Loki thereupon went back to the stream, where Andvari in the form of a pike was guarding a great treasure, caught him in a net, and forced him to surrender his hoard.
But the piled-up gold left one hair exposed; in order to cover it Loki returned to Andvari and forced him to surrender a magic ring which had the virtue of breeding gold.
So Sigurd, assuming Gunnar's shape, rode through the flames on his magic horse, and in sign of troth exchanged rings with the Valkyrie, giving her the ring of Andvari.
The gods have vanished from the scene; there is nothing of Loki and his theft of Andvari's hoard, nothing of Odin and his gifts of the sword Gram and the magic horse Grani; and not till the third Aventiure, when Siegfried comes to Worms, are we given even a hint that such things as the sword and treasure exist.
Thereupon Andvari, enraged, laid upon the hoard and all who should possess it a curse.