Strategists suggest weaker demand could see bullion at $2,500.
Veteran legislator helped set the standard for derivatives regulation.
Strategists say the "unusual" decline, coming at a time when the dollar is weak, is part of a broader concerning trend of investors lightening their US asset exposure.
The number of active ETFs has more than doubled in the past five years.
The most bearish case laid out by the Canadian financial giant's analysts includes a "severe" inflation spike to 4%, zero earnings growth, and just two rate cuts by the Federal Reserve.
Some analysts see a $100 barrel scenario, other energy impacts.
Middle East tensions have sparked interest in options bets.
Fed will announce its latest decision Wednesday.
Traders are betting it has, despite geopolitical fears.
Oil up 13%, gold gains, equities fall as investors weigh intensified tension.
