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This creamy delicacy is enjoyed throughout Latin America and is most popular in Argentina, where it is spread on toast, wrapped in crepes, and drizzled over fruit and ice cream.
Raise the heat to high and bring the mixture to a boil. Simmer 1 minute, then set heat to low. Cook for 2 hours, stirring intermittently. The mixture should reduce to almost half. Raise heat to medium and maintain a low simmer, stirring frequently. Cook for another 45 to 50 minutes, until the caramel thickens and begins to foam slightly.
The caramel is done when it turns a light golden brown and easily coats the back of a spoon. Remove from heat and pour into a clean glass or ceramic container. Cool completely and refrigerate until ready to use (it will keep for 2 to 3 weeks). The caramel has a thicker consistency when cold. Makes about 3 cups.
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