Jens, if you really wish to know what the inscription inside your wonderful pata gauntlet says, let me give you some inspiration.
For reasons different than discerning the contents of an inscription, i had a tremendous need to explore the interior of a little cannon. It came to my mind that years ago, when i worked in a determined construction site, i saw these guys examining the accuracy of the welded areas of a steel tube with an x-ray equipment. So i browsed the Net for a nearby similar service and found the headquarters of one, close from my place. I went there, "bent my knees" to the engineer in charge and the man even found it interesting to help me ... for free ... and with a smile. After all, one happens to have all the luck, some times.
Among countless variations, a couple enhanced images may be seen
HERE.
On the other hand, the question prevails that your blade had a previous different purpose, as the inscription was 'obviously' meant to be all visible. One may realize that, having been forged to fit a 'classic' sword, would at a new stage be partially hidden by the gauntlet langets. But of course you know all that, much better than i do
.