Start with a
new image in RGB mode
and write the text with black foregroundcolor.
Make a copy
of that layer (rightclick on the layer in the layers palette and
select duplicate layer) and change the text color to grey. Render
this layer by rightclicking on the T in the layers palette and
select render layer.
Mark the the text by holding Ctrl+ clicking on the layer in the
layers palette.
Apply the
Gaussian Blur filter with radius 3. Then apply the Gaussian again
with radius 1,5.
Now use the Filter/render/lighningeffects with the
settings below
This is how it will look like after the lightning
effects
Now, go to image/adjust/curves and use the approx
settings as you can se here to the left.
And this is the final result
When you want this to look like gold, go to
Image/adjust/Variations...
make the adjustments (Click Yellow)
so it looks something like this: