Scaling GUIText for all resolutions.

Hello everyone, recently I have been having a very annoying problem with all my GUIText gameobjects in unity. I understand that scaling the GUIText in the Inspector will not change its size dynamically for different resolutions. Is there a good way to scale GUITexts to fit for different resolutions and screen sizes? I have explored online only to find a solution involving the creation of a Matrix. However I do not understand how to implement this.

http://forum.unity3d.com/threads/changing-text-size-relative-to-screen.102876/

Any help or advice will be greatly appreciated.