- Majority of retail investors (58%) have adjusted or plan to adjust portfolios to invest more in gold & crypto amid concerns over a weakening dollar
- 57% of investors expect gold prices to increase in the short term, with 42% currently invested in the asset (especially younger generations)
- Inflation (28%) remains the top perceived threat to portfolios, followed by the state of the global economy (25%)
- 25% of investors plan to decrease exposure to US stocks; however trust in US markets to deliver the strongest returns persists
Wednesday June 18, 2025 – Gold and cryptoassets gain favor as safe haven plays for retail investors according to the latest quarterly Retail Investor Beat from trading and investing platform eToro. The study, which surveyed 1,000 retail investors across the US, revealed that when faced with the prospect of a weakening US dollar, over half (58%) of the group have already or plan to adjust their portfolio allocations. 75% of investors intend to invest more in their portfolio, with a third (31%) planning to increase their investments in gold and a quarter (26%) planning to allocate more to cryptoassets. Meanwhile 25% of investors plan to decrease their exposure to US stocks.
Commenting on the data, eToro US Investment Analyst, Bret Kenwell, said: “It would be one thing if retail investors were allocating a larger portion of their portfolios into conservative, under-performing assets, but that’s not the case. Not only do gold and crypto offer unique protections from specific macro-related developments, but their performance speaks for itself. For instance, gold has outperformed the S&P 500 in three of the last five years, while Bitcoin has gained more than 1,400% since the start of the decade.”
Exposure to gold & cryptoassets increase as investors hedge against weakening dollar
The majority of investors (57%) believe gold prices will increase over the next 6-12 months. With 42% of American retail investors currently holding gold, younger generations are twice as bullish on the asset than Baby Boomers. Similarly, 35% of retail investors currently hold cryptoassets, the highest percentage on record. Here, younger generations display their digitally native mentality and maintain their risk-on approach compared to Baby Boomers (11%) and the Silent Generation (4%). When making portfolio adjustments with a weakening US dollar, they are significantly more likely to increase allocations in cryptoassets.
Current investments & future allocations to gold and cryptoassets by generation
| Age Demographic | Currently invested in gold | Plan to increase investments in gold | Currently invested in cryptoassets | Plan to increase investments in cryptoassets |
| Gen Z | 59% | 28% | 54% | 24% |
| Millennial | 56% | 38% | 62% | 37% |
| Gen X | 52% | 31% | 42% | 31% |
| Baby Boomers | 24% | 22% | 11% | 6% |
| Silent Generation | 20% | 40% | 4% | 0% |
Kenwell adds: “Retail investors are demonstrating a nuanced approach to risk by simultaneously embracing tried-and-true investments, like gold, as well as newer entrants into the space, like digit assets. Particularly with young investors, they are increasingly gaining confidence in cryptoassets as support in digital assets rises, and are allocating to it accordingly. While approaching their investments with an open mind, they are seeking stability in traditional investments like stocks and gold to help round out a diversified portfolio.”
Retail investors biggest fears
When asked about the largest perceived risk to their portfolios, 28% of US investors cited inflation as the primary concern, followed by the potential of a global recession (25%), marking a record high in the survey. Despite continued international uncertainty and the prospect of a weakening USD, trust in US financial markets remains intact with 58% of investors believing that US markets will generate the strongest returns over the long term. Beyond US markets, American retail investors cited feeling unsure of other market returns (19%), followed by confidence in market returns from China (16%) and Japan (15%).
Kenwell continues: “As perceived risks around US inflation and the global economy start to equalize amid ongoing volatility, investors are increasingly looking for ways to diversify their portfolios without sacrificing their potential upside. Retail investors are opportunistic by nature, but that doesn’t make them blind to risk, either. In a perfect world, increased diversification will help insulate their portfolio against volatility, while still allowing for notable long-term upside.”
ENDS
Notes to editors
About this report
The latest Retail Investor Beat was based on a survey of 10,000 retail investors across 12 countries and 3 continents. The following countries had 1,000 respondents: UK, US, Germany, France, Australia, Italy and Spain. The following countries had 600 respondents: Netherlands, Denmark, Poland, Romania, and the Czech Republic.
The survey was conducted from May 14, 2025 – May 28, 2025 and carried out by research company Opinium. Retail investors were defined as self-directed or advised and had to hold at least one investment product including shares, bonds, funds, investment ISAs or equivalent. They did not need to be eToro users.
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