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1. Place the raisins in a small bowl, pour in the rum and let them soak for about 30 minutes. Then drain and squeeze the raisins dry.
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2. Meanwhile, with a pastry brush and the 1 tablespoon of butter, lightly coat the bottom and sides of a l0-inch "Gugelhupf" form, or any other ring mold that is about 5 inches deep and 10 inches in diameter.
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3. Sprinkle the 2 tablespoons of flour over the butter, tipping the mold from side to side to spread the flour evenly. Then invert the mold and rap it sharply on a table to remove any excess flour. Arrange the blanched almonds in a circle on the bottom of the mold and set aside.
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4. Pour ¼ cup of the lukewarm milk into a small, shallow bowl and sprinkle the yeast and a pinch of sugar over it. Let the yeast and sugar stand for 2 or 3 minutes, then stir to dissolve them completely.
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5. Set the bowl in a warm, draft free place, such as an unlighted oven, for about 5 minutes, or until the mixture almost doubles in volume.
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6. Cream the 8 tablespoons of softened unsalted butter and the ½ cup of sugar together by mashing and beating them against the sides of a bowl with a large spoon until light and fluffy.
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7. Beat in the yeast mixture and the remaining ½ cup of lukewarm milk. Then add the eggs, one at a time, beating well after each addition. Beating constantly, add the sifted flour, ½ cup at a time, and continue to beat until the dough is smooth.
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8. Then beat in the orange peel, vanilla extract and salt; lightly but thoroughly stir in the raisins.
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9. Without disturbing the almonds, carefully fit the dough into the mold, spreading it out to the sides with a spatula. Cover with a kitchen towel and set in a warm, draft-free place for 1½ hours, or until the dough has risen to the top of the mold.
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10. Preheat the oven to 350°F. Bake the "Gugelhupf" in the middle of the oven for about 40 minutes, or until it is a light golden brown. Then turn it out on a cake rack to cool.
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11. Just before serving, dust lightly with confectioners' sugar. "Gugelhupf" is traditionally served with afternoon coffee.
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