What does the expression «gray mare's ravings» mean?
Let's look at it in order. Firstly, in the old days, ‘ravings’ meant aimless walking, that is, when a person wandered back and forth without any meaning. Secondly, horses with blue-gray colored manes – gray with dark shimmers – look gray-haired. So, it turns out that, when people talk about gray mare’s ravings, they mean the meaningless wandering of an old horse. And in a figurative sense – meaningless tales, the chatter of old people. An English equivalent would be: “That’s hogwash!”
The expression “врёт, как сивый мерин” (“vryet, kak sivy merin”) or "lies like a gray gelding" has a similar meaning. In the old days, gray horses were traditionally considered stupid and unfit for farming. Therefore, over time, another meaning appeared – the tales of a stupid person.