There isn't an official statement from Baum saying that this was his real intention, but as far as I know most scholars think it's too telling to be coincidence and take the theory as fact.
In the end she realizes that the silver slippers were her way out of trouble the whole time.Īll the characters represent various politicians (which makes the fact that, for example, the lion is described as cowardly, a bit more vicious). So, in The Wonderful Wizard of Oz Dorothy wears silver slippers (not ruby) and walks along the yellow (or gold) brick road. Baum, the author of the original novel really wanted them to switch to silver. You see, that book was written at a time when the US government was deciding whether they should continue to only issue money that was able to be backed up by actual gold that they had in reserves, or if they should begin to include silver as well.įrank L. Royal Bank of Canada upgraded shares of New Gold ( TSE:NGD Get Rating) (ARCA:NGD) to a buy rating in a research note published on Monday. The reason I know about the fact that they used to back up bank notes with gold and/or silver is from an interesting theory I read recently about The Wizard of Oz. Posted by Defense World Staff on Oct 4th, 2022. They are still just a contract with the bank and the government that they are worth a certain amount of money.īut, it was still a surprise to see them like that. I mean that makes sense, since that's basically what bank notes evolved from. They looked more like certificates or contracts than what I would think of as cash.
They were old style, what would now be obsolete bank notes. I was watching an episode of Downton Abbey which is set less than a hundred years ago and at one point a character fished out twenty pounds to give to someone. It was actually a bit of a surprise to realize how much bank notes have changed over the years, even fairly recently. They would have wanted all their colonies to follow the same system they had at home. Thin vault stocks could force Indian buyers to pay hefty premiums to secure supplies, said a Mumbai-based bullion dealer with a bank.May 16, - I believe that bank notes in India originated with the British.
Gold bank note drivers#
After these festivals, the wedding season starts, which is one of the biggest drivers of gold purchases in India. Indians will celebrate Dussehra, Diwali and Dhanteras in October, when buying gold is considered auspicious. China's net gold imports via Hong Kong jumped nearly 40% to a more than four-year high in August.
India's gold imports in September fell 30% from a year ago to 68 tonnes, while Turkish gold imports soared 543%. There is no comparison when we equate it with the Indian market," said the official, who declined to be named due to the bank's policy. "Buyers in China and Turkey are right now paying a very high premium. "Banks will sell where they will get a higher price," said a Mumbai-based official with a leading bullion-supplying bank. That contrasts with the $20-45 premiums offered in top consumer China, helped by pent-up demand being released after COVID-related lockdowns, and $80 in Turkey, where gold imports have risen sharply against a backdrop of rampant inflation. Premiums were driven sharply lower by a now-closed loophole that led some Indian trading houses to import gold as lower-tariff platinum alloy, allowing some to even offer gold at a discount, Chanda Venkatesh, managing director of Hyderabad-based bullion merchant CapsGold, said. In India, premiums over the international gold price benchmark have slid to $1-$2 an ounce, against around $4 this time last year. JPMorgan, ICBC and Standard Chartered declined to comment.
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