Velr ítrhugaðr ýtum
otrgjǫld jǫfurr snotrum;
opt hefr þings fyr þrøngvi
þungfarmr Grana sprungit.
Hjǫrs vill rjóðr, at ríði
reiðmálmr Gnitaheiðar;
vígs es hreytt at hættis
hvatt Niflunga skatti.
Ítrhugaðr jǫfurr velr snotrum ýtum otrgjǫld; þungfarmr Grana hefr opt sprungit fyr þrøngvi þings. Rjóðr hjǫrs vill, at reiðmálmr Gnitaheiðar ríði; skatti Niflunga es hreytt hvatt at hættis vígs.
The splendid-minded prince selects otter-payments [GOLD] for wise people; the heavy burden of Grani <horse> [GOLD] has often burst before the oppressor of the assembly [STERN RULER]. The reddener of the sword [WARRIOR] wants the riding-metal of Gnitaheiðr [GOLD] to be scattered; the treasure of the Niflungar <legendary family> [GOLD] is distributed vigorously at [the dwelling] of the darer of battle [WARRIOR].