Segjǫndum fló sagna
snótar ulfr at móti
í gemlis ham gǫmlum
glamma ófyrskǫmmu.
Settisk ǫrn, þars æsir
ár-Gefnar mar bôru
— vasa byrgitýr bjarga
bleyði vændr — á seyði.
Ulfr snótar fló glamma ófyrskǫmmu at móti segjǫndum sagna í gǫmlum ham gemlis. Ǫrn settisk, þars æsir bôru mar ár-Gefnar á seyði; bjarga byrgitýr vasa vændr bleyði.
The wolf of the woman [= Þjazi] flew noisily no short time ago for a meeting with the commanders of the troops [= Æsir] in the old shape of an eagle. The eagle alighted where the Æsir were putting the horse of fruitfulness-Gefn <= Freyja> [= Gefjun <goddess> > OX] in an earth-oven; the god of the refuge of crags [(lit. ‘refuge-god of crags’) CAVE > GIANT = Þjazi] was not to be accused of cowardice.