Final image

Step 1

Create a new document, apply a Layer Style on the background layer. Add a Gradient Overlay from black to a dark brown (#443501).

Step 2

Create a new Layer and apply Filter>Texture>Texturizer. Make sure that the foreground color is white and the background is black. After that, change the Blend Mode to Multiply.

Step 3

Add some text. I used Times New Roman, and for the "A" I used the "V" letter and flipped it vertically and horizontally.

Step 4

Now we start creating our gold layer style. We'll set up the Gradient Overlay first, as shown below.

Step 5

Now we'll add a Stroke. For the Fill Type use Gradient. The position of the gradient will vary for different typefaces, so experiment and see what looks good.

Step 6

Add Bevel and Emboss, as shown below.

Step 7

Finally, add some Shadow, again following the specs below.

Conclusion

This a very nice example of how powerful Layer Styles are in Photoshop. Sometimes just changing some values can create a totally different effect. For this tutorial I created gold, but if you change the gradient color to variations of grey you will have silver instead of gold.