Step one:

First add your #FFFFFF text, In this tutorial i'm using font Verdena and size 50 pt.

Add the following layer styles: Inner Glow, Satin, Gradient Overlay, Stroke.



Step two:

Duplicate your text then set the blending mode to Darken. By setting the blending mode to Darken, your text will disapear.

Add the following layer styles: Inner Glow, Gradient Overlay.



Step three:

Again duplicate your text then set the blending mode to Darken. By setting the blending mode to Darken, your text will disapear.

Add the following layer styles: Drop Shadow, Inner Glow, Gradient Overlay.



Finale:

Again duplicate your text then set the blending mode to Darken. By setting the blending mode to Darken, your text will disapear.

Add the following layer styles: Outer Glow, Stroke.