"There is one thing more to be given," said Loki, "the ring that you, Andvari, snatched from the heap."
"I snatched nothing," said the Dwarf. But he shook with anger and his teeth gnashed together and froth came on his lips. "I snatched nothing from the heap."
But Loki pulled up his arm and there fell to the ground the ring that Andvari had hidden under his armpit.
It was the most precious thing in all the hoard. Had it been left with him Andvari would have thought that he still possessed a treasure, for this ring of itself could make gold. It was made out of gold that was refined of all impurities and it was engraven with a rune of power.
Loki took up this most precious ring and put it on his finger. Then the Dwarf screamed at him, turning his thumbs toward him in a curse:
The ring with the rune
Of power upon it:
May it weigh down your fortune,
And load you with evil,
You, Loki, and all
Who lust to possess
The ring I have cherished.
As Andvari uttered this curse Loki saw a figure rise up in the cave and move toward him. As this figure came near he knew who it was: Gulveig, a Giant woman who had once been in Asgard.
Far back in the early days, when the Gods had come to their holy hill and before Asgard was built, three women of the Giants had come amongst the Æsir. After the Three had been with them for a time, the lives of the Æsir changed. Then did they begin to value and to hoard the gold that they had played with. Then did they think of war. Odin hurled his spear amongst the messengers that came from the Vanir, and war came into the world.
The Three were driven out of Asgard. Peace was made with the Vanir. The Apples of Lasting Youth were grown in Asgard. The eagerness for gold was curbed. But never again were the Æsir as happy as they were before the women came to them from the Giants.
Gulveig was one of the Three who had blighted the early happiness of the Gods. And, behold, she was in the cave where Andvari had hoarded his treasure and with a smile upon her face she was advancing toward Loki.