If a link exists, and nobody clicks on it, could it still be valuable for SEO? Are they still valuable? Should an SEO seek to earn more links like those, even though they don't earn referral traffic?
Yes, the link has value for merely existing. That value is determined by the SEO metrics of the page and domain of the site offering the link.
I wouldn't focus on obtaining more links without referrer traffic per se. My focus is obtaining quality links, which usually means they are visible and will receive traffic. If I was offered a link on a site with good DA and PA that would never get clicked, would I take it? Yes. It will help my site rank higher which can lead to more organic traffic from search even if the link itself did not offer any traffic. It's the reality of how the system works.
This process is why many black hat SEOs grab links from dead blog pages, asian sites, or try to stuff links into
<noscript>and other unseen tags.</p> <p><strong>Does Google take referral data into account in evaluating links?</strong></p> <p>Google reveals as little as possible about their algorithm other then to say they list over 200 metrics and constantly adjust their metrics.</p> <p>Those are the facts involved with your question. If I was to speculate, I would think Google either has determined, or will decide, that a link with zero referrer traffic should be devalued. The challenge as always is obtaining clean data that cannot easily be manipulated.</p> <p>PS. Love the attachments :)</p></noscript>