The the letters, convert to outlines, and union them if you want them tightly kerned/overlapping like that.
Then clone it 3 times so you have 3 identical objects on top of each other.
Give the bottom one a large black stroke. Give the middle one a medium gray stroke. Give the top one no stroke, but a white fill.
Now convert the middle one's path to an object (I believe it's part of the pathfinder tools and will be labeled something like 'convert path to object')
Now give this a gradient fill. Note that this is sort of a reflective surfave modulating between white and a light gray. I'd experiment with the gradient options until you find one that gives you that effect. A cone gradient would likely work...or even a linear one that goes back and forth between colors multiple times.
Give the bottom most item (black outlines) a drop shadow.
You now have the black and silver borders done.
Now draw a large, wide ellipse across the top of your letters and give it a linear gradient from light gray at the top to white at the bottom. This is the reflection line you will be adding to the topmost letters (the white ones).
Clone your top layer (the white text) and place it above the ellipse you just made. You can now either use the pathfinder command to select both and combine where they overlap, or you can use the type as a mask for the ellipse. Now you have your reflection.
Some more info. First, I'll explain why I love the clone tool. Lots of people like trying to do more with one object, but I've always preferred having a bunch of duplicate objects that I can simply do more with individually to create one larger composition. This is especially useful once you get the hang of all the pathfinder tools where you may find your self constantly cloning an object to add and subtract chunks from.
As for the follow up question...the 'reflection' on the top layer, I can't give you the specific AI commands, as I use Inkscape now (RIP Freehand).
But in inkscape, here's what I'd do:
Take your topmost white UGO letterforms and clone that. On top of that shape, draw a large ellipse so that you get that nice curve somewhere in the middle of your letters. Give this ellipse a linear gradient top to bottom going from light gray to white.
Now select both your cloned UGO and your elipse and use the 'intersection' pathfinder tool. In Inkscape it's PATH >> INTERSECTION
You now have an individual object that is your reflection.
You could also use masks, which are less destructive, but I personally find having individual objects easier to work with. Feels more tactile to me.