Melt the butter in the warm milk, then mix with the flour and eggs. Add the yeast dissolved in a little milk. Add a pinch of salt.

Knead the dough by hand until it pulls away from the sides of the bowl. Fold in the raisins. Place an almond at the bottom of each section of a well-buttered Kugelhopf mold. Fill the mold halfway with dough and let rise for 6 hours. Carefully place the cake in the oven and bake at 350°F (180°C) for about 45 minutes, checking as it bakes. Remove from the mold and dust with powdered sugar.