|Let's think about this...|
The file is Password protected so that only authorized individuals can see the contents.
If linking to unopened, password protected files was allowed, and I knew the name and location of the password protected file I could just enter a formula like the one below in A1 of each sheet and drag it down and over, thus creating a copy of the values in every cell of the password protected file:
That would sort of defeat a major portion of the password protection, wouldn't it? You'd only be able to see the values in the protected sheet, not the formulas, but that still might defeat the main purpose of the protection.
However, if you are an authorized user of the files, and you know the passwords, you could use code similar to this to open the password protect files and then have the links update.
Workbooks.Open Filename:= _
"\\MyPath\Users\UserName\My Documents\MyFile.xlsm", Password:="Secret"
Since the code contains the password to the password protected file you should password protect the code and hide it so that unauthorized users can't access it.
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