Dinamika Psikologis Investor Ritel di Era Volatilitas Harga Emas Ekstrem: Eksplorasi Fenomena Fear of Missing Out (FOMO) dan Ilusi Safe-Haven pada Pengguna Aplikasi Emas Digital

Abstrak

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