mighty. In this verse “mighty” is the Hebrew El; both “God” and “the gods” are Elohim. This is an instance where the commonly used name of God is also associated with those who are supposed to act on His behalf and are called by the same name. Elohim can be either singular, in the one case, or plural, in the other. In this case the “gods” were the human judges in Israel, responsible for exercising true justice among God's people, but failing miserably in these duties. The psalmist evidently is given a vision in which he sees God standing in the midst of an assemblage of these judges gathered by Him to receive His rebuke.

Ye are gods. This verse was quoted by the Lord Jesus Christ (John 10:34) in response to the charge by the Jewish leaders that He was guilty of blasphemy when He claimed to be the Son of God. Their own forebears had been called “children of the most High (i.e., Elyon),” as God's representatives in judging the people, so it was surely in order for the One whom the Father had specifically “sent into the world” thus to identify Himself.

inherit all nations. Human judges are fallible and sometimes even corrupt, though they stand in the place of the divine Judge as they in principle represent Him in administering justice. One day, however, He who is to inherit the nations (Psalm 2:8) will come to judge the whole world in perfect justice (John 5:22, 30).