Scene 1
(The Gibichung's hall by the Rhine; Gunther, Gutrune, and Hagen)

Gunther: Well, well, Hagen! Tell me how I've done for myself, will you? Our Gibich ancestors would be proud of me now!

Hagen: Yes, you're the master now. Our mother, Grimhilde, told me I'd have to respect your right, and I'm pretty envious of what you've got.

Gunther: Ha! Don't envy me! I'm the one who envies you! Yes, I'm the first-born, so I get all this, but you got all the brains in the family. You were wise to challenge me, and there's no hard feelings here.

Hagen: Well, I wasn't as smart as you think I am; there are still a couple of things I could mention, if you'd let me.

Gunther: Tell me! Tell me, I insist!

Hagen: Well, I see two powerful Gibichungs in the prime of their life, not living up to their destiny. You, Gunther - you don't have a wife! And you, Gutrune, you're not married yet, either!

Gunther: Who could we marry? Who could possibly bring more wealth to our family?

Hagen: I know of a very powerful woman - and she's beautiful, as well! She lives at the top of a mountain, with a magic fire surrounding it. You'd have to break through all that fire if you wanted to get Brünnhilde to marry you.

Gunther: You think I could do it?

Hagen: There's only one man who can, and he's not you.

Gunther: Well, who is it?

Hagen: Siegfried, the son of the Wälsungs. He's the greatest hero the world has ever seen. His parents were twins; Siegmund and Sieglinde were their names. Love got the better of them, and, well…. He was raised in the forest to be the bravest and strongest of men, and I think he'd make a fitting husband for Gutrune.

Gunther: Just what did this Siegfried do to make him as great as you say he is?

Hagen: There was a giant dragon guarding a huge pile of gold in a cave in the forest. Siegfried took care of him in nothing flat, and took his treasure. Is that good enough for you?

Gunther: Yes, I've heard of that - the Nibelung's treasure, isn't it? It was a real prize, wasn't it?

Hagen: Whoever has it rules the world!

Gunther: And it belongs to Siegfried now?

Hagen: The Nibelungs work for him now.

Gunther: And he's the only one who can get to Brünnhilde?

Hagen: The fire won't let anyone else through.

Gunther: Why do you do this to me? Why do you make me want something I can't have?

Hagen: But…If Siegfried brought Brünnhilde to you, you could get her that way!

Gunther: Oh, sure, like he'd do that for me!

Hagen: He would, if he were married to Gutrune. He'd be your brother!

Gutrune: That's crazy! How could I marry Siegfried? He's almost a God! He can have any woman he wants; why would he look at me?

Hagen: (quietly, to Gutrune) Remember that magic potion I have in my dresser? That's how we'll do it! If Siegfried takes a drink of that, he'll forget he ever saw another woman, and he'll fall in love with you! What do you think about that?

Gunther: To think my mother had such a clever son!

Gutrune: I want Siegfried!

Gunther: I wonder where he is now?

(Siegfried's horn is heard in the distance)

Hagen: He roams the world now, like he used to run around the forest looking for adventures. You never know - he might make his way to us one of these days!

Gunther: He's welcome here any time! (The horn sounds again) What's that sound, coming from the Rhine?

Hagen: (looking down at the river) It's a soldier and his horse, in a boat! That's who's blowing the horn. He's rowing the boat against the current, and it looks like he's not working hard at all! There's no one else it could be - it has to be Siegfried!

Gunther: Is he going past us?

Hagen: (calling to Siegfried) Hoiho! Where are you going, sir?

Siegfried: (from the river, offstage) To see the son of the Gibichungs!

Hagen: You've found him! This is his house! Come on up!

(Siegfried appears at the edge of the stage in his boat)