"All that glitters is not gold" is a common refrain we hear from time to time and it is meant as a word of caution, but in this case, it's gold and diamonds and platinum served up in pretty little blue boxes. Today it was reported that Tiffany Profit Beats View, Hikes Outlook. Chief Executive Michael Kowalski said Tiffany would continue with its expansion in 2008, with plans to open 24 new stores across the United States, Asia-Pacific region and Europe.

Tiffany and Co (NYSE: TIF) is trading just under $50, up from $36 when I suggested readers take a look in February posting Serious Money: Pondering: Home Depot, Tiffany & Wells Fargo, and again a month later Chasing Value: Tiffany is looking more polished. I can live with a 39% gain in three months time, and I am glad to learn that it may go up from that.

However, no matter what the Wall Street stock pushers will tell you, I would not jump in here. Patience is in order and buying when there is a frenzy is a bad idea. You will see this in my previous posts on the company and I am offering the same here. You should add it to your watch list.

I do not expect TIF to see $36 dollars again, but we are speaking of likelihoods not certainties and there is no must own stock! Everything fluctuates and it is only worth buying an individual stock if there is a great chance of getting a bargain. I might look favorably at another purchase somewhere closer to $40 -- and if I do not get it, that's alright. Then I will buy something else.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: We own shares in TIF.