After telling them of his childhood spent in Mime's forge, of the welding of Nothung and the slaying of Fafnir, he describes how a mere taste of the dragon's blood enabled him to understand the songs of the birds. Encouraged by Hagen, he next relates the capture of the tarn-helm and ring, and then, draining his horn in which Hagen has secretly poured an antidote to the draught of forgetfulness administered by Gutrune, he describes his departure in quest of the sleeping Walkyrie and his first meeting with Brunhilde. At the mere mention of her name, all the past returns to his mind. He suddenly remembers all her beauty and love, and starts wildly to his feet, but only to be pierced by the spear of the treacherous Hagen, who had stolen behind him to drive it into his heart.
The dying hero makes one last vain effort to avenge himself, then sinks feebly to the earth, while Hagen slips away, declaring that the perjurer had fully deserved to be slain by the weapon upon which he had sworn his false oath. Gunther, sorry now that it is too late, bends sadly over the prostrate hero, who, released from the fatal effects of Gutrune's draught, speaks once more of his beloved Brunhilde, and fancies he is once more clasped in her arms as of old.
Then, when he has breathed his last, the hunters place his body upon a shield and bear it away in the rapidly falling dusk, to the slow, mournful accompaniment of a funeral march, whose muffled notes fall like a knell on the listener's ear.
Gutrune, who has found the day very long indeed without her beloved Siegfried, comes out of her room at nightfall, and listens intently for the sound of the hunting horn which will proclaim his welcome return. She is not the only watcher, however, for Brunhilde has stolen down to the river, and her apartment is quite empty.
Suddenly Hagen comes in, and Gutrune, terrified at his unexpected appearance, anxiously inquires why she has not heard her husband's horn. Without any preparation, roughly, brutally, Hagen informs her the hero is dead, just as the bearers enter and deposit his lifeless body at her feet.
Gutrune faints, but when she recovers consciousness she indignantly refuses to credit Hagen's story, that her husband was slain by a boar. She wildly accuses Gunther, who frees himself from suspicion by denouncing Hagen. Without showing the least sign of remorse, the dark son of Alberich then acknowledges the deed, and, seeing that Gunther is about to appropriate the fatal ring, draws his sword and slays him also. Wildly now Hagen snatches at the ring, that long coveted treasure; but he starts back in dismay without having secured it, for the dead hand is threateningly raised, to the horror of all the spectators.
Next Brunhilde comes upon the scene, singing a song of vengeance; and when Gutrune wildly accuses her of being the cause of her husband's murder, she declares that she alone was Siegfried's lawful wife, and that he would always have been true to her had not Gutrune won him by the ruse of a magic draught. Sadly Gutrune acknowledges the truth of this statement, and, feeling that she has no right to mourn over the husband of another woman, she creeps over to Gunther's corpse and bends motionless over him.
Brunhilde's anger is all forgotten now that the hero is dead, and, after caressing him tenderly for a while, she directs the bystanders to erect a huge funeral pyre. While they are thus occupied she sings the hero's dirge, and draws the ring unhindered from his dead hand. Then she announces her decision to perish in the flames beside him, and declares the Rhine maidens can come and reclaim their stolen treasure from their mingled ashes:—
‘Thou guilty ring!
Running gold!
My hand gathers,
And gives thee again.
You wisely seeing
Water sisters,
The Rhine's unresting daughters,
I deem your word was of weight!
All that you ask
Now is your own;
Here from my ashes'
Heap you may have it!—
The flame as it clasps me round
Free from the curse of the ring!—
Back to its gold
Unbind it again,
And far in the flood
Withhold its fire,
The Rhine's unslumbering sun,
That for harm from him was reft.’
The curse of the ring is at an end. The ravens of Wotan, perching aloft, fly heavily off to announce the tidings in Walhalla, while Brunhilde, after seeing Siegfried's body carefully deposited on the pyre with all his weapons, kindles the fire with her own hand. Then, springing upon Grane, she rides into the very midst of the flames, which soon rise so high that they swallow her up and entirely hide her from the spectators' sight.