I restored a number of badges before we made the repros. The reflective finish is done using vacuum metalising which we used to get done at a badge makers here in Victoria, whilst the red we used was opaque enamel which I brushed on. The gold colour you have comes from a strange batch of plastic inserts we encountered. They all start out clear and some go gold when metalised - weird
The badge company could not explain why!
Anyway in dull light the badge looks dark as in the photo - Once on a car and in the sun, the badge comes to life.
Ken