This tutorial is mostly based on Layer style settings and a combination of a lot of Curves. When combined together, they give a rich, deep and glossy / beveled look to the text.
Let’s get started, create a new canvas, we used 600*500 size and filled it with very dark blue-gray color: #2d3134. We also made a little spot in the middle, to highlight the future effect.
Since we are going to create a “liquid” metal effect, we want the letter to organically stick to each other and create the illusion of liquid material filling them, so for this purpose we seen to set the tracking for the selected characters to -40. If you are using very big font or simply another font where characters are placed more far apart, you will need to set this setting to -100 or maybe even more. Just look and see what seems to be the best option for your font.