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Loki's (not Andvari's) curse on the gold taken by the gods from Andvari and paid to Hreithmar, together with Hreithmar's death at the hands of his son, Fafnir, as the first result of this curse. Stanza 5, in Fornyrthislag, is a curse on the gold, here ascribed to Andvari, but the only proper name in the stanza, Gust, is quite unidentifiable, and the stanza may originally have had to do with a totally different story. Stanza 11, likewise in Fornyrthislag, is merely a father's demand that his daughter rear a family to avenge his death; there is nothing in it to link it necessarily with the dying Hreithmar. Stanzas 13-18, all in Fornyrthislag, give Regin's welcome to Sigurth (stanzas 13-14), Sigurth's announcement that he will avenge his father's death on the sons of Hunding before he seeks any treasure (stanza 15), and a dialogue between a certain Hnikar, who is really Othin, and Regin, as the latter and Sigurth are on the point of being shipwrecked. This section (stanzas 13-18) bears a striking resemblance to the Helgi lays, and may well have come originally from that cycle. Next follows a passage in Ljothahattr form (stanzas 19-22 and 24-25) in which Hnikar-Othin gives some general advice as to lucky omens and good conduct in battle; the entire passage might equally well stand in the Hovamol, and I suspect that it originally came from just such a collection of wise saws. Inserted in this passage is stanza 23, in Fornyrthislag, likewise on the conduct of battle, with a bit of tactical advice included. The "poem" ends with a single stanza, in Fornyrthislag, simply stating that the bloody fight is over and that Sigurth fought well—a statement equally applicable to any part of the hero's career.

Finnur Jonsson has divided the Reginsmol into two poems, or rather into two sets of fragments, but this, as the foregoing analysis has indicated, does not appear to go nearly far enough. It accords much better with the facts to assume that the compiler of the collection represented by the Codex Regius, having set out to tell the story of Sigurth, took his verse fragments pretty much wherever he happened to find them. In this connection, it should be remembered that in the fluid state of oral tradition poems, fragments, and stanzas passed readily and frequently from one story to another. Tradition, never critical, doubtless connected with the Sigurth story much verse that never originated there.

If the entire passage beginning with the prose Fra Dautha Sinfjotla, and, except for the Gripisspo, including the Reginsmol, Fafnismol, and Sigrdrifumol, be regarded as a highly uncritical