"All" is very nonspecific here. The word "all" means "everything" in the sentence. You can reword the sentence this way: - Not everything (that glitters) is gold.
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AnonymousIn the following proverb- "All that glitters is not gold", why is it 'is' and not 'are'?It's not "All that glitter"; It's "All that glitters". glitters is a singular verb form so all has to be taken as a singular. With that in mind, you can see that "is" is the only correct choice.