Panettone

Sprinkle yeast over milk in the bowl of a mixer fitted with the dough-hook attachment. Let stand until foamy, about 5 minutes. Sprinkle 2 ounces flour (about 1/2 cup) and 1 tablespoon granulated sugar over top. Cover with plastic, and let stand for 1 hour.

Add remaining 12 ounces flour and 3 tablespoons granulated sugar, the beaten eggs, and the salt. Mix together on medium speed until dough forms a smooth, stiff ball, about 5 minutes. Add butter, 1 tablespoon at a time, mixing well after each addition. Mix dough on medium-high speed for 5 minutes. Reduce speed to low, and add extracts, orange peel, and raisins. Mix until combined.

Turn out dough onto a clean surface, and form into a ball. Transfer to a lightly oiled bowl. Cover with plastic, and refrigerate overnight.

Bring dough to room temperature, and divide in half. Form each half into a ball; place each in a 5 1/4-by-3 3/4-inch paper panettone mold or a small brown paper bag that has been rolled down to about 5 inches. Transfer to a baking sheet. Cover with plastic wrap and let stand in a warm place until doubled in volume, about 2 hours.

Preheat oven to 350 degrees. Lightly beat remaining egg. Brush egg wash onto panettone dough, and sprinkle with pearl sugar and almonds. Bake until golden brown, about 50 minutes.

Remove molds from oven, and run two wooden skewers horizontally through the center of each panettone loaf. Hang loaves upside down by propping ends of each skewer on 2 large heavy canisters or cans. Let cool completely.