Open a Document

Make a 400x400 document. Now press "D" on your keyboard to reset the foreground and background colors to black and white. Make sure your background is white.

Clouds Effect

Now apply Filter>Render>Clouds then apply Filter>Render>Difference Clouds.

Chrome Effect

Apply Filter>Sketch>Chrome and use these following settings:

Blending Effect

Duplicate the layer and apply Multiply as the blending mode.

Lens Flare

Apply 2 Filter>Render>Lens Flare to the Background Layer and use these settings for each flare (put each flare in the top left and right corners):

Duplicate layer

Duplicate the Background copy layer and apply Color Dodge as your blending option. Your Layers window should look like:

Apply Hue settings

Select the top layer and apply these HUE settings (CNTRL+U):

The Final Result

Select the bottom layer and apply these HUE settings (CNTRL+U):

There you go, you just created a nice smolding gold effect.