-I think Led Zeppelin can be credited with perpetuating this one. In Stairway to Heaven Plant sings " There's a lady who's sure all that glitters is goldAnother favourite is the Shakespearean quote from Merchant of Venice "all that glisters is not gold" which we misquote as "all the glitters is not gold".
I'm listening to that right now!; I've always thought it was a reference to the Tolkein Poem: All that is gold does not glitter, Not all those who wander are lost; The old that is strong does not wither, Deep roots are not reached by the frost. From the ashes a fire shall be woken, A light from the shadows shall spring; Renewed shall be blade that was broken, The crownless again shall be king.
You are probably right, they took a lot of inspiration from Tolkien. That said, perhaps Tolkien took a lot of inspiration from Shakespeare.