1.  Maids flew from the south, through the murky wood, Alvit the young, fate to fulfil.  On the lake’s margin they sat to repose, the southern damsels; precious flax they spun.

2.  One of them, of maidens fairest, to his comely breast Egil clasped.  Svanhvit was the second, she a swan’s plumage bore; but the third, their sister, the white neck clasped of Volund.

3.  There they stayed seven winters through; but all the eighth were with longing seized; and in the ninth fate parted them.  The maidens yearned for the murky wood, the young Alvit, fate to fulfil.

4.  Prom the chase came the ardent hunters, Slagfid and Egil, found their house deserted, went out and in, and looked around.  Egil went east after Olrun, and Slagfid west after Svanhvit;

5.  But Volund alone remained in Ulfdal.  He the red gold set with the hard gem, well fastened all the rings on linden bast, and so awaited his bright consort, if to him she would return.

6.  It was told to Nidud, the Niarars’ lord, that Volund alone remained in Ulfdal.  In the night went men, in studded corslets, their shields glistened in the waning moon.

7.  From their saddles they alighted at the house’s gable, thence went in through the house.  On the bast they saw the rings all drawn, seven hundred, which the warrior owned.

8.  And they took them off, and they put them on, all save one, which they bore away.  Came then from the chase the ardent hunter, Volund, gliding[45] on the long way.

9.  To the fire he went, bear’s flesh to roast.  Soon blazed the brushwood, and the arid fir, the wind-dried wood, before Volund.

10.  On the bearskin sat, his rings counted, the Alfar’s companion:  one was missing.  He thought that Hlodver’s daughter had it, the young Alvit, and that she was returned.

11.  So long he sat until he slept; and he awoke of joy bereft:  on his hands he felt heavy constraints, and round his feet fetters clasped.

12.  “Who are the men that on the rings’ possessor have laid bonds? and me have bound?”

13.  Then cried Nidud, the Niarars’ lord:  “Whence gottest thou, Volund!  Alfars’ chief![46] our gold, in Ulfdal?”

14.  “No gold was here in Grani’s path, far I thought our land from the hills of Rhine.  I mind me that we more treasures possessed, when, a whole family, we were at home.

15.  Hladgud and Hervor were of Hlodver born; known was Olrun, Kiar’s daughter, she entered into the house, stood on the floor, her voice moderated:  Now is he not mirthful, who from the forest comes.”

King Nidud gave to his daughter Bodvild the ring which had been taken from the bast in Volund’s house; but he himself bore the sword that had belonged to Volund.  The queen said: 

16.  His teeth he shows, when the sword he sees, and Bodvild’s ring he recognizes:  threatening are his eyes as a glistening serpent’s:  let be severed his sinews’ strength; and set him then in Saevarstad.