Severance tax on gold. 10-39-43. For the privilege of severing precious metals in this state, there There is imposed on each person severing gold in this state, a severance tax of four dollars per ounce of one percent of the market value of gold severed by the person in this state. For purposes of this section, "market value" means the average London Bullion Market Association price of gold, over the calendar quarter in which the gold was severed. 8