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The site I work on has built up hundreds of reciprocal links over a number of years and has ranked highly in a competitive area. Since October our page rank dropped from 6 to 3 and Google stopped listing our backward links. At every update since our site disappears completely from the top 400 for a week or so (causing much nail biting) then when all hope is lost reappears at number one/two even without backward links showing or a high pr (tho it hasn't reappeared so far this time round...)
Is Google now frowning on our having reciprocal link partners (most of whom have pr 4 or more)?
Our site also has a link directory (and has for a long time)- could they not like this?
