flanok - 3:26 pm on Jul 10, 2011 (gmt 0)
I have mentioned this is an earlier thread but no response.
I think it has to do with non-cached pages.
Around a third the pages within one of my sites no longer have a cached version of each page.
The title tag and description tag is still within Googles index, but when you look at the cached verion of that page I get this message.
Your search (mysite) did not match any documents.
I get the same results when looking at many other sites throughout Google.
So in opinion, if Google no longer has a content cached version of many pages in its index , it no longer can count any links leaving those pages.
it would not surprise me that the reason you have dropped in link quantity, is many of the pages you originally had links from, are no longer cached in the index, even though they still physically exist and show title and description tags.
It is however also possible, that what we see is not what Google sees.
We dont see cached pages, so we dont see the links in WMT's, but maybe they are still counted using their own internal cached data.
In fact my undertanding of Panda is that if you have suffered content wise you rankings drop like a stone to no-where. But if like me you have just lost 5 or 6 places over every page, it is more likley to do with losing links, or losing cached pages that have links within.
I hope that in time, all these pages will be re-cached and the links counted again.
My opinion only.