2 lbs. chunked vidalia onions or two pounds of cippoline onions (if using cippolines--plunge into boiling water for one minute and then into ice water to assist in peeling)
1 cup sugar
1/4 cup water
1 cup dry red wine
1 cup red wine vinegar
2 tbspns extra virgin olive oil
1/4 tsp sea salt (do not use regular salt--better to leave it out if this is all you have)
10 whole peppercorns
1 bay leaf
1 tbspn balsamic vinegar

Have onions peeled and ready to use.

Bring sugar and water to a boil in a 3 quart heavy saucepan over moderate heat, stirring until sugar is dissolved. Boil without stirring, washing down sugar crystals on side of pan with a pastry brush dipped in cold water, until syrup turns pale golden. Continue to cook caramel, gently swirling pan until deep golden.
Immediately remove from heat, then carefully add wine (caramel will steam vigorously and harden). Return pan to heat and simmer, stirring until caramel is dissolved.

Add onions, red-wine vinegar, salt, peppercorns and bay leaf--simmer uncovered until onions are tender (about 1 hour). Transfer onions to a bowl using a slotted spoon, then boil liquid until reduced to about 1 cup. Stir in balsamic vinegar and pour liquid over onions. Cool to room temperature and then refrigerate for 1-3 days before serving. Serve chilled or better yet at room temperature.

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