Presently, on approaching a central rock, upon which the nymphs had ensconced themselves, he was astonished to behold a wondrous gleam of gold issuing from its peak, and delighted at this dazzling radiance, he asked what it was. The maidens replied that the marvellous glow he saw came from the precious treasure they had been set to guard, the Rhinegold, which could only be torn from the rock by one who had forsworn for ever all the delights of love, and who might then shape from it a magic Ring that would gain him mighty power in the world.
On hearing this, Alberic, who had always longed for power, determined to gain the treasure; and loudly declaring that he renounced love and its delights for ever, he climbed the rock, and by a mighty effort wrenched the magic gold from its summit. The Rhine nymphs, now powerless to protect their treasure, dived back into the water with cries of despair, whilst Alberic triumphantly returned to Nibelheim with his prize.
Soon after this incident, the chief of the gods, Wotan, the All-Father, entered into an agreement with two powerful giants, Fasolt and Fafner, to build him a noble castle in Asgard, the abode of the gods; and in payment for this service, he promised to bestow upon them Freia, the goddess of Youth and Beauty.
Awakening one dawning day upon a flowery mountain-side, where he had been slumbering beside his celestial spouse, Fricka, the goddess of Marriage, he saw the glittering turrets of a glorious mansion upon a distant rocky height, and knew that the task was done; and arousing Fricka, he proudly pointed out to her their new abode, to which he gave the name of Valhalla.
Just then, however, the beautiful Freia fled to them for protection; and closely pursuing came the two giants, demanding her as the payment agreed upon for the task they had just completed.
But Wotan now refused to give up the beloved Freia, and when the giants, furious at his refusal, again demanded their rights, he turned eagerly for help to Loki, the god of Fire and Deceit, at whose mischievous instigation he had entered into the compact. Loki had promised the great god to assist him in preventing the giants from obtaining the reward agreed upon for their labours, and he now cunningly related the story of how the Rhine nymphs had lost their magic gold to Alberic the gnome, hoping to excite the giants' interest in a treasure that could secure the holder such mighty power.
His ruse succeeded; for the two giants now declared that they would accept Alberic's treasure in lieu of the Goddess Freia; and they desired Wotan to set forth, and rob the gnome at once.
Wotan, however, was furious at being asked to turn thief, and angrily refused to do their bidding; and upon this, Fasolt and Fafner suddenly seized Freia, and ran off with her, declaring that they would hold her in pledge until the Rhine Gold treasure was delivered to them.
And now, a dreadful misfortune befell the dwellers in Asgard; for Freia was the guardian of a magic apple-tree, the fruit of which, eaten daily, alone preserved their youth and immortality. Deprived of the beautiful guardian's care, the apples began to fade and die, and the gods, consequently, quickly found themselves growing old and withered, and their radiant strength departing.
Full of horror, Wotan was now forced to secure the return of Freia at the price named by the giants; and, accompanied by Loki, he descended through a rocky cleft to Nibelheim.