Here first is told how Ódin and his companions were trapped in the house of the demon Hreidmar, and his sons. These dwelt now in the world in the likeness of men or of beasts.
| 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!’ |
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| Loki | ‘All, Andvari, all shalt render, light rings and heavy, or life itself!’ | |
| 10 | (The Dwarf spake darkly from his delvéd stone:) |
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| 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: |
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| 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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