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Google has just updated its official guidelines for "Link Schemes" extending further the perimeter outside of which content with links incoming to and outgoing from your site will be considered outright spam worth of filtering or penalization.

Specifically, as Tom Forenski reports here:

"Any links intended to manipulate PageRank or a site's ranking in Google search results may be considered part of a link scheme and a violation of Google’s Webmaster Guidelines. This includes any behavior that manipulates links to your site or outgoing links from your site."

He writes: "If you repeat the use of a word in your press release, Google will think you are trying to stuff it with keywords and try to trick its index. Repeated words are a big red flag."

On the Google official page these other situations are listed as not OK:

• Buying or selling links that pass PageRank. This includes exchanging money for links, or posts that contain links; exchanging goods or services for links; or sending someone a “free” product in exchange for them writing about it and including a link
  
  
• Excessive link exchanges ("Link to me and I'll link to you") or partner pages exclusively for the sake of cross-linking
  
  
• Large-scale article marketing or guest posting campaigns with keyword-rich anchor text links
  
  
• Using automated programs or services to create links to your site
  
  
• Text advertisements that pass PageRank
  
  
• Advertorials or native advertising where payment is received for articles that include links that pass PageRank
  
  
• Links with optimized anchor text in articles or press releases distributed on other sites. For example:There are many wedding rings on the market. If you want to have a wedding, you will have to pick the best ring. You will also need to buy flowers and a wedding dress.
  
  
• Low-quality directory or bookmark site links.
  
  
• Links embedded in widgets that are distributed across various sites, for example: Visitors to this page: 1,472 - car insurance
  
  
• Widely distributed links in the footers of various sites
  
  
• Forum comments with optimized links in the post or signature, for example:
  
  • Thanks, that’s great info!
    - Paul
    paul’s pizza san diego pizza best pizza san diego

Mycomment: You shouldn't have any more doubts now. You must link out only to provide extra info on a specific topic, that your readers would benefit from and you don't exchange, barter or buy unnatural links from anyone if you want to avoid Google penalties.  safe solution is to apply by default a rel="nofollow" attribute to the <a> tag for all your outgoing links and to switch it off where inappropriate.

Official new Google Guidelines on Link Schemes: https://support.google.com/webmasters/answer/66356?hl=en

Check also "Did Google just kill PR agencies?" by Tom Forenski: http://www.zdnet.com/did-google-just-kill-pr-agencies-7000019182/

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