1 1/2 pounds small boiling onions, trimmed
2 tablespoons butter
6 tablespoons white sugar
2 tablespoons water
1/3 cup slivered almonds
Place onions in a large saucepan with enough water to cover by 1 inch. Bring to boil; cook until onions are tender, 20 to 25 minutes.
Drain; slip off skins.
Melt butter and sugar in a deep skillet over medium heat. Stir in water and skinned onions. Cook, stirring, until onions begin to color, about 10 minutes.
Sprinkle the almonds into the skillet. Cook and stir until onions are golden and almonds are lightly toasted, 4 to 5 additional minutes.