Against the background of market volatility and economic uncertainty, Romanians consider gold to be the best protection against the depreciation of the dollar, according to the latest quarterly survey retail investor drunk.
Romanians invest in gold for fear of recession. Photo shutterstock
The study, which questioned 10,000 individual investors from 12 countries, revealed that almost half (48%) of investors have adjusted or intend to adjust their portfolios in anticipating a depreciation of the US dollar. When asked about their strategies to allocate assets in anticipating a depreciation of the US dollar, the most common response was to invest more in gold, mentioned by 29% of them. It was followed by the reduction of investments in American shares (25%), increasing investments in non-American shares (24%) and keeping greater allocations in cryptoactive (24%).
Individual investors in Romania are even more dynamic than the global average, over 58% declaring that they have adjusted or intend to adjust their portfolios in anticipating a depreciation of the US dollar. Regarding the assets allocation strategies, Romanian investors prefer to buy more gold (27%), followed by the allocation of a smaller part of their cash reserves in US dollars (24%), then higher investments in cryptoactive (21%) and shares outside the US (20%).
The feeling of investors towards the gold is optimistic, most (57% globally and even more in the case of Romanian investors (66%)) expecting an increase in gold prices in the next 6-12 months. Already 45% of individual investors globally and 51% of Romanian investors hold gold positions, over half of them starting in gold in the last two years. Of those who have not yet invested in gold, 27% (44% of Romanian investors) consider this possibility.
“The increasing concerns about the fiscal prospects and the political credibility of Washington have fueled uncertainty and tension around the long -term domination of the dollar, which has decreased by about 8% this year. In response, individual investors, and especially the Romanian ones are strategically oriented to alternative, unrelated assets, such as gold. Risk management, contesting the outdated stereotype of individual investors as 'dumb money'.”, Stated Bogdan Maioreanu, Etoro market analyst for Romania.
Long -term trust in the US decreases, Europe is gaining ground
According to the survey, the confidence of individual investors in the US as a region with the strongest long -term yield potential is decreasing. From 45% in the fourth quarter of 2024, the confidence decreased to 34% in the second quarter of 2025, confirming the ongoing change. Only the youngest category of individual investors, generation Z, maintains the same level of optimism (45% in the second quarter 2025, compared with 46% at the end of 2024).
In contrast, the feeling towards Europe improves, 29% of investors considering it the region with the most powerful long-term yield potential, increasing from 20% in the last quarter of 2024. The feeling of the returns in China increased from 24% in the fourth quarter of 2024 to 26% in the quarter of 2025, to 20% to 17% to 17% Japan from 12% to 14%, UK from 8% to 11% and Australia from 7% to 8%.
While in the first quarter, for individual investors in Romania, the American market was preferred to generate the largest long -term (48%), in the second quarter is Europe (43%), followed by the US (40%), China (25%), emerging markets (17%), Japan (15%) and UK (14%). As for generations, Europe has become a favorite of all age groups, but for the Millennials generation, it is equal to the US.
“The Romanian individual investors show a greater diversification in terms of geographical areas and assets, more than half of them having cryptoactive portfolio, local actions and foreign currencies. Eroduction of trust in the US as a reliable source of long -term returns to investors to orient themselves to markets outside America Political volatility and larger macroeconomic risks cause individual investors to expand their area of interest and seek growth on international markets.
The optimism increasing to Europe is fed by lowering inflation, improving consumers' feeling and expectations in reducing interest rates by ECB. As for China, investors' confidence is supported by government stimulation measures and stabilization signs in the real estate sector. Given that actions in Europe and China are traded to lower values compared to the US, investors try to take advantage of these opportunities to strengthen and diversify their portfolios. “said the analyst Bogdan Maioreanu.
Global investors consider recession as the main risk
The latest investor retail report shows that over a quarter (26%) of individual investors around the world now considers the state of the global economy and a potential recession as the biggest threat to their investments, increasing compared to 18% a year ago. In contrast, inflation – the main concern a year ago – now occupies the second place, with 19%, marking a significant reordination of the fears of investors.
However, from one quarter to another, the recent political turbulence in Romania have changed the perception of Romanian individual investors regarding the highest risk for their portfolios, from the state of the global economy to that of the local economy. Therefore, a potential recession of the local economy is considered the main external risk for their portfolios by 24%of investors, followed by inflation (23%) and the condition of the global economy (22%).
Within the specific age groups, the Z generation is more concerned about inflation, Millennials believes that the risks generated by the condition of global and local economies are at the same level, generation X is more worried about the condition of the global economy, while 30% of Baby Boomeri are worried about a potential recession in Romania.
“The significant volatility of the market I saw at the beginning of 2025 has naturally increased the prudence of investors on global macroeconomic prospects. But the political turbulence in Romania, the concerns related to the budget deficit, the risks of relegation by the rating agencies and the possible fiscal measures have brought concerns about the state of the Romanian economy at the head of the risks perceived by the individual investors in Romania. They are almost on equal to inflation and continuous uncertainty regarding the future of the global economy, affected by the instability of international trade. And I noticed that these concerns are found in all age groups”, Explained the analyst.
