Step 1
Pick a font and type some text with the Type tool (T) with no fill or stroke on the type.
Step 2
From the Appearance panel’s pop-up menu, select the New Fill. Next, click the swatch thumbnail in the Appearance panel of the new fill and change the swatch to a linear gradient.
Step 3
Add two Colour Stops to the gradient to give the metal effect. First click on the Gradient Slider in the Gradient panel around in the middle of the other two Colour Stops. Next, add another Colour Stop to the Gradient Slider so you have a total of four. Change the first Colour Stop to a 70% black, the second to white, the third to 100% black and the last to a 30% black.
Step 4
To adjust the gradient, change the Angle to -90 within the Gradient panel. Next, choose the white Colour Stop and change the Position to 45%. Then choose the black Colour Stop and change the Position to 50%. Finally, choose the Midpoint in-between the black and 30% Colour Stops and change the Location to 35%.
Step 5
Select New Fill from the pop-up menu of the Appearance panel. Select the second fill in the Appearance panel and change the linear gradient to a two Colour Stop linear gradient. Change the first Colour Stop to a 32% black and the second to 100% black. Make sure the gradient Angle is set to -90%.
Step 6
Select the new fill and go to Effect > Path > Offset Path. When the Offset path dialog box opens, change the Offset to 1 px. This might be different depending upon the dimensions of your text.
Step 7
Select the two Colour Stop fill in the Appearance panel and press the Duplicate Selected Item button. Choose the new copy below the first and click the Offset Path item. When the dialog opens, change the Offset to 2 px. Next Change the first Colour Stop in the new fill selection to 10% and the second Colour Stop to a 60% black.
Step 8
Make a rectangle with the Rectangle tool (M) and place it behind the other artwork.
Step 9
Create a new fill it the Appearance panel and make sure you have selected the top most item. Navigate to Effect > Convert to Shape > Ellipse. In the Shape Options dialog box, check the Absolute radial button and change the Width and Height to 50px.
Step 10
Select the new fill and change it to a radial gradient. Since you need only two Colour Stops for this effect, delete any other Colour Stops in the gradient. Next, change the first Colour Stop to white with 80% Opacity and the last Colour Stop to white with 0% Opacity.
Step 11
Without leaving the selection go to Effect > Distort & Transform > Transform. In the Transform Effect dialog box, change the Move Horizontal and Vertical positions to the desired amount.
Step 12
Then press the Duplicate Selected Item button in the Appearance panel. Choose the new duplicated item and press the arrow to the left of it showing all the effects in the item. Click on Ellipse to open the Shape options and change the Absolute Width and Height to 25px.
Step 13
Without leaving the selection go to Effect > Distort & Transform > Zig Zag. In the Zig Zag dialog box, change the Size to 10 px and the Ridges to 2 (change the Size to more or less depending on the original size of the text).
Step 14
By creating a Graphic Style makes it for easy for you to implement it to other text and objects in Illustrator. Choose the text with the metal treatment and press New Graphic Styles in the Graphic Styles panel. Now you can select a text or object and implement the style!
Final Image
These are a couple of other fonts and object with the Graphic Style applied
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