Axis & Allies Developer and Playtester; War of the Ring Editor and Playtester
You actually don't always draw two. You only draw one when Gandalf has to flee from a hunt.
Also, when you do draw two, you put one of them back.
I have received a clarification from the designers on this issue. In the unlikely event that you must draw a token and there are none left to draw, Gandalf leaves the game due to exhaustion.