This effect gives text that looks like it was beaten out of gold nuggets. 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 white background and 16 million colors. Now add some blue text. I used Times New Roman, 60 pt. Be sure to leave the text selected.
 
 

Now go to the Image menu, Special Effects: Add Drop Shadow. Set the opacity to 90, the blur to 5, the shadow color to black, and the vertical and horizontal offsets to 3. Your selection marquis should now surround the text as well as the drop shadow.
 
 

Okay, here's where we get the 3D effect. First go to Selections: Defloat. You shouldn't really see any change here, but it makes a difference in the next step. Now in the Image Menu, go to Other:Emboss. Your image should now look like the one below.
 
 

Now to make it more golden, in the Color menu choose colorize. Set the 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 Lightness. Set the Hue to 0, the saturation to 100, and the luminescence to 40.
 
 

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

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

To complete your work, save as a transparent GIF.