They disperse in headlong flight, with _Mime_, into the cavernous recesses. _Alberich_ looks with mistrust upon _Wotan_ and _Loge_. _Wotan_ tells him they have heard report of his wealth and power and have come to ascertain if it is true. The Nibelung points to the hoard. He boasts that the whole world will come under his sway (Ring Motive), that the gods who now laugh and love in the enjoyment of youth and beauty will become subject to him (Freia Motive); for he has abjured love (Motive of Renunciation). Hence, even the gods in Walhalla shall dread him (Walhalla Motive) and he bids them beware of the time when the night-begotten host of the Nibelungs shall rise from Nibelheim into the realm of daylight. (Rhinegold Motive followed by Walhalla Motive, for it is through the power gained by the Rhinegold that _Alberich_ hopes to possess himself of Walhalla.) _Loge_ cunningly flatters _Alberich_, and when the latter tells him of the Tarnhelmet, feigns disbelief of _Alberich's_ statements. _Alberich_, to prove their truth, puts on the helmet and transforms himself into a huge serpent. The Serpent Motive expresses the windings and writhings of the monster. The serpent vanishes and _Alberich_ reappears. When _Loge_ doubts if _Alberich_ can transform himself into something very small, the Nibelung changes into a toad. Now is _Loge's_ chance. He calls _Wotan_ to set his foot on the toad. As _Wotan_ does so, _Loge_ puts his hand to its head and seizes the Tarnhelmet. _Alberich_ is seen writhing under _Wotan's_ foot. _Loge_ binds _Alberich_; both seize him, drag him to the shaft from which they descended and disappear ascending.
The scene changes in the reverse direction to that in which it changed when _Wotan_ and _Loge_ were descending to Nibelheim. The orchestra accompanies the change of scene. The Ring Motive dies away from crashing fortissimo to piano, to be succeeded by the dark Motive of Renunciation. Then is heard the clangour of the Nibelung smithies. The Giant, Walhalla, Loge, and Servitude Motives follow the last with crushing force as _Wotan_ and _Loge_ emerge from the cleft, dragging the pinioned _Alberich_ with them. His lease of power was brief. He is again in a condition of servitude.