Augustine. Exposition on the Book of Psalms. Schaff, Philip (editor). New York: Christian Literature Publishing Col, 1886. Nicene and Post-Nicene Church Fathers: Series 1: Volume VIII. Re-published 2014, Catholic Way Publishing. Kindle electronic edition, ISBN-13: 978-1-78379-372-3.
Augustine takes Psalm 16 to be a direct speech of Christ, through King David, spaking according to His human nature. At the time of His crucifixion, Jesus desired the Father to preserve him, even though he, Jesus, had nothing to offer. Augustine finds verse two, where many modern translations say “My goodness is nothing” to be “my goods are nothing” - a perfectly acceptable translation, but one which changes the overall thrust of the sentence (Augustine Psalms, loc. 320148). Because of that interpretation, verse three makes much more logical sense, as God the Son brings nothing to the Father but his saints, those who trust him.
The sorrows of those seeking another god, in verse four, are increased, yet Augustine sees it as a way of increasing their longing for Christ’s healing. The nature of their assemblies and sacrifices will be changed as they turn to the true God (Augustine Psalms, loc. 320155). The result is that God the Father is the inheritance for all who believe. This inheritance, boundary lines and all (v. 6), is a gracious gift of God, not of my ability but of God (Augustine Psalms, loc. 320163). This results in praise to God (v. 7). Augustine now sees verse eight as a reference to the relationship of the Father and the Son. The image of the throne at God’s right hand is hard to understand in any other way, as is the image of rescue from death in verse 10 (Augustine Psalms, loc. 320171). The pleasure of God’s presence is available to those who believe Christ, as to Christ the Lord himself.