Saute the almonds and raisins in butter over medium heat for one minute. Add the dry rice and saute for 1-2 minutes more or until it looks slightly golden and toasted. Watch the heat carefully, if the butter or sugar from the raisins begins to burn take it off of the heat immediately.

Add the milk, sugar, cinnamon, nutmeg, vanilla and bay leaf to the pot. Using a whisk stir it well so there are no clumps. Bring the mixture to a boil over medium/high heat while stirring often with a whisk. As soon as it comes to a boil, reduce the heat to medium/low and let it continue to simmer until thickened (30-40 min). Stir often with a whisk to prevent caking and burning on the bottom.

After 30-40 minutes the rice should be soft and the mixture should be thick and creamy. Serve hot or cold.