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Dulce de Leche

This is the simplest method of making this rich and decadent sauce or syrup, similar in flavor to caramel.

1 can sweetened condensed milk

You'll need a stock pot, tongs and lots of water for this.

Peel the label of the can of sweetened condensed milk but do not open the can.
Put the unopened can of condensed milk into the pot and fill with water to cover the can by one inch.  Remove the can from the water and place the pot on the stove.  Over high heat, bring the water to a boil and using tongs, lower the can into the boiling water, make sure the can is sitting upright. 
Cover and urn the heat down to a simmer. The can will make a lot of noise, which can be annoying.  To quiet it down, you can put a washcloth under the can.

Let it simmer for at least 2 hours (longer for a firmer caramel), and make sure to add more water as often as you need to in order to keep the water level above the can.
  After the 2 hours (or more if you're going for a firmer caramel), remove the lid from the pan, turn off the heat and leave the can in the water for at least half an hour, to cool slightly.  If you remove it  immediately, it could explode from the extreme temperature change.

After 30-45 minutes, remove the can with tongs, let it sit on the counter or a wire rack for another 15 minutes or so.  If it's not too hot to touch, you can open it with a can opener.  It might start oozing out as you open the can, so be careful, it's still hot. 
If you're not going to immediately pour it over your ice cream or just sit and eat it (yum!), you can transfer it to a clean glass jar and keep it in the refrigerator until you need it. 

To reheat, simply remove the lid from the jar and heat it in a small pan of water on the stove or reheat in the microwave.

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