Welcome BethV!
Glad you are loving Colorado.
What Brandon said is very true, in swift water, the heavies (gold, magnetite [and other iron ores)], lead [and its ores], garnet, etc. ) will drop out of the flow at the first "opportunity" (dead spot, slack flow, or eddy) it encounters. However, at the margins of some of these, the material turns over, and the heavier materials get worked deeper, while the lighter materials get carried away. Behind (and under) boulders, the downstream side of walls (and ridges), in the cracks of bedrock bottoms, the upstream side (and the swift water edge) of sand bars, etc. are always good places to look. On dry land, where you see river rock (smooth cobbles, larger is better) are also good places to start, but can be very difficult to dig due to the compaction and concretion of material, as well as the size and number of cobbles.
The black sand you are talking about is concentrate - what you have when you get rid of the lighter materials either through panning, or naturally. If naturally - there will almost always be lighter materials mixed in with it. When it is naturally concentrated in a large enough volume to be noticeable, it is a very good place to start! But also, as Brandon said, it can be nothing but black sand. I was on that outing with him, and got lots of the black sand, but very little gold.
In Fairplay (in fact, at most of the public areas) the gold is fine (-30 mesh and smaller), so you have to polish your panning technique to concentrate in your pan. Watch the panning videos by "georgiagoldguy" on youtube for some very good instruction, pay attention to the experienced panners when you are out, and go to Gold-N-Detectors in Golden to get a free demonstration.
The fact that you made this post tells us that you are interested and willing to listen and learn, and we all welcome that! Keep the questions coming!