Members of the electoral commission prepare ballot slips for the count after polls closed during the constitutional reform referendum results in Rome, Italy, on Sunday, Dec. 4, 2016. Prime Minister Matteo Renzi looked set to lose the constitutional referendum he's staked his job on, as exit polls showed Italians joining the global backlash against establishment politics. Photographer: Alessia Pierdomenico/Bloomberg
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Why Italian Referendum result is good for gold, bad for Euro
Long-term investors able to retain perspective will see the current populist wave as extremely positive for gold and very negative for the Euro and sovereign bonds.
By Alec Hogg
Our Stone Age minds are hard wired to overestimate the short-term effect of major transitions – but underestimate their long-term impact. It's a result of mankind's 70 000 years of hunter-gathering; then 10 000 of agriculture; and only 200 years in modernity.
Homo sapiens are conditioned to become overexcited by change, but to quickly settle into old routines once danger has passed. That condemns us to being poorly prepared for when hit by seismic shifts that we can see coming.
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