Now Loki knew that the dwarf Alberich possessed the Rhine gold; so he hastened to the waterfall, and demanded the entire treasure.
At first Alberich refused to part with the gold; but Loki threatened to kill him unless he gave it up. So Alberich unwillingly gave the treasure to Loki—all except a ring of gold, which he kept hidden in his hand. But the god's eyes were sharp, and he saw what Alberich had done.
Now this ring was a magic ring, and whoever owned it might claim all the gold in all the rivers and mountains upon earth. Alberich believed that if he kept it he could some day get back his treasure through its magic power.
Loki commanded him to give it up, and the dwarf refused to do so. Seeing that words were useless, the god snatched it from Alberich's hand, and started off. Alberich fell into a terrible fury, and cried:
"A curse upon the gold! Death to all its possessors!"
But Loki had obtained that which he set out to get. The gold was not to be his, and he cared nothing for the dwarf and his curses. He only laughed at Alberich, and hastened with his burden to my father's house.
When Wotan saw the gold ring, he was so pleased with its beauty that he placed it on his finger, intending to keep it for himself. Then they filled the otter's skin with gold, and also covered it over, according to their promise. When they had finished, my father discovered one spot on its head upon which there was no gold. He insisted upon having this covered up, and since there was no more gold to be had, Wotan unwillingly took the ring from his finger, and placed it there.
Loki was displeased, and cried:
"Now, you ingrate, you have the most enormous gold treasure in the world, and I hope you are satisfied! But remember what I say: The gold will prove your ruin, and it will also cause your son to fill an early grave."
