Create a new document and choose a color from the Color Palette to fill the background with. You can also fill it with a seamless texture if you want, for added detail.
Select the Rectangular Marquee tool from the toolbar and draw a selection across the top half of the graphic. Now, create a new layer and then select the Gradient tool to fill the selection with a gradient with a medium gray on top and white on the bottom (see example).
Go to Select » Inverse to select the other half of the graphic which doesn’t have the gradient yet. Fill the selection with a gradient from black on top to a medium grey on the bottom. Now choose Select » All then press Cmd+X (PC: Ctrl+X) to remove the new gradient texture for use later (don’t cut or copy anything though until then, or you’ll lose it).
Now it’s time to make the selection for the shape or text that will have the chrome in it. For text, select the Type tool and choose the the Type Mask tool from the Options bar at the top of your screen (in earlier versions, drag to the right on the Type tool icon). Type whatever text you want (you’ll want to make the font size reasonably large to get a clearer final effect), and then click the checkbox or OK. For other shapes, just draw them with the selection tools while holding the Shift key or Option (PC: Alt) to get more complex selections.
Now, fill the text or selection with a gradient from white on top to black on the bottom.
Next, click Select » Modify » Contract » choose a value of 2 Pixels. Press Cmd+Shift+E (PC: Ctrl+Shift+E) to paste the gradient texture that we made a bit earlier into the selection. Hold down the Cmd (PC: Ctrl) key on your keyboard and use the arrow keys if you want to adjust the position of the texture beneath the selection. When you’re done positioning, press Cmd+E (PC: Ctrl+E) to merge down the layer.
Your text probably looks pretty cool by now… but there’s one more step to finish it off. Load the Assorted Brushes (.abr file) from your brushes box and select the brush that looks like an X. Use your Airbrush tool at a low pressure to add small highlights to a few of the edges of your text or shape. All done!