Money Metals Exchange and Wright Brothers, The Building Company
Two of the largest companies in Eagle are working together to expand business in 2023.
Story by Natalia DiGiosia
You may not be familiar with Money Metals Exchange—a national precious metals investment company based here in Eagle, Idaho. Wright Brothers, on the other hand, is a building company you see signs for all over town. What is the forecast this year for two of the largest companies in Eagle?
We spoke with Stefan Gleason—president of Money Metals, and Trevor Wright, Zach Higgins, Mandi Wright, and Robert Grubb — owners of Wright Brothers, about their company’s projections, unique projects, and their connection to Eagle and the Treasure Valley.
What Is Money Metals Exchange All About?
Money Metals Exchange is a national dealer of bullion items—meaning coins, bars, and rounds of gold and silver. Named best overall online dealer in the U.S. by Investopedia, the company has over 500,000 clients around the county, and yet the headquarters is in small Eagle, Idaho.
Stefan Gleason founded Money Metals in 2010, following the financial crisis when interest in precious metals rose. He started his company with one employee – his brother-in-law Clint Siegner – in the old Eagle Hotel. Soon thereafter, Stefan’s brother Mike Gleason joined the company, and the three owners built Money Metals to 100 employees today.
“There’s been a steady increase in the awareness that the monetary system and the Federal Reserve system is not working. We specialize in helping people accumulate precious metals in a seamless and economical way,” Stefan shares.
Stefan talks about the importance of acquiring physical precious metals as a form of financial insurance. Diversifying in gold and silver is a way of preserving savings and protecting it against inflation or financial turmoil. The U.S. is no longer on any kind of gold standard, but individuals can build their personal gold standard by diversifying some of their savings into gold and silver.
Money Metals believes the average investor should never purchase precious metals that are not priced near their actual melt value – and steer clear of firms promoting supposedly “rare” or “collectible” coins at their drastically marked-up prices.
Money Metals Exchange Promotes Education and Advocacy of Precious Metals
Money Metals publishes a plethora of podcasts, newsletters, articles, and stats about sound money, public policy, and the larger issues of government debt and spending. The goal is to not only engage those in the industry but to inform newcomers who want to start learning about investing in gold and silver.
Stefan’s company leads the industry in advocating for sound money policies around the country. He shares, “We’re involved in legislation at the state and federal level in almost two dozen states right now and mobilizing grassroot support for these sound money bills.”
Some examples of legislation are removing the state sales tax from the purchase of precious metals, removing income tax from precious metal sales, and encouraging states to hold gold as a reserve asset. Fortunately for precious-metal investors, Idaho does not have this sales tax, but it has not yet adopted the latter two policies.
What’s Coming Soon for Money Metals in 2023?
Money Metals is expanding this year and is in the process of building a two story 40,000 sq/ft headquarters and depository in Eagle. Contracted with Wright Brothers, this massive project will produce the largest precious metals depository in the country, outside of New York and Massachusetts. “It’s an exciting project not just for the city, but for the state of Idaho.” Stefan says, “Idaho has a strong history of mining precious metals, and people who generally have more affinity and understanding of the importance of gold and silver. It’s a real credit to the entire state, the Treasure Valley, and city of Eagle that we can build a large and successful national business promoting and safeguarding gold and silver right here.”
Wright Brothers Is Building the Largest Depository in the Western U.S. for Money Metals.
Wright Brothers has been working with Money Metals for almost 10 years on construction projects. They are collaborating again for their brand-new headquarters set for completion in 2024.
The depository will sit on a unique lot poised on the corner of East State Street and Hill Road. Within an irrigation district, the lot has a canal running along the east to the south end of the property, which adds a layer of complexity. The canal is a diversion off the Boise River, carrying the same cubic feet per second as the river.
“It’s definitely a complex process. Without the option of turning the water off, we had to come up with a system to pump water downstream without affecting the end users as well as not delaying progress on the project due to the irrigation district regulations” says Zach. This tricky situation pushes Wright Brothers to find creative solutions.
“We enjoy the technical challenge with this project, especially when you have an owner like Stefan who’s visionary and forward-thinking,” Zach shares. “Working with clients like Money Metals is really enjoyable for us, and we’re proud to be a part of that.”
“I’ve worked at Wright Brothers for twenty-seven years, and this is a very logistical project. It’s nice that it’s in close proximity to the office,” says Robert Grubb.
Part of constructing an 8,000 sq/ft vault requires building structural support, which is an intricate and intense process. The next step in the spring is to install the vault which will arrive on 56 trucks. Security is another high priority. Trevor explains, “security requirements of this project are extremely unique, affecting the entire process of construction from day one.”
Once the new headquarters is completed, Money Metals Exchange will be able to expand its team to 150 employees, and Wright Brothers will have another unique construct added to their accomplishments.
What Other Projects Is Wright Brothers Building This Year?
The rising cost of living here in the Treasure Valley and the availability of housing have driven up the need for multi-family housing, which makes up 60% of Wright Brothers construction. Wright Brothers has projects in 7 other states beyond Idaho. Besides multi-family, Wright Brothers has other community projects lined up soon.
One project is helping the City of Boise with pre-construction services for a new $10 million clubhouse for the Warm Springs Golf Course. Wright Brothers and the City of Boise are also working together on preliminary designs for new and updated community pools.
Another community-based project is for the Western Elmore County Recreation District in Mountain Home, creating an Olympic-sized swimming pool and pool splash pads and slides for families. Zach says, “It’s going to be a great addition to Mountain Home. It will serve the people moving into more affordable areas. Plus, Mountain home is still a close enough drive that it will benefit those in the Treasure Valley as well.”
Wright Brothers Is Expecting to Grow and Hire
Along with the expected growth for Money Metals in the next few years, Wright Brothers also expects to continue a strong hiring trend into 2023. Trevor says, “We retained approximately 45 new hires from 2022, and we anticipate hiring about the same amount this year.”
With high-interest rates, large company layoffs, and yet massive hiring sprees across the country, predicting company decisions can be uncertain. However, for both Wright Brothers and Money Metals Exchange, business is on the rise which comes with new hiring.
Stefan Gleason adds “Eagle has a really strong, intelligent workforce. There are skilled employees here. And the city, including the mayor Jason Pierce, is supportive of good employers.” These companies were both founded here in the Treasure Valley as family businesses, and they will continue growing as Eagle expands.
If reading about the Money Metal Exchange caught your interest in acquiring (or securely storing) gold or silver, visit their “News and Resources” page on their website at MoneyMetals.com. For those interested in employment at Wright Brothers.