Let's start by opening a new document. Type the text you want to have the metal effect (a bold text will give a better effect).

Render text, and then press Ctrl and click the active layer in the Layer palette to load the selection.

Apply a Linear Gradient using the white color as the foreground and black as the background from top to bottom.

Now contract the selection by 3 (Select> Modify> Contract) and once again apply the Linear Gradient from bottom to top.

With the selection still on apply some noise (Filters> Noise) amount 30 and the Gaussian and the Monochromatic should be ticked.

Now go to Filters> Blur> Motion Blur, Angle 0, Distance 5 pixels. Press Ctrl+D to deselect.