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Thor invited the peasant and his wife and two children to eat with him. The peasant’s son was called Thialfi and the daughter Roskwa. Then Thor laid the goats’ skins near the hearth and said that the peasant and his family should throw the bones onto the skins. Thialfi, the peasant’s son, had the thigh bone of one goat and cut it in two with his knife to get the marrow.
All the company therefore adjudged that Loki was vanquished. Utgard-Loki then asked what feat the young man who accompanied Thor could perform. Thialfi answered that he would run a race with any one who might be matched against him. The king observed that skill in running was something to boast of, but if the youth would win the match he must display great agility.
Thor and Loki and the lad Thialfi went across from Midgard into Jötunheim. Because of Miölnir, the great hammer that he carried, Thor felt safe in the Realm of the Giants. And Loki, who trusted in his own cunning, felt safe, too. The lad Thialfi trusted in Thor so much that he had no fear.
Loki and Thor watched the race anxiously, for they thought it would be well for them if they had a triumph over the dwellers in Utgard in the first contest. But they saw Hugi leave Thialfi behind. They saw the Giant youth reach the winning post, circle round it, and come back to the starting place before Thialfi had reached the end of the course.
When they entered this hall they found five long and narrow chambers running off it. "It is an odd place, but it is the best shelter we can get," Loki said. "You and I, Thor, will take the two longest rooms, and the lad Thialfi can take one of the little rooms." They entered their chambers and they lay down to sleep.
Now Thialfi was the best runner in Midgard and all the time he had been with them Loki and Thor had trained him in quickness. And so Thialfi was not fearful of racing against the Giants' youths. The King called on one named Hugi and placed him against Thialfi. The pair started together. Thialfi sped off.
When I knew the strength of your tremendous blows I was more and more in dread of your coming into our City. "I saw you would have to be deceived by magic. Your lad Thialfi was the one whom I first deceived. For it was not a Giant youth who raced against him, but Thought itself. And even you, O Loki, I deceived.
"A bird is pecking at my forehead there is no chance to sleep here," said Skyrmir, sitting up. "And you, little men, did you have breakfast yet? Toss over my wallet to me and I shall give you some provision." The lad Thialfi brought him the wallet. Skyrmir opened it, took out his provisions, and gave a share to Thor and Loki and the lad Thialfi.
He was lying on the ground when they saw him, but just then he rolled over and sat up. "Little men, little men," he shouted to them, "have you passed by a glove of mine on your way?" He stood up and looked all around him. "Ho, I see my glove now," he said. Thor and Loki and the lad Thialfi stood still as the Giant came toward them.
Thialfi, who did not know how it was that he had been beaten, asked that he be let run the race with Hugi again. The pair started off once more, and this time it did not seem to Thor and Loki that Hugi had left the starting place at all he was back there almost as soon as the race had started. They came back from the racing ground to the palace.
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