1. Crush saffron and place in a medium bowl. Pour 1/4 cup boiling water over it and steep for 15 minutes.
2. Meanwhile, chop garlic and add a pinch of salt. Mash into a paste with a knife's flat edge or with a mortar and pestle.
3. Add bread to saffron water; press to absorb.
4. Add egg yolk; stir to combine. Gradually add 1/4 cup oil, drop by drop, stirring constantly, until smooth. Stir in remaining oil in a steady trickle.
5. Stir in garlic, cayenne and paprika, and season with salt.
TO STORE: Refrigerate, covered, for up to 2 days.
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