Hope in the Lord is not a universal trait of Jews or Gentiles; rather, it is the mark of all who have been regenerated by the Holy Spirit of God. Faith, i.e. hope, is the gift of God freely given to those whom God has chosen in Christ Jesus from before the foundations of the earth – and it is these whom the psalmist addresses. He says “Israel, hope in the Lord!” And is this not our own cry when preaching the Gospel? Of course, we proclaim the Gospel to every living person; however, we know that it is only Christ’s sheep who hear His voice and follow Him.
The proclamation of the Gospel, therefore, is the call to God’s elect, Israel, to receive the gift of God’s salvation which He has purchased for them, the call for them to rest in His work alone. There is a two-fold meaning, then, to “Israel” in this psalm, as we can see clearly from the last verse. The psalmist is addressing all Israel, i.e. all of the physical descendants of Abraham; however, since not all of these physical descendants will have their sins forgiven, he is calling out God’s elect. And this corresponds to our work of preaching the Gospel, for we call all men everywhere to repent, but we know that it is only God’s elect who will repent, who have been granted the gift of faith in Christ and who have received grace upon grace from God.
 Cf. John 10:22-29