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Page rank isn't the say all that people used to think it was but what makes up your page rank is equally as important to making up your overall SEO scores and that is what directly affects your traffic, so while it is possible to have decent traffic in google with a PR 1 site, as I know first hand with many sites, I also know that if I want to kick a new site off and ensure it gets that #1 spot, the best way for me to do that is to link to it from my higher page ranking websites.
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