1) Create a new RGB file. I'm using WHITE color
as a background.
2) Go to Channel window (
) and create a new
channel (
).
3) Type GOLD in the new channel and duplicate them by drag it to
NEW CHANNEL icon () :: (fig 1)
Fig 1 Fig
2
4) Ctrl + click in Alpha 2, then make an outline by go to Edit
> Stroke. I'm using Width : 3 px, Location : inside. Don't
change anything in the bldending part. Well your picture should
be smiliar like (fig 3)
Fig 3
5) It's a blur time :) Go to Filter > Blur > Gaussian blur ::
Radius : 5px. (fig 4)
6) Ctrl + D
to deselect, then blur it again with Radius : 1px. (fig 5)
Fig
4 Fig
5
7) Now, while channel Alpha 2 still selected, ctrl+click
on channel Alpha 1, then ctrl+shift+I to select the area
outside the text...then press DELETE. The result should be like (fig 6)
fig 6
8) Ctrl+D to deselect it.
9) Go back to LAYER (
) then create a new
layer by click on New Layer icon ()
10) Fill
the new layer with YELLOW ( R:220 - G:170 - B:0 ), then go to
Filter > Render > Lighting effects. I'm using the effects
below (fig 7) : 
Fig 7
11) On that new layer, click Select > Load Selection choose
Channel : Alpha 1 (fig 8), press
ctrl+shift+I to select the area outside the TEXT (fig 9) and press DELETE. Then ctrl+D to
deselect it. 
Fig 8
Fig 9
12) Add a little bit drop shadow effect here by go to Layer >
Effect > Drop shadow with Distance:3 - Blur:3 - Intensity:
10 (fig10)
Fig 10
13) This is my final result :
Hope it helps :) Enjoy :)