Strain the juice through a fine mesh sieve over a large bowl. Discard any pulp. Line the sieve with two layers of cheesecloth and strain the juice two times. Refrigerate if not using immediately.
Combine peaches and water in a large (about 8-quart) stainless-steel saucepot. Bring to a boil. Reduce to medium-low heat and simmer for about five minutes. Remove from heat and skim off any foam with a stainless-steel spoon. Cover and allow to stand for about 20 minutes.