Bôrum, Ullr, of alla,
ímunlauks, á hauka
fræ Hôkunar ævi.
Nú hefr folkstríðir Fróða
meldr í móður holdi
mellu dolgs of folginn.
Bôrum fræ Fýrisvalla á fjǫllum hauka of alla ævi Hôkunar, Ullr ímunlauks. Nú hefr folkstríðir of folginn meldr fáglýjaðra þýja Fróða í holdi móður dolgs mellu.
We bore the seed of Fýrisvellir [GOLD] on the mountains of hawks [HANDS] during the whole of Hákon’s lifetime, Ullr <god> of the battle-leek [SWORD > WARRIOR]. Now the afflicter of the people [= Haraldr] has hidden the flour of the little-satisfied bondswomen of Fróði <legendary king> [= Fenja and Menja > GOLD] in the flesh of the mother of the enemy of the giantess [= Þórr > = Jǫrð (jǫrð ‘earth’)].
 mellu: moldu Bb
[7-8] í holdi móður dolgs mellu ‘in the flesh of the mother of the enemy of the giantess [= Þórr > = Jǫrð (jǫrð ‘earth’)]’: The mother of Þórr, who waged war on giants and maimed giantesses, was identified as Jǫrð, which as a common noun means ‘earth’. To hide treasure in her flesh was therefore to hide it in the ground. Cf. the closely parallel kenning structure in Lv 9/6, 8. It would perhaps be possible to take holdi ‘flesh’ here and líki ‘body’ in Lv 9/8 as further kenning elements producing kennings for ‘soil’, though that is not a standard referent.
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