In the depths of the Rhine, the three rhinemaidens guard the gold. The dwarf Alberich, the Lord of the Nibelungs, watched them and tried to grab one of the girls - in vain. When the gold in the morning sun shines, Alberich learns that could rob the gold of only those who renounce love forever. This could forge a ring from gold, which gives the wearer immense power. Alberich then swears off love, steals the gold and forges the ring.
The RiesenFafner and Fasolt have built for the gods the Castle Valhalla. Wotan, the Supreme God, has promised the goddess Freia them as a price for their construction. As the Giants claim the prize, he is denied by the other gods, but Wotan knows that he needs to stay true to his word as Lord of the treaties. Everybody is waiting to lodge, the cunning God of fire, which is to find a way out. This arrives and tells silly ego gold robbery and gain in power. The giant hörenaufmerksam to and thus ready to waive if they instead received the gold of silly ego within one day to Exchange on Freia. But first they drag on as collateral with Freia. Currently, the gods begin to age, as Freia understood only on the maintenance of the golden apples that give eternal youth. Wotan and Loge go affiliated to Nibelheim to list the ring from Alberich.
This allows the Nibelungen to work and put together an immense treasure. With the help of gold, Alberich would like to achieve the world's highest power and overthrow the gods. His brother MIME must forge a camouflage helmet for him, with whose help he can take immediately any desired shape. As Wotan and Loge of Alberich require a proof of the effectiveness of the camouflage helmet, Alberich puts on the Tarnhelm and turns into a toad. Immediately he by Wotan and loge is packed, tied and dragged. To regain his freedom, Alberich must deliver gold, Tarnhelm and ring on Wotan. However, in going from Alberich curses the ring: it should bring its owner except power death and misfortune. Wotan passes the gold reluctantly to the Giants, the ring but on appeal of the goddess Erda, which warns of the disaster that will bring out the ring. Freia is raised, the curse but shows already in the ring: in the controversy over the gold, Fafner kills his brother Fasolt.
The gods move into the Castle, but the rhinemaidens lament the loss of the Rhine gold. Only lodge predicts the end of the gods to Valhalla in spite of the magnificent collection.