In this strophe (letter sin/shin, verses 161-168) the psalmist expresses his deep devotion to the law of God. The Good News Translation heading may be adjusted for translation by saying, for example, “The psalmist loves and obeys the Law of the LORD.”
Once again he refers to his enemies as Princes (verse 161; see verse 23) who persecute him without cause (see similar statements about his enemies in verses 69a, 86b, 95a, 110a, 150a). But he feels safe because of his awe for Yahweh’s law. The verb translated stands in awe has elsewhere the meaning of “be afraid, terrified” (see 14.5), and the meaning here may be “but I am afraid only of your law” (so Traduction œcuménique de la Bible, Anderson). The idea of fear and trembling is inherent in the word (see similar language in verse 120); so New International Version “but my heart trembles at your word.” New Jerusalem Bible and New English Bible, however, have “my heart thrills at Your word,” which strikes a note of joyous anticipation; but nowhere else in the Old Testament does the verb or the related noun have any idea other than fear. So Good News Translation “respect” may not be strong enough; perhaps “deep reverence for” is better.
One form of the Masoretic text of verse 161b has the singular “your word” (so Good News Translation and others), while another form has the plural “your words” (so Revised Standard Version and others). The same variation occurs in verse 162a.
The psalmist (verse 162) likens his happiness to that of a man who discovers a great treasure, literally “a large amount of booty” (Revised Standard Version great spoil), which means wealth captured from a defeated enemy after a battle. But “treasure” well expresses the essential meaning of the word (Good News Translation, Bible en français courant, Biblia Dios Habla Hoy, New Jerusalem Bible).
In verse 163 the psalmist repeats his feeling of hatred of falsehood and his love for the Torah. Hate and abhor may have to be reduced to a single verb in some languages.
Quoted with permission from Bratcher, Robert G. and Reyburn, William D. A Handbook on the Book of Psalms. (UBS Helps for Translators). New York: UBS, 1991. For this and other handbooks for translators see here .