Combine almonds, 1/2 cup water, and milk. Let stand 15 minutes.
Squeeze almond mixture through a cheesecloth to extract liquid. Discard almonds.
Dissolve gelatin in remaining 1/2 cup water; set aside.
Combine cream, sugar, and gelatin mixture; stir well to dissolve. Add almond liquid and rum extract; blend well.
Pour mixture into a 5-cup mold. Chill until firm. Serve with Brandied Peaches and whipped cream, if desired.