<![CDATA[Thi~s stu~d~y e~xami~ne~s the~ psychologi~cal d~ynami~cs of re~tai~l i~nve~stors ami~d~ e~xtre~me~ gold~ pri~ce~ volati~li~ty, focu~si~ng on the~ e~me~rge~nce~ of Fe~ar of Mi~ssi~ng Ou~t (FOMO) and~ the~ i~llu~si~on of safe~-have~n among u~se~rs of d~i~gi~tal gold~ savi~ngs appli~cati~ons. The~ re~se~arch was moti~vate~d~ by the~ sharp e~scalati~on of gold~ pri~ce~s d~u~ri~ng 2024–2026—from approxi~mate~ly U~SD~ 2,040 pe~r troy ou~nce~ i~n e~arly 2024 to ove~r U~SD~ 5,176 pe~r troy ou~nce~ i~n the~ fi~rst qu~arte~r of 2026—alongsi~d~e~ the~ rapi~d~ growth of fri~cti~onle~ss d~i~gi~tal i~nve~stme~nt platforms i~n I~nd~one~si~a. U~si~ng a qu~ali~tati~ve~ d~e~scri~pti~ve~ approach wi~th a phe~nome~nologi~cal d~e~si~gn, d~ata we~re~ colle~cte~d~ i~n Manad~o Ci~ty throu~gh i~n-d~e~pth i~nte~rvi~e~ws, obse~rvati~on, and~ d~ocu~me~ntati~on i~nvolvi~ng le~ctu~re~rs, stu~d~e~nts, and~ me~mbe~rs of the~ ge~ne~ral pu~bli~c, se~le~cte~d~ throu~gh pu~rposi~ve~ sampli~ng. D~ata analysi~s followe~d~ the~ i~nte~racti~ve~ mod~e~l of Mi~le~s, Hu~be~rman, and~ Sald~ana, su~pporte~d~ by sou~rce~ and~ te~chni~qu~e~ tri~angu~lati~on. The~ fi~nd~i~ngs re~ve~al thre~e~ pri~nci~pal conclu~si~ons: (1) the~ me~ani~ng of gold~ has shi~fte~d~ from a prote~cti~ve~ i~nstru~me~nt to a spe~cu~lati~ve~ asse~t promi~si~ng rapi~d~ capi~tal gai~ns; (2) i~nve~stme~nt d~e~ci~si~ons we~re~ pre~d~omi~nantly d~ri~ve~n by FOMO, he~rd~ be~havi~or, anchori~ng bi~as, and~ cogni~ti~ve~ d~i~ssonance~ rathe~r than fu~nd~ame~ntal analysi~s; and~ (3) the~ fri~cti~onle~ss archi~te~ctu~re~ of d~i~gi~tal gold~ appli~cati~ons i~nte~nsi~fi~e~d~ psychologi~cal vu~lne~rabi~li~ty and~ faci~li~tate~d~ i~mpu~lsi~ve~ bu~yi~ng at ove~rbou~ght marke~t cond~i~ti~ons, re~i~nforci~ng the~ safe~-have~n i~llu~si~on. Keywords: be~havi~oral fi~nance~, FOMO, safe~-have~n, d~i~gi~tal gold~, re~tai~l i~nve~stor ]]>
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