Preheat oven to 325°F. Grease and lightly flour a tube pan or Bundt pan or spray with nonstick baking spray; set aside.
Sift the flour three times.
In a large bowl, use an electric mixer to cream together the butter and sugar until light and fluffy (about 5-6 minutes). Add the eggs, one at a time, mixing well after each addition. Scrape the sides and bottom of the bowl periodically.
With the mixer on low, alternately add the flour and the cream, starting and ending with the flour. Mix until combined. Stir in the almond extract and the vanilla extract.
Transfer the batter to the prepared pan. Tap it a couple of times on the counter to release any big air bubbles.
Bake the cake in the center of the oven for about 70-80 minutes, or until the top is browned and the sides begin to pull away from the pan. Let the cake cool in the pan for 10 minutes, then invert on a serving plate or wire rack to cool completely.
MAKE THE ICING:
Once the cake is cool, prepare the icing. In a medium bowl, combine the confectioners’ sugar, milk or cream, almond extract, and a pinch of salt in a bowl. Whisk until smooth. If the glaze is too thick, gradually add cream until it reaches a pourable consistency. If the glaze seems too thin, add more confectioners’ sugar.
Drizzle the glaze over the cake and sprinkle with toasted almonds.
Notes
Properly measure the flour. Weigh the flour on a kitchen scale or spoon the flour into the cup and lightly level with the straight edge of a knife. Packing the measuring cup too tightly and using too much flour will result in a dry cake.
Sift the flour three times for the best texture. I know this sounds like a lot, but it only takes a few minutes and it’s well worth the effort. Sifting multiple times gives the flour a light, airy quality, prevents any dry lumps in the batter, and makes it easier to mix the flour into the other ingredients.
Make sure that all of your ingredients are at room temperature so that they blend together smoothly.
Cream the butter and sugar until the mixture is light and fluffy, about 5-6 minutes. Whipping this air into the batter will help the cake rise during baking.
Don’t leave the cake in the pan for too long after baking — about 10-15 minutes is plenty. After that, condensation will start to form and the moisture will negatively impact the crust.
Toast the almonds in a dry skillet over low heat just until golden brown and fragrant. Alternatively, you can toast the almonds on a plate in the microwave in 30-second intervals until golden brown and fragrant.