This study examines dynamic connectedness linkages between precious metals, manufacturing metals, oil, natural gas, and Bitcoin. The Quantile-VAR methodology is utilised to identify causal spillovers from 2015 through 2022, where results demonstrate significantly stronger pairwise connectedness at extreme quantiles, where the gold–silver and copper–oil pairs exhibit the strongest linkages. Additionally, the overall dynamic connectedness is higher at the lowest and highest quantiles, particularly reinforced during inflationary periods. Copper is identified as the strongest generator of spillovers, followed by silver, nickel, and zinc. There are mixed findings when analysing gold and aluminium, whereas oil, natural gas, and Bitcoin are identified as net receivers. This study provides insight into commodities and cryptocurrency markets’ diversifying and hedging abilities during alternative economic and financial conditions.

这项研究探讨了贵金属、制造金属、石油、天然气和比特币之间的动态关联性。分位数-VAR 方法用于识别 2015 年至 2022 年的因果溢出效应，结果显示极端分位数处的成对关联性明显更强，其中金银和铜油对表现出最强的联系。此外，最低和最高分位数的整体动态连通性更高，尤其是在通货膨胀时期得到加强。铜被认为是最强的溢出产生者，其次是银、镍和锌。在分析黄金和铝时，结果好坏参半，而石油、天然气和比特币被认为是净接收者。这项研究深入了解了大宗商品和加密货币市场在替代经济和金融条件下的多元化和对冲能力。