Step 1
Create a new document. Create a new alpha channel in the Channels Palette. Go Filter>Render>Clouds. Then go Filter>Render>Difference Clouds. Once you've done that, apply a Filter>Blur>Gaussian Blur the channel, I used a radius of about 20. Than hit Ctrl+L (Mac: Command+L) to bring up the Layers menu and adjust the sliders to the center so that you get a good solid shape like on the left
Step 2
Step Create a selection from the channel by holding Ctrl (Command) and clicking it in the Channels Palette. Go back to the Layers Palette and create new layer and fill the selection with gray. I also added a drop shadow by right-clicking the layer and going to the Blending Options menu, but that's optional.
Step 3
Step Go back to the channel and duplicate it. Create a selection from the channel. Now, Filter>Blur>Gaussian Blur the channel, using a radius of 16. Then Gaussian Blur it again with a radius of 8 and once again with a radius of 4. Then it Ctrl+D (Command+D) to deselect your selection and Gaussian Blur the channel with a radius of 2. You should have something like this.
Step 4
Step Now, go back to the layer with your blobs. Go Filters>Render>Lighting Effects and use these I have provided for you. Now, the outcome will be a little rough, so click on Preserve Transparency(for PS 5.x users) or Lock(for 6+ users) in the layer window. Now apply a Filter>Blur>Gaussian Blur with a radius of 2. The next thing you need to do is hit Ctrl+M (Command+M) to mess around with the curves, I have provided these for you to download, if you'd like.
Step 5
Step Now for the final stage. Hit 'D' to reset your colors. Go Filter>Sketch>Chrome. Play around with the settings, I used 10, and 10 for my settings. Once applied you will have white marks all over your metal blobs, to finish off the effect go Filter>Fade Chrome (for PS 5.x users) or Edit>Fade Chrome (for 6+ users) and set the opacity to 40% in the upper right of the Layers Palette. Finished.
