Gunnarr réð grundu linna;
gætti vel digra mæta;
Faðmis láð fengu þjóðir
færi heldr, an skapligt væri.
Lestir réð loks at kasta
— lofðungs brǫgð ýtar sǫgðu —
urðar lax œskijǫrðu
út á Rín Fenris sútar.
Gunnarr réð grundu linna; gætti digra mæta vel; heldr færi þjóðir fengu láð Faðmis, an væri skapligt. Lestir sútar Fenris réð loks at kasta œskijǫrðu lax urðar út á Rín; ýtar sǫgðu brǫgð lofðungs.
Gunnarr governed the ground of snakes [GOLD]; he guarded the large treasures well; rather fewer people received Faðmir’s <serpent’s> land [GOLD] than was fitting. The destroyer of the sorrow [GLADDENER] of Fenrir <wolf> [WARRIOR] finally decided to throw the desired earth of the salmon of the rocky slope [SERPENT > GOLD] out into the Rhine; men recounted the ruses of the ruler.
 loks at ‘finally to’: This reading is conjectural and follows Skj B. The mss have lofðar (m. nom. pl.) ‘people’. Sveinbjörn Egilsson (SnE 1848, 239) suggested lofaðr (m. nom. sg.) ‘praiseworthy’, but that form is unmetrical (two short syllables carrying the second alliterating lift in an odd line). Kock (NN §2069) emended to lofdjarfr ‘fearless in his praise’, which is less preferable from the point of view of context and metre (two long syllables).
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