The global economy is one powerful entity that could cripple the financial markets and it seems we are about to witness some kind of market collapse.

Recently, it was announced the Eurozone has refused bailout extensions to Greece as it heads for a referendum. Too late for these political games as their banking system commences the "bank run" within their economy.

What this means is, Greece is about to default on a debt repayment from its creditors resulting in the country to exit the Eurozone. Greece is experiencing a banking system failure and huge instability as individuals deposit from their banks in mass.

This will be an interesting trading week as investors will not respond favourably to this political outcome. I wonder how the resource sector will fair out in this debacle. I suspect gold will soar and copper could fall but rise later once people realize the Eurozone is stronger without Greece. Even though Greece represents only 2% of the regions global output and activity, the worry comes from whether this fiscal sovereignty experiment is viable in the long-term as this outcome of Greece exiting leaves two options:

1) Further exits from debted countries like Portugal, Ireland, Spain and the decommission of the Euro resulting in failed political unity of nations

2) With Greece out, the Eurozone will be stronger with increased fiscal union and policy

The prices of metal should change greatly based on these economic developments happening in Europe. These things create contagion like a disease spreading around the world and we could be effected by this debt crisis. The culture and lifestyles these Europeans lived was irresponsible and neglect and now they are being negatively hurt by their actions but in that take down the rest of the world potentially.