They're gone silly.  If your reading this then you probably upgraded your wordpress website to version 3.5.  In this new version, the developers removed the links panel.  But don't worry, your links are still in your database.  You just need to install a plugin called Links Manager.  They felt that since the links function was not being used by many wordpress users, why have it as a default part of the wordpress 3.5 core.  Now you can choose if you want to have this part of wordpress on your site or not.  Good Luck.

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