1. In a medium saucepan, combine the milk with the garlic, almonds, pine nuts, bay leaf, crushed red pepper and a pinch of salt. Cover and cook over low heat until the garlic is slightly tender, about 10 minutes. Discard the bay leaf.
2. In a medium skillet, heat 2 tablespoons of the olive oil. Add the diced bread and cook over moderately low heat, stirring occasionally, until golden, about 4 minutes. Add the cumin and coriander seeds and cook until fragrant, about 1 minute.
3. In a small bowl, dissolve the honey in the vinegar. Transfer to a blender; add the milk mixture and the diced bread. Add the remaining 2 tablespoons of olive oil and blend until smooth. Scrape the sauce into a medium bowl and season with salt. Transfer the romesco sauce to jars and refrigerate.
Make Ahead: The sauce can be refrigerated for 1 month.