>>Wait a second! How will the camera know if 123, 123, 123 is really a
white
fence in the shade or a grey card in full sunlight? <<
Actually, the meter doesn't ( you're correct ). The meter does reference
off a blue sky if it sees
that color above a certain EV level. That's why the meter produces
relatively accurate
readings with snow scenes on sunny days, but less accuracy  under cloudy
conditions.
It generally wont allow an exposure above a certain EV level with a blue
sky reference
in the frame. Pete

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