By current count I have 3 silver and 4 bronze badges. This is a lot less than I had before. Do they just turn up in dribs and drabs over 24-48 hours, or what?
Not that I'm driven by badges, but I'm curious to know how it works.
I think you're seeing your Meta badges. If you look from a regular MO page, you should have all your old badges.
Edit: Yep, I see 2 gold, 20 silver, and 58 bronze on your MO user page. That enough for you? :)