Reddit reviews Freud FB-015 2-Inch by 3/8-Inch Shank Forstner Drill Bit
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The product is 2" Forstner BitEasy to useThe product is manufactured in ItalyDrill flat bottomed holes without splinteringDrill straight, angled and overlapping holesPrecision machined for best resultsRight hand rotationCovered by Freud's limited lifetime warranty
Use a 2" forstner bit.
Clamp down the workpiece securely and put a sacrificial board underneath it so you don't screw up your work surface when you drill through the other side.
Mark the center point with something pointy. You could even drill a small pilot hole if you want--no bigger than the diameter of the spur on the end of the forstner bit at its widest point, though. Drop the spur into the mark.
At the beginning of the cut, the bit is going to want to go for a walk. I like to do quick, 1/2 second pulses when starting a bit like this until the hole is about 1-2mm deep. Once you're at that point, it will follow the walls.
Practice on scraps a few times until you're confident that you can get the hole started without having the bit jump out and walk around. This isn't a hard thing, but it sucks to mess up nice material because you didn't practice first.
Doing high-grade veneer work is not beginner stuff, but speakers are on the easier side. These are a few process shots from the last time I veneered speaker boxes, to give you an idea of one approach. I ended up finishing the speakers with a really dark toned shellac so the finished speakers look way less interesting than the process shots would imply...I just used that stuff because I had scrap veneer from doing these drawer fronts and the speakers were the right size.