The two giants appear with Freia. The gods have become very weak, but once Freia returns they start to become stronger again. Wotan tells the giants they can have their gold. The giants say that they must pile up the gold in front of Freia until they cannot see her. They do this, but the giants say there is still a tiny hole through which they can see Freia’s eye. They see the ring on Wotan’s finger and tell him to put it in the hole. Wotan says they can have anything they want but not the ring.