The following is the reason why gold is called otter-ransom: It is related that three asas went abroad to learn to know the whole world, Odin, Honer and Loke. They came to a river, and walked along the river-bank to a force, and near the force was an otter. The otter had caught a salmon in the force, and sat eating it with his eyes closed. Loke picked up a stone, threw it at the otter and hit him in the head. Loke bragged of his chase, for he had secured an otter and a salmon with one throw. They took the salmon and the otter with them, and came to a byre, where they entered. But the name of the bonde who lived there was Hreidmar. He was a mighty man, and thoroughly skilled in the black art. The asas asked for night-lodgings, stating that they had plenty of food, and showed the bonde their game. But when Hreidmar saw the otter he called his sons, Fafner and Regin, and said that Otter, their brother, was slain, and also told who had done it. Then the father and the sons attacked the asas, seized them and bound them, and then said, in reference to the otter, that he was Hreidmar's son. The asas offered, as a ransom for their lives, as much money as Hreidmar himself might demand, and this was agreed to, and confirmed with an oath. Then the otter was flayed. Hreidmar took the otter-belg and said to them they should fill the belg with red gold, and then cover it with the same metal, and when this was done they should be set free. Thereupon Odin sent Loke to the home of the swarthy elves, and he came to the dwarf whose name is Andvare, and who lived as a fish, in the water. Loke caught him in his hands, and demanded of him, as a ransom for his life, all the gold that he had in his rock. And when they entered the rock, the dwarf produced all the gold that he owned, and that was a very large amount. Then the dwarf concealed in his hand a small gold ring. Loke saw this, and requested him to hand forth the ring. The dwarf begged him not to take the ring away from him, for with this ring he could increase his wealth again if he kept it. Loke said the dwarf should not keep as much as a penny, took the ring from him and went out. But the dwarf said that the ring should be the bane of every one who possessed it. Loke replied that he was glad of this, and said that all should be fulfilled according to his prophecy: he would take care to bring the curse to the ears of him who was to receive it. He went to Hreidmar and showed Odin the gold; but when the latter saw the ring, it seemed to him a fair one, and he took it and put it aside, giving Hreidmar the rest of the gold. They filled the otter-belg as full as it would hold, and raised it up when it was full. Then came Odin, and was to cover the belg with gold; and when this was done, he requested Hreidmar to come and see whether the belg was sufficiently covered. But Hreidmar looked at it, examined it closely, and saw a mouth hair, and demanded that it should be covered, too, otherwise the agreement would be broken. Then Odin brought forth the ring and covered with it the mouth-hair, saying that now they had paid the otter-ransom. But when Odin had taken his spear, and Loke his shoes, so that they had nothing more to fear, Loke said that the curse that Andvare had pronounced should be fulfilled, and that the ring and the gold should be the bane of its possessor; and this curse was afterward fulfilled. This explains why gold is called the otter-ransom, or forced payment of the asas, or strife-metal.
        What more is there to be told of this gold? Hreidmar accepted the gold as a ransom for his son, but Fafner and Regin demanded their share of it as a ransom for their brother. Hreidmar was, however, unwilling to give them as much as a penny of it. Then the brothers made an agreement to kill their father for the sake of the gold. When this was done, Regin demanded that Fafner should give him one half of it. Fafner answered that there was but little hope that he would share the gold with his brother, since he had himself slain his father to obtain it; and he commanded Regin to get him gone, for else the same thing would happen to him as had happened to Hreidmar. Fafner had taken the sword hight Hrotte, and the helmet which had belonged to his father, and the latter he had placed on his head. This was called the Æger's helmet, and it was a terror to all living to behold it. Regin had the sword called Refil. With it he fled. But Fafner went to Gnita-heath (the glittering heath), where he made himself a bed, took on him the likeness of a serpent (dragon), and lay brooding over the gold.
        Regin then went to Thjode, to king Hjalprek, and became his smith. There he undertook the fostering of Sigurd (Sigfrid), the son of Sigmund, the son of Volsung and the son of Hjordis, the daughter of Eylime. Sigurd was the mightiest of all the kings of hosts, in respect to both family and power and mind. Regin explained to him where Fafner was lying on the gold, and egged him on to try to get possession thereof. Then Regin made the sword which is hight Gram (wrath), and which was so sharp that when Sigurd held it in the flowing stream it cut asunder a tuft of wool which the current carried down against the sword's edge. In the next place, Sigurd cut with his sword Regin's anvil in twain. Thereupon Sigurd and Regin repaired to Gnita-heath. Here Sigurd dug a ditch in Fafner's path and sat down in it; so when Fafner crept to the water and came directly over this ditch, Sigurd pierced him with the sword, and this thrust caused his death. Then Regin came and declared that Sigurd had slain his brother, and demanded of him as a ransom that he should cut out Fafner's heart and roast it on the fire; but Regin kneeled down, drank Fafner's blood, and laid himself down to sleep. While Sigurd was roasting the heart, and thought that it must be done, he touched it with his finger to see how tender it was; but the fat oozed out of the heart and onto his finger and burnt it, so that he thrust his finger into his mouth. The heart-blood came in contact with his tongue, which made him comprehend the speech of birds, and he understood what the eagles said that were sitting in the trees. One of the birds said:

                There sits Sigurd,
                Stained with blood.
                On the fire is roasting
                Fafner's heart.
                Wise seemed to me
                The ring-destroyer,
                If he the shining
                Heart would eat.

Another eagle sang:

                There lies Regin,
                Contemplating
                How to deceive the man

                Who trusts him;
                Thinks in his wrath
                Of false accusations.
                The evil smith plots
                Revenge 'gainst the brother. (20)

        Then Sigurd went to Regin and slew him, and thereupon he mounted his horse hight Grane, and rode until he came to Fafner's bed, took out all the gold, packed it in two bags and laid it on Grane's back, then got on himself and rode away. Now is told the saga according to which gold is called Fafner's bed or lair, the metal of Gnita-heath, or Grane's burden.
        Then Sigurd rode on until he found a house on the mountain. In it slept a woman clad in helmet and coat-of-mail. He drew his sword and cut the coat-of-mail off from her. Then she awaked and called herself Hild. Her name was Brynhild, and she was a valkyrie. Thence Sigurd rode on and came to the king whose name was Gjuke. His wife was called Grimhild, and their children were Gunnar, Hogne, Gudrun, Gudny; Gothorm was Gjuke's step-son. Here Sigurd remained a long time. Then he got the hand of Gudrun, Gjuke's daughter, and Gunnar and Hogne entered into a sworn brotherhood with Sigurd. Afterward Sigurd and the sons of Gjuke went to Atle, Budle's son, to ask for his sister, Brynhild, for Gunnar's wife. She sat on Hindfell, and her hall was surrounded by the bickering flame called the Vafurloge, and she had made a solemn promise not to wed any other man that him who dared to ride through the bickering flame. Then Sigurd and the Gjukungs (they are also called Niflungs) rode upon the mountain, and there Gunnar was to ride through the Vafurloge. He had the horse that was called Gote, but his horse did not dare to run into the flame. So Sigurd and Gunnar changed form and weapons, for Grane would not take a step under any other man than Sigurd. Then Sigurd mounted Grane and rode through the bickering flame. That same evening he held a wedding with Brynhild; but when they went to bed he drew his sword Gram from the sheath and placed it between them. In the morning when he had arisen, and had donned his clothes, he gave to Brynhild, as a bridal gift, the gold ring that Loke had taken from Andvare, and he received another ring as a memento from her. Then Sigurd mounted his horse and rode to his companions. He and Gunnar exchanged forms again and went back to Gjuke with Brynhild. Sigurd had two children with Gudrun. Their names were Sigmund and Swanhild.
        Once it happened that Brynhild and Gudrun went to the water to wash their hair. When they came to the river Brynhild waded from the river bank into the stream, and said that she could not bear to have that water in her hair that ran from Gudrun's hair, for she had a more high-minded husband. Then Gudrun followed her into the stream, and said that she was entitled to was her hair farther up the stream than Brynhild, for the reason that she had the husband who was bolder than Gunnar, or any other man in the world; for it was he who slew Fafner and Regin, and inherited the wealth of both. Then answered Brynhild: A greater deed it was that Gunnar rode through the Vafurloge, which Sigurd did not dare to do. Then laughed Gudrun and said: Do you think it was Gunnar who rode through the bickering flame? Then I think you shared the bed with him who gave me this gold ring. The gold ring which you have on your finger, and which you received as a bridal-gift, is called Andvaranaut (Andvare's Gift), and I do not think Gunnar got it on Gnita-heath. Then Brynhild became silent and went home. Thereupon she egged Gunnar and Hogne to kill Sigurd; but being sworn brothers of Sigurd, they egged Guthorm, their brother, to slay Sigurd. Guthorm pierced him with his sword while he was sleeping; but as soon as Sigurd was wounded he threw his sword, Gram, after Guthorm, so that it cut him in twain through the middle. There Sigurd fell, and his son, three winters old, by name Sigmund, whom they also killed. Then Brynhild pierced herself with the sword and was cremated with Sigurd. But Gunnar and Hogne inherited Fafner's gold and the Gift of Andvare, and now ruled the lands.
        King Atle, Budle's son, Brynhild's brother, then got in marriage Gudrun, who had been Sigurd's wife, and they had children. King Atle invited Gunnar and Hogne to visit him, and they accepted his invitation. But before they started on their journey they concealed Fafner's hoard in the Rhine, and that gold has never since been found. King Atle had gathered together an army and fought a battle with Gunnar and Hogne, and they were captured. Atle had the heart cut out of Hogne alive. This was his death. Gunnar he threw into a den of snakes, but a harp was secretly brought to him, and he played the harp with his toes (for his hands were fettered), so that all the snakes fell asleep excepting the adder, which rushed at him and bit him in the breast, and then thrust its head into the wound and clung to his liver until he died. Gunnar and Hogne are called Niflungs (Niblungs) and Gjukungs. Hence gold is called the Niflung treasure or inheritance. A little later Gudrun slew her two sons and made from their skulls goblets trimmed with gold, and thereupon the funeral ceremonies took place. At the feast, Gudrun poured for King Atle in these goblets mead that was mixed with the blood of the youths. Their hearts she roasted and gave to the king to eat. When this was done she told him all about it, with many unkind words. There was no lack of strong mead, so that the most of the people sitting there fell asleep. On that night she went to the king when he had fallen asleep, and had with her her son Hogne. They slew him, and thus he ended his life. Then they set fire to the hall, and with it all the people who were in it were burned. Then she went to the sea and sprang into the water to drown herself; but she was carried across the fjord, and came to the land which belonged to King Jonaker. When he saw her he took her home and made her his wife. They had three children, whose names were Sorle, Hamder and Erp. They all had hair as black as ravens, like Gunnar and Hogne and the other Niflungs.
        There was fostered Swanhild, the daughter of Sigurd, and she was the fairest of all women. That Jormunrek, the rich, found out. He sent his son, Randver, to ask for her hand for him; and when he came to Jonaker, Swanhild was delivered to him, so that he might bring her to King Jormunrek. Then said Bikke that it would be more fitting that Randver should marry Swanhild, he being young and she too, but Jormunrek being old. This plan pleased the two young people well. Soon afterward Bikke informed the king of it, and so King Jormunrek seized his son and had him brought to the gallows. Then Randver took his hawk, plucked the feathers off him, and requested that it should be sent to his father, whereupon he was hanged. But when King Jormunrek saw the hawk, it came to his mind that as the hawk was flightless and featherless, so his kingdom was without preservation; for he was old and sonless. Then King Jormunrek riding out of the woods from the chase with his courtiers, while Queen Swanhild sat dressing her hair, had the courtiers ride onto her, and she was trampled to death beneath the feet of the horses. When Gudrun heard of this, she begged her sons to avenge Swanhild. While they were busking themselves for the journey, she brought them byrnies and helmets, so strong that iron could not scathe them. She laid the plan for them, that when they came to King Jormunrek, they should attack him in the night whilst he was sleeping. Sorle and Hamder should cut off his hands and feet, and Erp his head. On the way they asked what assistance they were to get from him, when they came to King Jormunrek. He answered them that he would give them such assistance as the hand gives the foot. They said that the feet got no support from the hands whatsoever. They were angry at their mother, because she had forced them to undertake this journey with harsh words, and hence they were going to do that which would displease her most. So they killed Erp, for she loved him the most. A little later, while Sorle was walking, he slipped with one foot, and in falling supported himself with his hands. Then said he: Now the hands helped the foot; better it now if Erp were living. When they came to Jormunrek, the king, in the night, while he was sleeping, they cut of both his hands and feet. Then he awakened, called his men and bade them arise. Said Hamder then: The head would now have been off had Erp lived. The courtiers got up, attacked them, but could not overcome them with weapons. Then Jormunrek cried to them that they should stone them to death. This was done, Sorle and Hamder fell, and thus perished the last descendants of Gjuke.
        After King Sigurd lived a daughter hight Aslaug, who was fostered at Heimer's in Hlymdaler. From her mighty races are descended. It is said that Sigmund, the son of Volsung, was so powerful, that he drank venom and received no harm therefrom. But Sinfjotle, his son, and Sigurd, were so hard-skinned that no venom coming onto them could harm them. Therefore the skald Brage has sung as follows:

                When the tortuous serpent,
                Full of the drink of the Volsungs, (21)
                Hung in coils
                On the bait of the giant-slayer. (22)

        Upon these sagas very many skalds have made lays, and from them they have taken various themes. Brage the Old made the following song about the fall of Sorle and Hamder in the drapa, which he composed about Ragnar Lodbrok:

                Jormunrek once,
                In an evil dream, waked
                In that sword-contest
                Against the blood-stained kings.
                A clashing of arms was heard
                In the house of Randver's father,
                When the raven-blue brothers of Erp
                The insult avenged.

                Sword-dew flowed
                Off the bed on the floor.
                Bloody hands and feet of the king
                One saw cut off.
                On his head fell Jormunrek,
                Frothing in blood.
                On the shield
                This is painted.

                The king saw
                Men so stand

                That a ring they made
                'Round his house.

                Sorle and Hamder
                Were both at once,
                With slippery stones,
                Struck to the ground.
                King Jormunrek
                Ordered Gjuke's descendants
                Violently to be stoned
                When they came to take the life
                Of Swanhild's husband.
                All sought to pay
                Jonaker's sons
                With blows and wounds.

                This fall of men
                And sagas many
                On the fair shield I see.
                Ragnar gave me the shield.