In a bowl, cream the butter and sugar until light and fluffy.
Add eggs, one at a time, beating well after each addition.
Combine the flour, baking powder, cinnamon, soda, salt, cloves and pie spice.
In a small bowl, combine pumpkin and rum extract.
Add dry ingredients to creamed mixture alternately with pumpkin mixture.
Pour into a greased and floured 12-cup fluted tube pan.
Bake at 325° for 80-90 minutes or until a toothpick inserted near the center comes out clean. Cool for 10 minutes before removing from pan to a wire rack to cool completely. Dust with confectioners' sugar.