Here's the relevant part of the lyrics:
> Your butt is mine
> Go sit in the corner now
> Don't say a word
> You better do what you're told,
> When a creep gets on your case
> Black or white boy
> Just don't play
> Silver blue and gold
> Black and white and bold
The song's lyrics are often open to interpretation, but the focus of this part is more on the warning and threatening nature of the lyrics rather than any hidden meaning behind the colors.