Like so many Mac classics, "Gypsy" has its roots in the ballad of Buckingham and Nicks. As Nicks told Rolling Stone in 2014, "We write about each other, we have continually written about each other, and we'll probably keep writing about each other until we're dead." Back when she and Buckingham were just another struggling pair of hungry songwriters in San Francisco, Nicks used to visit a downtown store called the Velvet Underground, where Janis Joplin and Grace Slick shopped, and fantasize about being able to afford the clothes. She told herself, "I'm not buying clothes, but I'm sure as hell standing in the place where the great women have stood." By 1982, she could afford to buy the whole damn store – but in "Gypsy," she looks back to the freedom of those early days. As Nicks said in 1988, "In the song 'Gypsy' it says, 'Going back to the Velvet Underground/Back to the floor.' ... which means my bed went back on the floor. ... There's a part of that [era] that there will never be again."