This morning's Greek deposit flight (which recently dropped by €5 billion or 2.5% of total, in the month of May) appears to be enjoined by other countries, who are now actively converting their currencies into CHF and stuffing it into bank vaults deep under the Swiss Alps. As of minutes ago the critical EURCHF just took out the 1.18 stops, which sent the pair tumbling to an all time record lows of 1.1789. And, like clockwork, the triggering of the Swissy stops, send gold surging to a new record high in euros, and to just under $1,550 in USD. And elsewhere, confirming that Italy is merely the gateway drug, is the Belgium-Bund spread, which just hit all time wides. And this is as the S&P long overdue threat to downgrade the world's longest governmentless country hangs like a sword of Damocles which will send the Euro-crisis into overdrive.