A Question about E-Gold

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I have heard so many people HAVING touse E-Gold or choosing it over Paypal that I just have to ask something about their payment arrangement. I heard that the amount of money that you get from E-gold is subject to the price of gold in general, meaning someone might pay you $5.00 but you only actually get $2.50 in your bank transfer because the price of gold goes down on the day you request the transfer. Is this correct?