Start by slicing as many onions as you want. Actually, slice MORE than you want because they will lose much of their volume as they cook. I like to slice my onions somewhere between medium and thick so that they don't melt completely away!
Next, heat some olive oil or butter in a large, flat pan (a couple of tablespoons for 3 to 4 large onions). The more surface space the better. Once the oil is shimmering, add the onions and stir until they are all glistening with oil.
Now, you have to let them cook, stirring every now and then as they start to brown. Try to leave them alone as much as possible, stirring only when they begin to stick to the pan and start browning. Then, mix them all up and let them start all over. It can take anywhere from 1 to 2 hours for them to reach a deep caramel color. Before removing them from the heat, I like to stir in a tablespoon (more or less) of good, balsamic vinegar. This helps deepen the color as well as add a tangy sweetness.
I started with three large onions and ended up with just a little over a cup of caramelized onions. They will keep in the fridge for a couple of weeks (if you haven't gobbled them all up long before then!)
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