Melt the white chocolate in a microwave safe glass bowl in 30 second increments until full melted.Add the cereal, pretzels, ¾ of the chocolate candies (reserve some for sprinkling on top so the red and green color stands out) and peanuts to a large trash bag.Close and shake the bag for a few seconds to mix the ingredients.Open the bag and add the melted chocolate.Close the bag again and shake until fully coated, about 30 seconds.