(Money Metals News Service) In a revealing episode of the Paydirt Podcast, host Peter Krauth of Silver Stock Investor sits down with Stefan Gleason, President and CEO of Money Metals Exchange, to explore the company’s rapid growth, its commitment to ethical practices, and where gold and silver prices may be headed next.
With nearly a million customers served, a billion dollars in assets under secure storage, and one of the largest depositories in the U.S., Gleason lays out how Money Metals is building trust in an industry often marred by deception and volatility.
The Origin Story of Money Metals
Money Metals Exchange was founded in 2010, driven by Gleason’s background in investing, publishing, public policy, and free market economics.
As a financial newsletter publisher, he had long warned subscribers about inflation and the importance of hard assets. But he saw a problem: many gold advertisers were pushing high-premium collectibles using bait-and-switch tactics.
Rather than subject his readers to those sellers, Gleason launched a bullion company that offered transparent pricing and real value.
Thanks to a loyal following and a clear value proposition, the company scaled quickly. Today, it operates out of Idaho with over 100 employees and ranks among the top three precious metals dealers in the United States.
Scams in the Precious Metals Industry: What to Watch For
Gleason is candid about the bad actors still present in the industry.
Chief among the issues is the “rare coin” trap—companies luring in buyers with aggressive sales tactics and celebrity endorsements, only to unload high-markup commemoratives that later sell for little more than melt value.
He also warns about dealers who delay delivery without cause, a major red flag, especially in today’s relatively calm market.
Some failures, like the $100 million collapse of First State Depository, resulted from poor oversight and outright fraud.
On a more global scale, organized scams from India and China are manipulating victims into buying gold and handing it off in parking lots under false pretenses. Money Metals has intercepted multiple attempts and flagged them to authorities.
Best-Selling Bullion Products and Current Premium Trends
Despite gold reaching an intraday high of $3,500 earlier this year, retail bullion demand in the U.S. has been modest.
Many long-time holders are selling into strength, creating an inventory surplus and pushing premiums to multi-year lows.
Money Metals has recently sold 1 oz Gold Krugerrands for just $39 over spot—roughly 1% over spot! Silver premiums are also down, with generic bars and rounds trading at just 5–8% over spot.
Gleason cautions against Silver Eagles, which remain overpriced due to inefficiencies at the U.S. Mint. He recommends bars and rounds instead, which offer more ounces for the same dollar.
Storage vs Delivery: What Buyers Should Know
While Gleason advocates for physical possession as a starting point, he says it’s not ideal for larger holdings.
Home storage involves risk—burglary, fire, or loss—and insurance can cost more than professional storage.
Money Metals Depository offers fully segregated storage, 24/7 video access, and detailed reporting, all for around 0.5% annually.
Most customers still choose delivery for initial purchases, but the ability to store and instantly liquidate metals is increasingly attractive for serious investors.
A Vault That Rivals Fort Knox
Based in Eagle, Idaho, the company’s new 37,000-square-foot facility includes almost 9,000 square feet of Class 3 vaults—the highest UL security rating.
That gives it more vault floor space than Fort Knox, though the latter has higher ceilings.
Currently, the vault holds around $1 billion in customer assets, with silver taking up the vast majority of the space due to its bulk.
Designed for growth, the facility is expandable by another 10,000 square feet, positioning Money Metals for the long term.
Checks, Audits, and Extreme Security
Gleason emphasizes that trust isn’t just built on promises—it’s built on process.
Money Metals performs daily, monthly, and annual audits, and is regularly inspected by external firms and the Idaho Department of Finance.
Every action in the facility requires dual control, with two staff members verifying every movement or adjustment.
In over a decade of operations, not one external audit has ever uncovered a discrepancy—not even a mislabeled coin date.
Lending Against Metals
To help clients access liquidity without selling their metals, Money Metals offers a unique lending service.
The Money Metals Gold Loan Program allows borrowers to access up to 75% of their metal’s value (gold or silver) at interest rates only slightly above those of a traditional home equity line of credit (HELOC).
Loans are only for investment or business purposes—not personal expenses—and are structured to avoid capital gains tax by keeping the metal intact.
If the loan-to-value exceeds 85%, customers must resolve the imbalance within three business days by adding collateral or repaying part of the loan.
Market Outlook: Gold, Silver, and the Ratio
The gold-to-silver ratio recently hit 100:1, a historic extreme. For context, the 20-year average is closer to 70:1, and it dropped to 32:1 during the 2011 silver bull run.
Gleason believes this gap makes silver a compelling opportunity.
He predicts silver could hit $50 in 2026 or sooner, especially if the $35 resistance level breaks. Gold, meanwhile, may consolidate in the short term but remains strong if the dollar continues to weaken.
For new investors, Gleason is clear: don’t wait.
Even with high prices, hard assets still offer long-term value in a fragile economic environment.
Pandemic Pandemonium and the Heist of the Century
The peak of COVID in 2020 brought unprecedented demand. Within days, order volumes increased five to tenfold and remained elevated for years amid inflation, war, and banking fears.
But the wildest story? A high-stakes gold heist orchestrated by inmate Arthur Lee Cofield from inside a Georgia maximum-security prison.
Using a smuggled phone, he stole $11 million through identity theft, bought gold, and chartered a private jet—all while behind bars.
Though Money Metals wasn’t harmed in the incident, and Charles Schwab apparently made the billionaire whole after his brokerage account was hacked and his photo ID was stolen, Gleason shared the story as a cautionary tale and a reminder of why strict controls are important.
Final Thoughts
This interview with Stefan Gleason offers more than a company profile—it’s a window into what ethical leadership looks like in the bullion business.
From transparent pricing and rigorous audits to advanced vaulting and intelligent lending options, Money Metals is setting a high standard in a volatile and often mistrusted market.
For investors seeking security, liquidity, and integrity, Gleason’s message is simple: trust is built one ounce at a time.
