In the depths of the Rhine, the three Rhinemaidens guard the Rhinegold, a treasure of immeasurable value. The Nibelung dwarf Alberich is dazzled by the sight of it. The girls explain that whoever wins the gold and forges it into a ring will gain power over the world, but must first renounce love. Frustrated by his unsuccessful attempts to catch one of the girls, Alberich curses love and steals the gold. Wotan, lord of the gods, is reproached by his wife Fricka: he has promised to give Freia, goddess of youth, to the giants Fasolt and Fafner in return for their building a fortress for the gods. When the giants demand their reward, Loge, the god of fire, suggests an alternative payment: the ring Alberich has forged from the Rhinegold, and his other treasures. The giants agree, and Wotan and Loge leave for the Nibelungs’ underground home.

Ring Cycle, pt 4. Siegfried is drugged and tricked into kidnapping his wife, since she has the Ring now. More double-crossings, Siegfried ends up dead. Brunnhilde has had enough of this, tosses the Ring into the river and torches the place.

As a storm rages, Siegmund the Wälsung, exhausted from pursuit by enemies in the forest, stumbles into an unfamiliar house for shelter. Sieglinde finds the stranger lying by the hearth, and the two feel an immediate attraction. But they are soon interrupted by Sieglinde's husband, Hunding, who asks the stranger who he is. Calling himself "Woeful," Siegmund tells of a disaster-filled life ("Friedmund darf ich nicht heissen"), only to learn that Hunding is a kinsman of his foes. Hunding, before retiring, tells his guest to defend himself in the morning. Left alone, Siegmund calls on his father, Wälse, for the sword he once promised him. Sieglinde reappears, having given Hunding a sleeping potion.