This is a beautiful psalm of confidence and joy, which I think is well-expressed in the video of the Shane and Shane song I’ve included below.

Psalm 16

A miktam of David.

We don’t know what a “Miktam” is.

1 Preserve me, O God, for in you I take refuge.

A refuge is a fortress, a stronghold. What does it mean that God is a “refuge”? It means that no matter where you are, God can be a fortress for you.

2 I say to the Lord, “You are my Lord;
    I have no good apart from you.”

3 As for the saints in the land, they are the excellent ones,
    in whom is all my delight.

4 The sorrows of those who run after another god shall multiply;
    their drink offerings of blood I will not pour out
    or take their names on my lips.

5 The Lord is my chosen portion and my cup;
    you hold my lot.
6 The lines have fallen for me in pleasant places;
    indeed, I have a beautiful inheritance.

The psalmist uses the metaphor of receiving land as an inheritance to describe his blessings from the Lord. It’s like he’s received an excellent piece of property, with all the boundary “lines” being exactly where he would want them to be.

7 I bless the Lord who gives me counsel;
    in the night also my heart instructs me.
8 I have set the Lord always before me;
    because he is at my right hand, I shall not be shaken.

9 Therefore my heart is glad, and my whole being rejoices;
    my flesh also dwells secure.
10 For you will not abandon my soul to Sheol,
    or let your holy one see corruption.

11 You make known to me the path of life;
    in your presence there is fullness of joy;
    at your right hand are pleasures forevermore.

The Lord is leading the psalmist and gives him guidance day and night. Even death is not to be feared—”Sheol” is the Hebrew name for the place of the dead. (Incidentally, the early Christian writers of the New Testament seized on v. 10 and saw in it a clear prophecy about the Resurrection of Jesus.)