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ALBERICH, MASTER OF THE NIBELUNGS.
RHINEGOLD. NIBELUNG SMITHS.
As it was the Rhinegold which made him lord of the Nibelungs, the theme is compounded of the Rhinegold motive and that of the Nibelungs, the latter being brought to a firm and definite close with a major chord. With the entrance of the dwarfs carrying the gold, we hear the theme of the Hoard:
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THE HOARD.
The Dragon motive appears when Alberich transforms himself for the first time: