STEP 1: Create a New file: Under the File menu, select New. In the New file dialog box that appears, enter the following values:

Width: 4 inches
Height: 1 inch
Resolution: 72 for Web text; 600 for print
Mode: RGB Color
Contents: White

STEP 2: Hit the D key to restore the Foreground color to black and the Background color to white (the defaults). Since metallic text looks better on a black background, click Option Delete (Alt Delete for Windows) to change the background color to black.

STEP 3: Create some text using the Type Mask tool. To get to this tool, click and hold on the Type Tool in the toolbox (the icon with the capital "T"), slide across to the outlined "T" (the Type Mask tool), and release the mouse:

Move your cursor into the middle of the image window and click once. The Type tool dialog box will appear. Select a Font and Size, make sure the Anti-Aliased box is checked, and the alignment is set for horizontal centering:

Click OK. If your outlined text is not situated where you want it, use the arrow keys on your keyboard to move the outline around in the image window. If you would rather have a different Font or Size, just Deselect the outline (Command D or Control D for Windows), and start this step again.

You should get something that looks something like this:

STEP 4: Now fill the text outline with the color white (the Background color) by hitting the Delete key.

STEP 5: Emboss your text selection: Filter menu > Stylize > Emboss

In the dialog box that appears, enter the following values and click OK:
Angle: -93
Height: 4
Amount: 124

You should now have something that looks like this:

STEP 6: Now give the text a gold tint by adjusting the hue, saturation and lightness:
Image > Adjust > Hue Saturation

In the dialog box that appears, make sure the Colorize and Preview box are checked, enter the following values, and then click OK. Note: You must check the Colorize first:
Hue: 47
Saturation: 46
Lightness: -11

You may want to fiddle with these values (especially the Lightness value) to get the desired effect if you are using a thicker font.

STEP 7: If you want to keep the black background color, Deselect the text (Command D for Mac/Control D for Windows). You should get something that looks like this:

If you want a different colored background, inverse the selection:
From the Select menu, choose Inverse.

Select a background color by clicking on the Background Color icon in the toolbox. If you are unsure about how to select a color, read the section called Using the Color Picker.

Once you have selected a background color, hit the Delete key and Deselect the text (Command D for Mac/Control D for Windows).