This effect gives text that looks like it was beaten out of goldnuggets. I like it because it works well with almost any kind of font,wide or thin.

Start by opening a new file, about 400 x 200 pixels, with a whitebackground and 16 million colors. Now add some blue text. I used TimesNew Roman, 60 pt. Be sure to leave the text selected.
 
 

Now go to the Image menu, Special Effects: Add Drop Shadow. Set theopacity to 255, the blur to 20, the shadow color to black, and the verticaland horizontal offsets to 3.
 
 

Next, using the Shape select tool, draw a rectangle completely aroundyour shadowed text. In the edit menu, copy your text to the clipboard.Make sure that your background is set to white, and then hit your deletekey. Your text will disappear, but don't worry. Now return to the Editmenu, Paste: As a Transparent Selection. Your text should reappear, butthis time with both the text and the shadow selected.
 
 

Okay, here's where we get the 3D effect. I the Image menu, go toSpecial Filters:Emboss. Your image should now look like the one below.
 
 

Now to make it more golden, in the Color menu choose colorize. Setthe Hue to 40 and the saturation to 105.
 
 

To make the text a bit more 3D, and to add that bevelled gold look,use your Shape select tool to draw a rectangle around your text again.Set the foreground color to white, and then add a Hotwax coating.
 
 

This is just a bit dark. In the Color menu, choose Adust: Hue, Saturation,and Luminescence. Set the Hue to 0, the saturation to 100, and the luminescenceto 40.
 
 

I think the text looks better if you sharpen it a bit, but that stepisn't absolutely necessary.
 
 

Thinner fonts give very good results as well. Here is the same effectdone with a script font.
 
 

To complete your work, save as a transparent GIF.