As a boy, Glomgold plans to buy a coal mine then stomp on the coal to make diamonds. This references an episode of the original DuckTales (1987) series when Scrooge did basically the same thing (using elephants to do the stomping).
The name "Duke Baloney" might be a reference to the Carl Barks comic "Turkey With All the Schemings" (Walt Disney's Comics and Stories #148) in which Donald has a döppelganger named the Duke of Baloni, a Mediterranean duke who is the second richest duck in the world (this story was written before Barks created Glomgold).
This episode picks up on what happened to Glomgold after the Season 1 finale, where it's shown that he fell into the sea and started to suffer amnesia after his shadow got stolen.
This episode has a similar plot to the episode "Blue Collar Scrooge" of the original DuckTales (1987) series where Glomgold starts to suffer amnesia and forgets who he is after falling into the sea much like with what happened to Scrooge in that episode. It also similarly had someone run their company in their absence before they returned, with Zan Owlson in this episode and Fenton Crackshell (disguised as Scrooge) in that episode.