1/4 cup butter
1/4 cup flour
2 cups chicken or beef broth
Salt and pepper to taste

Melt butter in a medium saucepan over medium heat.
Whisk in the flour until you make a smooth paste.
Continue to cook the butter and flour mixture for about 2 minutes without stirring, or until it reaches a light golden color.
Slowly pour the chicken broth into the flour mixture, whisking constantly.
Once the broth is added, allow the gravy to come to a slow boil over medium heat, stirring constantly. Cook and stir for 3-4 minutes or until the gravy has thickened. Reduce heat if necessary to keep it at a slow boil.
Remove from heat. Whisk in salt and pepper to taste and serve.

To turn this into a delicious Southern specialty called Milk Gravy, use grease instead of butter, and milk instead of chicken broth. Proceed with the rest of the recipe. Oh, you may want to double the ingredients, this is one tasty gravy and will disappear quickly. Pour over chicken fried chicken and mashed potatoes, or biscuits for breakfast.