In a large mixing bowl, combine the Golden Grahams, Chex, and peanuts. Mix to ensure each is evenly distributed throughout.
Place half of the powdered sugar in a large gallon Ziploc bag. Place the second half of the powdered sugar in another gallon Ziploc bag.
In a microwave-safe container, combine the peanut butter and chocolate chips. Microwave for 30 seconds. Remove, and stir. Microwave for another 30 seconds. Stir together. You're looking for a creamy and smooth consistency, if you haven't reached that yet, microwave for another 30 seconds.
When the right consistency is reached, pour immediately over cereal and peanut mixture. Stir well to ensure each piece is chocolatey and coated.
When all is coated, pour half of the bowl into one powdered sugar Ziploc bag, and the other half into the second Ziploc bag. Close fully and begin to shake the bags so each cereal and peanut is coated in powdered sugar.
When all pieces are coated, pour into a large bowl for serving. Enjoy immediately!