Peel and thinly slice the onions.
In a large pot, melt butter over medium heat. Add onions and cook, stirring often, until caramelized and golden brown (30-40 minutes).
Add flour and stir well. Cook for 2 minutes to eliminate the raw taste.
Deglaze with white wine, scraping the bottom of the pan.
Add beef broth, bring to a simmer, and cook for 30 minutes. Season with salt and pepper.