No one has ever pinned down the symbolism. Lee Evans, another outspoken runner, suggested that Smith wore the glove because he did not want to shake Avery Brundage's hand. Brundage, referred to as Slavery Avery by some athletes, was the rigid USOC leader who welcomed certain African nations to the Olympics despite their apartheid policies.
Brundage did not present those medals. The black socks apparently represented poverty, the clenched fists unity, the beaded necklace a protest against lynching.
The noisy debate didn't end there. Several days later, George Foreman won the heavyweight title and waved two tiny American flags in the ring in some kind of ill-conceived counterpoint to what Smith and Carlos had done.