Remove all the paper from cans of sweetened condensed milk.

Put cans into a large dutch oven or stock pot. Fill pot with water, covering cans by at least one inch.

Bring to a boil. Once boiling, turn down to a simmer.

Cover slightly with a lid and let simmer for 2-4 hours. The longer it simmers, the thicker the caramel will be.

Remove the cans from the water and let cool for one hour. Once cooled open the cans and transfer the caramel to a glass jar. Let cool completely before attaching lids.

Keep dulce de leche stored in the refrigerator.