Mark Twain references that fact in the ending of one of his short stories.
Nasty day Thursday if exposed to gold, silver or the miners. Gold fell about $40 from near $1800 to below $1760. Silver is reported to have lost twice as much on a same day percentage basis. Miners overall were off 4-5% for the day. And the dollar strengthened, pushing the Swiss Franc to its lowest value in relation to the dollar of 2021. BTW - PRPFX, which actually hedges pretty well against gold volatility, managed to drop about 1% Thursday. Ouch. The only bright spot is that gold has tested the $1680-$1700 level a couple times already this year and bounced back fairly quickly both times. So, just perhaps, the $1700 area represents some kind of floor.
“Moralizing, I observed, then, that ‘all that glitters is not gold.’
Mr. Ballou said I could go further than that, and lay it up among my treasures of knowledge, that nothing that glitters is gold. So I learned then, once for all, that gold in its native state is but dull, unornamental stuff, and that only lowborn metals excite the admiration of the ignorant with an ostentatious glitter. However, like the rest of the world, I still go on underrating men of gold and glorifying men of mica. Commonplace human nature cannot rise above that.”
From “Roughing It” - by Mark Twain