Most people agree that this song is about Lindsey, though whether the speaker is Stevie or Lindsey is sometimes unclear. In a Billboard Magazine (4/18/98) article, Stevie said, "'Gold And Braid' is an unreleased track from my  Bella Donna [solo debut] sessions, and it's about Lindsey wanting more from me in our relationship. But wanting to know everything about someone, which goes hand in hand with being in love, was never something I've ever wanted to share with anybody."
From this quote we can establish that this song is definitely about Lindsey and his relationship with Stevie. Determining whether the speaker is Stevie or Lindsey can sometimes be difficult but most people felt that Lindsey was speaking until the last stanza and then Stevie becomes the speaker at some point in the last stanza.
Though deep set
And somewhat shadowed
Her life, her mystery
But that's not so different than the way that he says
Don't hide your eyes from me that way baby
Lindsey tells Stevie not to be so guarded and mysterious and to let him know what she feels. Stevie has said that she likes to keep some mystery and this shows that she has it even with Lindsey. It relates back to her quote because she does not want to share everything, she likes to keep some of her mystique. Stevie's life being "deep set" could mean that it is firmly established, maybe in that she will definitely be this famous singer/songwriter that she is. Stevie has been known to sing, "her eyes, her mystery". This also fits in well with the rest of the lyrics because eyes are said to hold the truth and mirror the soul. "Deep set" could be taken more literally when describing her eyes because Stevie's eyes are somewhat deep set but this could also be more of a figurative description and mean that the mystery lying behind her eyes is very hidden and deep within her eyes.
In his heart he wishes her stardom
His eyes want for her much more
That's not so different than the way that
He says there are so very few stars left
Stevie apparently wrote this song in the very early 80s, or possibly the late 70s. During this time she and Lindsey were not getting along well at all and Lindsey was very hateful towards Stevie. Stevie feels however that in his heart he does want her to do well and be successful with her career. Lindsey never told Stevie he wanted her to be successful and happy but she knows that he wishes it. Stevie also sees in Lindsey's eyes that he does not just want success for her in her career but in much deeper and greater things. Interpreters thought that, "there are so very few stars left," could mean that Lindsey feels there is a shortage of true singer/musicians left in the music industry. Others felt that by, "stars," Stevie just means people important and special to Lindsey. Either way, this line has to do with Lindsey seeing Stevie as a rare and special person.
Don't hide behind your hair!
It's a bit of golden braid
Easy come the tears,
You see a pathway
Ending with a doorway
She slips toward the doorway
She's been waiting there all day
All these years!
"Don't hide behind your hair," is very similar to, "don't hide your eyes from me" used in the first verse. Again Stevie has Lindsey saying that she should not hide or be afraid of her solo career. That she is hiding behind her hair could also mean that she should not hide in her image of her long hair and layers of chiffon but should let her true self and soul come through. The braid also could be symbolic because a braid is wrapped up tightly and not flowing freely, like Stevie is keeping to herself and not being open. It was also brought up that Stevie must also believe that she should not hide behind her hair because she was the one who wrote the song, not Lindsey. She understands and sees truth in what he tells her but she may too scared to act upon it at this point. Interpreters consider the "pathway" to be Stevie's pathway to success, particularly in her solo career. The doorway at the end is like her big break into solo success. She's been waiting for this break for many years. The doorway could also be Stevie's escape, either from Lindsey, Fleetwood Mac, or something else and maybe once she goes through that doorway she will no longer have to hide behind her hair. It was also suggested that Lindsey could be at the end of the doorway. Regardless of exactly what is through the doorway, it will definitely bring Stevie happiness.
In his heart he wishes to forget her
He'd like to make her better
And hold her like a child!
Stevie says that Lindsey would both like to forget about her and also make her better. This is their love/hate relationship coming though. He wishes he did not have to think about her all the time and worry about her and that he could just move on with his life but she is still in his thoughts and he can not help but want to make her better. Stevie thinks that Lindsey wants to hold her and protect her but he can not do that because he also wants to forget her. Stevie took care of Lindsey when they were together and now he wants to give some of that back to take care of her while she is hurting.
Don't hide your eyes that way
Don't hide anything, not anymore!
This line is very urgent, like maybe Lindsey telling Stevie one final time not to be so guarded and not to hide anything else from him ever again.
Because I never did not love you!
I never did run from you!
In a dream I said to you that
I'd always love you!
Most interpreters decided that this last verse has changed from Lindsey's point of view to Stevie's. She is the one telling Lindsey that she never did not love him and that she will always love him. This also in a way contradicts what Stevie had Lindsey saying earlier about how she is so mysterious and standoffish because she made it clear to him that she never has not loved him or run from him and never hid behind her hair from him. Stevie has a dream, possibly like a dream while she is sleeping or maybe just an overall hope or vision that she will always love Lindsey.
Overall, this song is about Lindsey wanting to know everything about Stevie and her saying that she has told him that she will always love him and that should be enough for him.
(The interpretations to these lyrics were compiled through discussions on the message boards of the Penguin, The Ledge. It is entirely possible that the artists had something completely different in mind.)