Make a new document sized 500 x 500 pixels. Then make a new text layer with whatever
text you wish to turn metallic. Resize and reformat it to the way it suits best
for this. I’m going to use AW for my example.

Go to the layers pallette (window/layers) and choose the text layer you just
created. click on the small (f) icon and choose blending options.

Choose drop shadow and put in:
opacity: 50%
distance: 1px
size: 10px

Choose outer glow and put in:
opacity: 100%
color: white
size: 10px

Inner glow should be only at about 10% because you only want a very slight
beveling effect this has. The size should vary but in out case put in 20px
of white color.

Next is the gradient overlay – should be at about 90% and something about the
scale of 60% seemed pretty neat 🙂

Stroke should have about 3px on the outsite with pin light for the blend mode.
Remember to change the fill type to gradient and check reverse if the effect
isn’t as you’d expect.

The bevel is very slight as well – 10% opacity with 15 pixels size. Leave the
default shading settings intact.

Add 20% uniform mono noise trough filters/noise/add noise.

Filter/blur/motion blur -> 10 pixels distance.

Now what you have to do to apply the newly created texture on the text is hold
down the alt (option on macs) key and move it inbetween the two layers (notice
the change of the cursor) to group the texture on the type layer. Also set
the blend mode to soft light (as in the image). What I did after this to achieve
the effect below is I filled the background layer with 50% gray (edit/fill
-> 50% gray) and took a screenshot 🙂