1    

Of old was an age

when Ódin walked

by wide waters

in the world’s beginning;

lightfooted Loki

at his left was running,

at his right Hoenir

roamed beside him.

    2    

The falls of Andvari

frothed and murmured

with fish teeming

in foaming pools.

As a pike there plunged

his prey hunting

Dwarf Andvari

from his dark cavern.

    3    

There hunted hungry

Hreidmar’s offspring:

the silver salmon

sweet he thought them.

Otr in otter’s form

there ate blinking,

on the bank brooding

of black waters.

    4    

With stone struck him,

stripped him naked,

Loki lighthanded,

loosing evil.

The fell they flayed,

fared then onward;

in Hreidmar’s halls

housing sought they.

    5    

There wrought Regin

by the red embers

rune-written iron,

rare, enchanted;

of gold things gleaming,

of grey silver,

there Fáfnir lay

by the fire dreaming.

Hreidmar

    6    

›Do fetters fret you,

folk of Ásgard?

Regin hath wrought them

with runes binding.

Redgolden rings,

ransom costly,

this fell must fill,

this fur cover!‹

    7    

Lightshod Loki

over land and waves

to Rán came running

in her realm of sea.

The queen of Ægir

his quest granted:

a net she knotted

noosed with evil.

Loki

    8    

›What fish have I found

in the flood leaping,

rashly roaming?

Ransom pay me!‹

Andvari 

›I am Andvari.

Óin begot me

to grievous fate.

Gold I bid thee!‹

Loki

    9    

›What hides thy hand

thus hollow bending?‹

Andvari 

›The ring is little –

let it rest with me!‹

Loki 

›All, Andvari,

all shalt render,

light rings and heavy,

or life itself!‹

    10    

(The Dwarf spake darkly

from his delvéd stone:)

Andvari 

›My ring I will curse

with ruth and woe!

Bane it bringeth

to brethren two;

seven princes slays;

swords it kindles –

end untimely

of Ódin’s hope.‹

    11    

In Hreidmar’s house

they heaped the gold.

Hreidmar 

›A hair unhidden

I behold there yet!

Out drew Ódin

Andvari’s ring,

cursed he cast it

on accurséd gold.

Ódin

    12    

›Ye gold have gained:

a god’s ransom,

for thyself and sons

seed of evil.‹

Hreidmar 

›Gods seldom give

gifts of healing;

gold oft begrudgeth

the greedy hand!‹

    13    

Words spake Loki

worse thereafter:

Loki 

›Here deadly dwells

the doom of kings!

Here is fall of queens,

fire and weeping,

end untimely

of Ódin’s hope!‹

Ódin

    14    

›Whom Ódin chooseth

ends not untimely,

though ways of men

he walk briefly.

In wide Valhöll

he may wait feasting –

it is to ages after

that Ódin looks.‹

Hreidmar

    15    

›The hope of Ódin

we heed little!

Redgolden rings

I will rule alone.

Though Gods grudge it

gold is healing.

From Hreidmar’s house

haste now swiftly!‹

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