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Combine the whipping cream, milk, and sugar in a saucepan. Heat, over medium heat, stirring constantly, until mixture is steaming hot. Bring it almost to the boiling point but do not boil.
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While the dairy and sugar mixture is heating, place 2 tablespoons of cold water in small bowl and sprinkle the gelatine on top. Let gelatine “bloom” for 4-5 minutes, until it is softened and moistened.
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Remove heated mixture from stove and whisk in the softened gelatine until it is completely melted and dissolved. Strain mixture through fine wire mesh sieve to remove any stray solids that may remain. Evenly distribute the mixture between four ramekins, molds, or serving dishes, each having at least ½ cup capacity. Let stand at room temperature for about 30 minutes then cover each Panna Cotta tightly with plastic wrap and refrigerate for at least four (4) hours for serving dishes or six (6) hours for Panna Cotta that is to be unmolded and plated.
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If unmolding the Panna Cotta, lightly oil the ramekins or molds and wipe out the excess oil with a paper towel. To unmold Panna Cotta, dip dish in hot water for 12-15 seconds, then run the tip of a thin, flat-bladed knife around the top edge of each Panna Cotta and invert the dish on to a plate, giving the plate and mold a slight shake, or jerk, to loosen the Panna Cotta. If it does not unmold, repeat the procedure of dipping the mold in hot water, but at 5 second intervals.
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Serve the Panna Cotta cold. If desired, at time of serving, add a chilled coulis, a drizzle of chocolate or caramel sauce, a fruit compote, glaze, gelée, or simply top with fresh fruit of choice.