Scene 1
(Neidhöhle)

Alberich: All night I've kept watch here in Neidhöhle's forest. My eyes and ears have been alert to everything. What's that? Is day beginning to break? Is the night over so soon? Wait a minute, what light is that? It's so bright. And it's coming this way, running toward me like a brilliant horse riding through the forest. Could it be the sign I've been waiting for? Will this be the day Fafner dies? Oh, the light's fading away now; it's gone, and now it's nighttime again. But I still see someone coming through the shadows there. Who could it be?

Wanderer: I've traveled all night to get to Neidhöhle. Who is that there in the darkness?

Alberich: You dare allow yourself to be seen here? What do you want? Get out of my way, you rotten thief!

Wanderer: Why are you here, Alberich? Are you guarding Fafner's house for him?

Alberich: You must be looking for more trouble to get into. Don't look here; you and your deceit aren't welcome. You've soaked the very earth with your filthy lies and hatefulness, so just leave me alone!

Wanderer: I'm only here to watch, not to do anything. Who are you to think you could keep me from doing whatever I want to, anyway?

Alberich: You're a fine one to suggest that someone else may be planning treachery! It would be very easy for you to steal my treasure again, if I were stupid enough to trust you like I did before! Well, I know how you are now; I also know where you have weaknesses. You paid off your own debts with my gold; my magic ring became the giants' payment for building your castle. Your promise to them is still carved in the shaft of your spear. You don't dare take back what you rightfully owed them, because it would shatter your credibility along with the spear!

Wanderer: We didn't have any contract between us, you and me. You were beaten by my spear's true power, and by your own gullibility. My word and my spear remain strong for any purpose, in peace or in war!

Alberich: You talk so proudly, with such false strength in your idle threats; but I know the fear you have in your heart! My curse condemns to death anyone who tries to be the Gold's master: Who can withstand that kind of an inheritance? Will I ever get the treasure back again? That thought troubles you to no end, because you know that if I ever got it back, I wouldn't be as stupid as the giants were: I'd use the Ring's power! Then you'd be in trouble! Well, I will get it back! I'll invade your castle, and then I'll be master of the world once again!!

Wanderer: I know that's what you want to do, but you don't see me worrying about it. Whoever gets the ring will be its master.

Alberich: You're talking in circles! I know exactly what you're thinking! You don't dare try to get the ring yourself, so you have to have someone else do your work for you. You even have someone in particular in mind to do it, and they're coming this way to help you as we speak.

Wanderer: You need to talk to Mime, not me. He's the one who's bringing someone here to try to kill Fafner and get the ring for himself. This "helper" of mine doesn't even know I exist, anyway. So you need to just go on about your business, but be careful! The boy doesn't know about the Ring, either, but you can be sure Mime will tell him.

Alberich: So you're saying you'll leave the treasure alone?

Wanderer: I'll leave them to fight for themselves. I don't have anything to do with this mess any more; I only worry about people who are worth my effort.

Alberich: So it's just me against Mime and that boy?

Wanderer: You two are the only ones who still want the Gold.

Alberich: But you're saying I won't get it?

Wanderer: Listen: A strong boy is coming to get the Gold. Two Nibelungs want it. Fafner's going to die. Whoever gets it, gets it. What more do you need to know? There's Fafner right over there, sleeping. If you tell him he's going to die, maybe he'll reward you by giving you some of his treasure. I'll wake him up for you, OK? Fafner! Fafner! Mighty dragon! Wake up!

Alberich: (to himself) What is he, crazy? Is he really going to let me have it all, just like that?

Fafner: (irritated) Who woke me up?

Wanderer: There's someone here who wants to warn you about something. Your life is in danger, and if you reward him, he'll tell you everything.

Fafner: What does he want?

Alberich: Fafner, watch out! Be careful! A powerful hero is coming this way, and he's going to fight you for your Gold!

Fafner: Good. I'm hungry!

Wanderer: Don't underestimate him; he's strong, and his sword will be a good match for you.

Alberich: (to Fafner) Wait! He only wants the ring! If you give it to me instead, I'll protect it for you. I'll stop the fight, and you can have all the Gold for yourself.

Fafner: I'll keep what I have. Now, leave me alone. (goes back to sleep)

Wanderer: (laughing) Well, Alberich, I guess that didn't work! But you can't say I didn't try to help you out. At least listen to me about one thing: Everything is going to happen the way it's going to happen. You can't change it, so you might as well just stand your ground and wait. Try to talk to Mime if you can; he'll listen to you a little better than Fafner did. Beyond that, you'll just have to wait and see how things turn out! (exits)

Alberich: So, off he goes. He thinks I've got something to worry about, having to deal with Mime! Well, he can laugh at me all he wants, but I will see the Gods destroyed! I can wait as long as I have to. As long as the Gold glitters, he can bet that I'll be after it!