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Heat 3 tablespoons oil in a large skillet over medium heat. Add onion and saute for 5 to 10 minutes, or until onions are tender and translucent.
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In a medium bowl, combine bread crumbs and evaporated milk; stir to combine. Add the ground beef, cooked onion, egg, salt, pepper, and dried parsley. Mix well, and form golf ball sized meatballs.
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Heat remaining oil in the same skillet over medium high heat. Add the meatballs – do not over crowd pan. Carefully shake skillet to turn meatballs, as needed. Saute for 10 to 15 minutes, or until meat balls are browned on all sides. Transfer meatballs to a serving platter.
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Deglaze the skillet with 1 cup beef broth. Let broth simmer for 3 minutes wile scraping the brown bits from bottom of the skillet. Strain heated broth into a clean bowl and add remaining beef broth to bowl.
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Melt butter in the skillet. Add flour and whisk to combine, cook roux for 1 to 2 minutes. Whisk in warm beef broth. Simmer gravy until thickened slightly. Add cream, onion powder, garlic powder, dried parsley, salt, and pepper.
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To serve, cover meatballs with gravy and garnish with fresh parsley.