Metal Text

1. Create a blank image with any background color.

With the Type Tool, make a black text. Choose Layer/Style to add a Drop Shadow:

Opacity 50%, Distance 3%

2. CTRL+ Click on the Text Layer (this will select the text), and make a new layer. Fill the new layer with white.

3. With the selection active, choose
Filter>Blur>Gaussian Blur
Radius=6, then repeat with Radius=3, then repeat with Radius=1.
CTRL+Shift+I to invert the selection
Press Del twice to remove the excessive highlight. CTRL+D to deselect.

4. Next, go to Filter>Render> Lighting Effects with the light from the upper left. Use these settings:
Light type:Directional
Intensity: 17
Gloss:75
Material: 40
Exposure: 0
Ambience: 0
Texture Channel: Layer Transparency
Height: 30

Choose Filter>Blur> Gaussian Blur with Radius= 1

5. Now press CTRM+M to bring up Curves. Make two nodes to resemble the image to the right.

6. You can duplicate the top layer.

Add some noise (Filter>Noise>Add Noise)

Add a Gaussian Blur

For color, go to Image>Adjustments>Hue and Saturation. Click the Colorize box before you use the Hue slider for different effects.