Drop the peaches in boiling water and allow them to boil for about a minute. Plunge them into cold water, peel them, and stick a clove into each peach.
Bring the remaining ingredients to a boil, add peaches, and cook uncovered over a low boil until they are tender, but still whole, about 20 minutes.
Pack the peaches and liquid in a sterilized jar and store in a cool, dark, dry pantry until the holiday season.
Serve with turkey or country ham, using some of the juice to make candied yams.