We sould have had the economic institutions around , sisters and brothers who do acts of valiance, so they should never have doubts about their heroic actions or face economic ostracism and destitution from the system, without us providing a safety net Black Power activist to sell Olympic gold medal Sprinter Tommie Smith 'feels that what he did ruined his life in many ways' OFF / AFP - Getty Images file U.S. athletes Tommie Smith, center, and John Carlos, right, raise their gloved fists in the Black Power salute to express opposition to racism in their home country during the U.S. national anthem in Mexico City on October 17, 1968. msnbc.com staff and news service reports SAN JOSE, Calif. - Tommie Smith is selling the gold medal he won at the 1968 Olympics in Mexico City, where his Black Power salute on the podium shocked the sports world. The former San Jose State runner has put his gold medal for the 200 meters and red-and-white Puma spikes up for auction at New York-based M.I.T. Memorabilia. The bidding starts at $250,000, and the sale is scheduled to close Nov. 4. M.I.T.'s Gary Zimet said Smith is selling the medal for the money but also because he wants to share it with the public. Smith, now 66 and living in Georgia declined to comment on the auction to the San Jose Mercury News. "He feels that what he did ruined his life in many ways, and he simply doesn't want to put himself in the media spotlight," Zimet told the newspaper. San Jose earned the nickname "Speed City" during that era for its plethora of world-class athletes. www.msnbc.msn.com Smith won the 200 meters in world-record time before officialls expelled him from the Games along with bronze medallist John Carlos when they bowed their heads during the Star-Spangled Banner and raised their black-gloved fists in protest during the medal ceremony on Oct. 17, 1968. As for the glove, Zimet told the newspaper that Smith has lost track of it through the years. Zimet noted that he'd also like to get in touch with Carlos about a similar sale.