I am not a mineralogist but a lowly recreational panner. Black sand is typically magnetite or hematite, both iron compounds. There are many others such as tellurides that will act the same in your pan. The principle reason you will see references to them is due to the fact that their density is a good indication you are panning in the right area. Most PMs will be in your pan with the black sands. You should note that some areas are devoid of the black sands yet still have gold in the soils. It is however a good indicator in most of the US.
Black sands themselves can have value as they are known accumulators of gold on their surface or as a compound with iron.