Sunday’s much-anticipated Italian referendum on constitutional reforms produced a “no” vote by an overwhelming margin. The Italian vote was especially worrisome to the European banking and financial sector. This was a classic “sell the rumor, buy the fact” scenario, as European stock markets had seen selling pressure heading into Sunday’s Italian vote. Asian stock markets were mostly lower Monday, mainly on worries about how the European markets would react to Sunday’s vote. Gold prices did fluctuate in the immediate aftermath of Sunday’s Italian referendum vote, but then sold off when it became apparent the marketplace would not be rattled by the event.

Source: Forbes December 05, 2016 14:31 UTC