1. Sigurth went to Hjalprek's stud and chose for himself a horse, who thereafter was called Grani. At that time Regin, the son of Hreithmar, was come to Hjalprek's home; he was more ingenious than all other men, and a dwarf in stature; he was wise, fierce and skilled in magic. Regin undertook Sigurth's bringing up and teaching, and loved him much. He told Sigurth of his forefathers, and also of this: that once Othin and Honir and Loki had come to Andvari's waterfall, and in the fall were many fish. Andvari was a dwarf, who had dwelt long in the waterfall in the shape of a pike, and there he got his food. "Otr was the name of a brother of ours," said. Regin, "who often went into the fall in the shape of an otter; he had caught a salmon, and sat on the high bank eating it with his eyes shut. Loki threw a stone at him and killed him; the gods thought they bad had great good luck, and

2. stripped the skin off the otter. That same evening they sought a night's lodging at Hreithmar's house, and showed their booty. Then we seized them, and told them, as ransom for their lives, to fill the otter skin with gold, and completely cover it outside as well with red gold. Then they sent Loki to get the gold; he went to Ron and got her net, and went then to Andvari's fall and cast the net in front of the pike, and the pike leaped into the net." Then Loki said:

3. "What is the fish that runs in the flood, And itself from ill cannot save? If thy head thou wouldst from hell redeem, Find me the water's flame."

4. Andvari: "Andvari am I, and Oin my father, In many a fall have I fared; An evil Norn in olden days Doomed me In waters to dwell."

5. Loki: "Andvari, say, if thou seekest still To live in the land of men, What payment is set for the sons of men Who war with lying words?"

6. Andvari: "A mighty payment the men must make Who in Valthgelmir's waters wade; On a long road lead the lying words That one to another utters."

7. Loki saw all the gold that Andvari had. But when

8. he had brought forth all the gold, he held back one ring, and Loki took this from him. The dwarf went into his rocky hole and said:

9. "Now shall the gold that Gust once had Bring their death to brothers twain, And evil be for heroes eight; joy of my wealth shall no man win."

10. The gods gave Hreithmar the gold, and filled up the otter-skin, and stood it on its feet. Then the gods had to heap up gold and hide it. And when that was done, Hreithmar came forward and saw a single whisker, and bade them cover it. Then Othin brought out the ring Andvaranaut and covered the hair. Then Loki said:

11. "The gold is given, and great the price Thou hast my head to save;

12. But fortune thy sons shall find not there, The bane of ye both it is."

13. Hreithmar: "Gifts ye gave, but ye gave not kindly, Gave not with hearts that were whole; Your lives ere this should ye all have lost, If sooner this fate I had seen."

14. Loki: "Worse is this that methinks I see, For a maid shall kinsmen clash; Heroes unborn thereby shall be, I deem, to hatred doomed."

15. Hreithmar: "The gold so red shall I rule, methinks, So long as I shall live; Nought of fear for thy threats I feel, So get ye hence to your homes."

16. Fafnir and Regin asked Hreithmar for a share of the wealth that was paid for the slaying of their brother, Otr. This he refused, and Fafnir thrust his sword through the

17. body of his father, Hreithmar, while he was sleeping. Hreithmar called to his daughters:

18. "Lyngheith and Lofnheith, fled is my life, And mighty now is my need!"

19. Lyngheith: "Though a sister loses her father, seldom Revenge on her brother she brings."

20. Hreithmar: "A daughter, woman with wolf's heart, bear, If thou hast no son with the hero brave; If one weds the maid, for the need is mighty, Their son for thy hurt may vengeance seek."

21. Then Hreithmar died, and Fafnir took all the gold. Thereupon Regin asked to have his inheritance from his father, but Fafnir refused this. Then Regin asked counsel

22. of Lyngheith, his sister, how he should win his inheritance. She said:

23. "In friendly wise the wealth shalt thou ask Of thy brother, and better will; Not seemly is it to seek with the sword Fafnir's treasure to take."

24. All these happenings did Regin tell to Sigurth.

25. One day, when he came to Regin's house, he was gladly welcomed. Regin said:

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