What would “Grexit” mean for commodities?

A Greek default has looked increasingly likely for some time and, in isolation, may have few implications for global commodity markets. However, the risks of contagion to the rest of the euro-zone remain high, especially if default is followed by Greek exit (“Grexit”) from the single currency. We would therefore expect a prolonged period of uncertainty to undermine the prices of industrial commodities, particularly oil, while boosting safe-haven demand for gold.