The basic materials sector is comprised of companies involved in the procurement, refinement, and distribution of natural resources such as gold, silver, etc. Material stocks are highly sensitive to the price of metal and other material commodities.
Gold is highly correlated with the dollar, not oil. Best time to buy gold is when you anticipate inflation, or a depreciating dollar. When the dollar goes down, the value of physical assets like gold, oil (Most commodities) increases. All the money the U.S. government is pumping into the system will be inflationary down the road. So when economic activity picks back up, inflation is going to soar. Timeframe is probably about 6 months to a year away.
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