"I cannot see how you can legislate to stop overseas players from coming to the country. You can't alter this."
Gold admitted he had sympathy with the view that the increasingly cosmopolitan look of the English game was having an adverse effect on the national team, but said it was a price fans would have to pay for the "greatest league in the world".
"The question is are you happy for your club to have 50% of their players come from overseas or are you more concerned about the national team?" he said.
"It depends where you're looking from - whether you're on the beach in the summer and you're concerned about the national team, or it's Saturday and you're at Chelsea or Arsenal. You can't have it both ways.
"We benefit as individual fans because we see world-class players. But the price for that is that the national team is suffering."