In the next spandrel, Bragi and Iduna; Gerd Agrees to Meet Freyr in the Wood Barri; Frigg, Odur and Freyja; Groa's Galder-song;  Thor Blesses Bragi and Iduna's Marriage; The Day (in the final half lunette, at the End of the Cycle).

IV. The Theft of the Gold. The three Fate-sisters have brought the gods an evil gift, the gold. Then Odur, the human who is among the Æsir as Freyja’s husband, wishes to steal the sisters’ treasure and is incited to do so by Loki, the lover of gold. Then his fate overtakes him: Skuld, the youngest of the Norns, the Valkyrie, carries him off so that he may atone for his misdeed; for he has sinned, since through the theft he becomes unfaithful to the gods and especially to Freyja, his wife.

V. Freyja’s Fright. Early in the morning, when Freyja awakens, she finds her husband Odur’s place empty, and the place that was rightfully his untouched.

VI. Loki, the evil one, plots further misdeeds. Once when the gods are gathered together and, for amusement, shoot at Baldur — the gentlest and best, the beloved of all gods and men — the evil one goes to Hödur, the blind strong god, Baldur’s brother, and hands him the mistletoe arrow, which he now shoots at Baldur; the bowstring twangs, and the arrow strikes the god fatally, for only by mistletoe could Baldur be killed, since Baldur’s mother forgot to take from it the oath of loyalty, that it would not harm her beloved son.

Mortally wounded, Baldur falls to the ground, the arrow in his heart. His wife Nanna collapses in agony over his corpse. Frigg tears at her hair in horror. Gods and goddesses lament, and Thor raises his hand threateningly at Loki.

VI. (continued) To the left of the page fold, Odin and Frigg, with hands on her head, stand over the dying Baldur and his grieving wife Nanna (in the page fold). To the right, the three Norns look on. Verdandi raises her hand toward Loki who will be soon be captured and bound; the identity of the long-haired male figure on the right is unclear.

VII. The Evil One’s Capture. Loki flees into a cave near a waterfall; there Heimdall, Thor, and Allfather find him. Quickly he transforms himself into a salmon and leaps into the waters; but there stands a net of the gods. He jumps back. Thus he comes just right for Thor; the latter seizes him firmly and holds him despite his twisting and struggling.

VIII. The Evil One’s Punishment. Loki is in the gods’ power; he must transform himself back into the form of an Ás in order to atone for his misdeeds. The venom‑dripping serpent is hung above the bound one. Sigyn, Loki’s wife, sits beside him and holds a bowl over his head so that the venom does not strike her husband. But when she empties it and the venom drips onto his face, the bound one writhes in such pain that the earth quakes.

  IX. The Expectation of Battle. Because treachery has now spread among the Aesir through gold, they too fall prey to the fate of the Fates, and because they forgot the two wolves bound by the old woman in the Ironwood, these wolves now come and free Loki from his bonds. Now all misfortune is unleashed, the last day dawns, the terrifying figures of Hel prepare him for battle against the Aesir: this is Ragnarök!
          But the Aesir, too, await, armed, silent, and solemn, the final, the most difficult battle. Allfather, with his two ravens, stands, leaning on his spear, behind Thor, who lays his hand on the head of his lamenting husband, Sif, to comfort her. Heimdall, seated on the Bifröst ("Bridge of the Gods"), hears the black-and-red roar of the horn and blows his Gjallarhorn. Freyja, as a Valkyrie, floats ahead to battle; Tyr, the young war god, standing on the left in the foreground, grips his sword tighter; beside him stands the mighty Vidar, wolf-slayer. Freyr, the god of light, bids farewell to Gerda, and Frigg, in whose womb Gefion hides, sits calmly and composed beside the passionately agitated Sif.

 X. The Blessed Gods’ Reunion in Valhalla   The battle is over. The evil beings have fled, and once more the gods are in Valhalla. Then Freyja enters, Odur at  hand, who has dearly atoned for his misdeed. Bragi, the god of poetry, brings Iduna with the golden apples back to the Aesir. As the first, Baldur receives a golden apple, a rejuvenating gift from the goddess’s hand — at his wife’s request. Freyr and Gerda, the all‑golden, greet the approaching ones with great joy, as do Sif and Vidar, who no longer remains silent, but shows Frigg those who are entering; and also the kind All‑Father upon Hlidskialf’s seat.  Now the Aesir are once again joyful and united, Idun and Bragi, the god of poetry and the goddess of spring, have returned to them.  

XI. The Wind. At the end of the heavens sits a giant who, with blasts of breath, fans the wind; with this depiction the Cycle (Zyklus) comes to a close.  
  “Hræsvelg is he who sits at heaven’s end In eagle‑garb, a jötun (a giant), with his pinions he drives the wind over all peoples.” (Edda.)