Create and position your text. Control + A to make the text a selection. Under the Select Menu,choose Save As Selection and click OK. Now drag your type layer to the trash icon to delete it.

Go to the Channels Pallet and click on the Alpha Channel. Filter > Blur > Gaussian Blur at a setting of 2 works well. Go back to the Layers Pallet and click once on the background layer. Access Filter > Render > Lighting Effects and at the bottom of the menu, click on Alpha One to load that channel.

Under Image > Adjust > Curves, create a representation close to what you see here.

Access Select > Menu and load the selection. Choose Alpha 1 from the pop-up menu and click OK. Under the Select Menu, choose Modify > Expand and choose 2 or 3 as your setting (to reach the end of the text bezel).

Next, Control + Shift + J to put the text on its own layer. Select > Inverse and delete the background layer.

For a better chrome effect, access Image > Adjust Curves until you have what you see here.

Looks a bit nicer, to be sure.

More of a "white" chrome effect can be achieved under the Layers Pallet. Choose Satin with the color changed to #D5C699 and the blending mode set at Screen.

For some color, add the following: Inner Glow with the default settings and Satin with Overlay as the blending mode and #CC9900 as the color choice.

The best example to date: Inner Shadow > Blend Mode > Luminosity, Inner Glow > Blend Mode > Overlay, Color > #CC9900, Satin > Blend Mode > Screen > Opacity > 50%.