1) open a new document sized 200 x 200. Fill the layer with any color you want.Here i used DDDDDD.

2) Select the type tool and create some big text in black color and name this layer 'text'.

3) Now double click the 'text' layer to open the layer style window and set the followings;

drop shadow -set the opacity to 40% and nothing else bevel

emboss
depth = 200% ,
gloss contour = cone ,
highlight mode and opacity = normal, white and 90%, -
shadow mode and opacity= normal, white and 40%

satin
blend mode = normal and white
distance = 10
size = 4
contour = cone and click the 'anti-aliased'