The prices of gold and silver do not operate in isolation. The U.S. dollar, U.S. bonds, stock markets and commodities all transmit their influence through different channels. This article explains the benchmark inverse relationship between the U.S. dollar and gold, the opportunity cost transmission of real interest rates, the linkage logic between silver and risk appetite, and the indirect impact of crude oil through inflation expectations, helping traders establish a cross-market observation framework and identify linkage switching signals.