To begin, preheat your oven to 180°C (350°F). In a large bowl, combine the flour, sugar, vanilla extract, salt, cardamom, and nutmeg. Mix thoroughly to ensure the spices are evenly distributed. This base will give the dough its signature aromatic flavour.
In a separate small bowl, dissolve the dry yeast in warm milk. Allow it to sit for 5-7 minutes until frothy. Gradually add the yeast mixture, melted butter, and beaten egg to the flour mixture. Stir with a wooden spoon until the dough begins to come together.
Transfer the dough to a floured surface and knead for 8-10 minutes until smooth and elastic. If the dough feels sticky, dust lightly with additional flour. Once kneaded, place the dough in a lightly greased bowl, cover with a clean kitchen towel, and let it rise in a warm place for 1 hour, or until it doubles in size.
While the dough rises, prepare the filling. Combine raisins, candied citrus peel, and slivered almonds in a small bowl. If using rum, pour it over the mixture and let it soak to infuse the fruit with a rich depth of flavour.
After the dough has risen, punch it down gently to release air. Flatten it slightly and sprinkle the prepared fruit and nut mixture over the surface. Knead gently to incorporate the filling evenly into the dough. If using marzipan, roll it into a log and set it aside.
Shape the dough into an oval. If including marzipan, flatten the dough, place the marzipan log in the centre, and fold the dough over to encase it. Pinch the edges gently to seal. Transfer the shaped dough to a parchment lined baking sheet.
Bake the Stollen in the preheated oven for 35-40 minutes, or until golden brown and cooked through. Test by inserting a skewer into the centre; it should come out clean. Remove the bread from the oven and brush it generously with melted butter while still warm. Allow it to cool slightly before dusting liberally with powdered sugar.
Serve the Stollen sliced, either warm or at room temperature. Pair with hot mulled wine or a spiced tea for a festive treat. To store, wrap tightly in foil and keep in a cool place; the flavours will deepen over a few days, making it even more delightful.