"I was interested to read of your decision to sell your holding in Blackrock Gold and General. I believe you also hold the Blackrock World Mining IT and wondered if you were planning to hold on to that. I know it's a rather different beast and also trading at a considerable discount."

And:

"I was surprised by your selling of the Black Rock gold fund. Having been one of your top 10, which I understood you invest with a long term view, I thought that the portfolio was designed to "surf" cyclical corrections. Did you get rid of all gold related investments in your top 10? Do you have other concerns regarding the fund and/or gold shares? As a holder of that fund, I will appreciate your thoughts very much."

David Fuller's view No, I am not thinking of selling the BlackRock World Mining IT (weekly & daily), at least not until it is considerably higher. I like the sector and will remain overweight in industrial mining. BRWM is also selling at a considerable discount to NAV, as you mention, which is currently 15.44%, according to Bloomberg. While discounts to NAV are normal, it has been known to trade briefly at a premium on rare occasions in a strong market.

I held the BlackRock Gold & General Accumulator Fund for a very long time, as you know. However I had mentioned on several occasions that I might sell my gold shares on a good upswing because the sector can be exceptionally volatile. Also I had been overweight gold shares previously. My recent sale of Lihir Gold enabled me to take a very good profit following the bid but I stayed with resources by purchasing the Royal Dutch Shell B shares (RDSB LN) which yield over 6%. The sale of BlackRock Gold & General booked another good profit and gives me some cash to reinvest, either if stock markets soften further between now and 4Q 2010 or firm sufficiently to confirm that we did see an important low in early July.