Arrange the parts to form a meaningful sentence: P: "all that glitters is not gold" / Q: the speaker reiterated before the audience / R: is still valid / S: the fact that the old epithet

The complete sentence reads: 'The speaker reiterated before the audience (Q) the fact that the old epithet (S) "all that glitters is not gold" (P) is still valid (R).' Q starts with the main clause, S introduces the object of reiteration, P quotes the epithet, and R completes with the validation. Hence, the correct sequence is QSPR.