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Preheat oven to 350°; prepare 12-cup Bundt pan using butter and flour or Baker’s Joy; set aside.
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Mix the flour, baking powder, salt, and ground almonds together; set aside.
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In a big bowl, beat the butter with 1 ½ cups sugar until light and fluffy.
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Beat in the eggs one at a time, beating well after each addition.
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Stir in the almond and vanilla extracts.
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Stir in the flour mixture alternating with the milk, mixing only until blended; pour batter into prepared pan.
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Bake for 60-70 minutes or until a pick comes out clean.
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Let cake cool in the pan for 10 minutes, then turn out onto a wire rack.
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Cool 10 minutes longer; place the rack over wax paper to catch the topping drippings.
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Make the topping: add all ingredients to a saucepan; bring to a boil.
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Decrease heat and stir until sugar dissolves and the mixture is slightly thickened.
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Pour the topping over the warm cake and serve warm or at room temperature.