From what I've been able to find, if it were authentic it should be marked with .925 or another silver percentage number if it were German, and you'd be likely to find a makers hallmark as well. There are a lot of collectors forums where you could post some pics, but I'm almost 100% that it's a post war fantasy piece.
Having said that, you could probably still get more than melt for it, cover the runes and list it as "WW2 German Elite style" ring on e-bay you could probably get 30 to 40 bucks for it.