framing it this way, Beiswenger is gaslighting his constituents and fellow lawmakers. Unless, of course, he was just posting what he was told to post.
Even more recently, in 2025, Speaker Mike Moyle added a provision to this year’s income tax reduction legislation that exempts taxes on profits from the sale of gold bullion in Idaho. Moyle has received donations from Gleason multiple times over the years.
At this point, no one in the Idaho Legislature should pretend this is normal.
This is a political machine built to pass one man’s self-enrichment scheme. It’s backed by a network that thrives on harassment, deception, and public smears. And if you are a legislator being asked to vote on bills born from this ecosystem, you should be asking yourself a serious question:
Can you, in good faith, vote for legislation that was written, funded, lobbied, and packaged by the same person and network responsible for some of the most disgusting and dishonest attacks on your colleagues? Attacks that have ruined reputations, livelihoods, and the basic civility of this institution?
This legislation doesn’t serve the two million Idahoans who live and work here. It only serves the self-enriching interests of one North Carolina gold baron who bought his way into our Legislature.
There’s nothing conservative about using public dollars to enrich a private business. This bill is not about limited government or fiscal responsibility—it appears to be about self-dealing and corruption.
Why would you support people who brag about using confrontational and dishonest tactics to destroy anyone who is not bought and paid for by their network?
And to voters: understand what’s happening here. This machine is not trying to serve you. It does not care what you think. It has no interest in the majority's will or constituent priorities. Its sole goal is to acquire enough legislative seats to manipulate the system for personal gain. And they’re not even trying to hide it.
Stefan Gleason doesn’t live in Idaho. But he’s spent more on Idaho elections than most lifelong residents could ever dream of. Why? Because he knows he can turn your tax dollars into his gold.
About the Author
Gregory Graf is the creator of Political Potatoes and a lifelong conservative Republican. His articles often criticize the hypocrisy committed by far-right grifters who’ve taken control of the GOP. Graf is the CEO of Snake River Strategies, a strategic communications and political consulting firm based in Eagle, Idaho.
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Disclaimer
The following is intended to convey an opinion on newsworthy events of public concern regarding public figures and/or public officials in exercising their official duties. No implications or inferences—beyond those explicitly stated in the preceding— are intended to be conveyed or endorsed by the Author. Wherever available, hyperlinks have been provided to allow readers to directly access any underlying assertions of fact upon which this opinion is based.
Avista (our only option for power in north idaho) also made contributions to Phil Hart and Dale Hawkins. Makes me sick to know that.
This WEALTHY BUYING of ELECTED Representatives will GROW until we the people STOP IT,
Or become 21st century Wage Slaves. These Wealthy want the Land also. FREEDOM and what we have had WILL BE LOST , IF WE DO NOT STOP THIS SICKENING CORRUPTION.