And the barrel joint (lower barrel fits inside the upper, but fits over and external thread on the mechanism inside):
Monteverde D1 refills in it now, replacing the dry Fend refills it came with. Here are the button and clip:
That ring unscrews from the mechanism inside, releasing the clip. Under the tip of the clip is a slot into which a little tab fits from inside. Pressing that tab in allows the entire mechanism to come out; it's very well-made!
And here's the top of the button:
The closest I've been able to find to this gravity-select pen is a Rotring that's nearly identical in design, though the lower barrel is chrome-plated, the clip is different, and the top of the button has the red ring on it.
I've tagged it as a Fend product, simply because of the refills it came with, but I'd love to know who made it; there are no markings on it whatsoever. The clip is similar to some Sheaffer and Pilot clips, and a little less so to a Waterman design. The lines on the black part look to be cut rather than molded in.