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keywords in Reference_Tags
Do you mean the anchor text, <a href="http://www.example.org">anchor text</a> or title attribute <a href="www.example.org" title="example">anchor text</a>?
Anchor text has value for the page being linked to, but probably just normal kw value for the page it is found on. Title text probably doesn't help much. Alt text in <img> probably doesn't help a lot either, it having been used for spamming SE's in the past.
I hope that was the question you were asking...