I'd throw that S.O.B away. By superstition the horseshoe is going the wrong way.
When kept as a talisman,(A talisman is an amulet or other object considered to possess supernatural or magical powers a horseshoe is said to bring good luck). Many believe that to hang it with the ends pointing upwards is good luck as it acts as a storage container of sorts for any good luck that happens to be floating by, whereas to hang it with the ends pointing down, is bad luck as all the good luck will fall out.