I found the following on the net which seems to give the lie to Mr. Ross's
statement that the idea of a Ring of Power did not exist in the Sagas.
"Odin is also referred to with the concept of the "one ring". Odin's ring,
Draupnir, was magical in that every ninth night, eight new rings would
appear, with Draupnir to be the ninth to rule them. In Lord of the Rings,
there are nine rings of man with the "one ring" to rule them all."
A kenning for "King" is "ring-giver," so the association of rings with
rulership seems to go way back.