Varði varga myrðir
vítt — svá skal frið slíta —
(jǫfur vildu þann eldask)
ǫndurt folk (at lǫndum).
Starf hófsk upp, þás arfi
ótta vanr, á flótta,
golls, es gramr vas fallinn,
Gunnhildar kom sunnan.
Myrðir varga varði ǫndurt folk vítt; svá skal slíta frið; vildu þann jǫfur eldask at lǫndum. Starf hófsk upp, þás arfi Gunnhildar kom sunnan, vanr ótta golls, es gramr vas fallinn á flótta.
The killer of outlaws [JUST RULER = Hákon] defended the front of the army widely; thus one shall tear apart peace; they wanted that prince to grow old in the lands. The trouble began when the heir of Gunnhildr [= Haraldr gráfeldr] came from the south, bereft of the terror of gold [GENEROUS MAN = Gamli Eiríksson], because the ruler had fallen in flight.