This is not a secret, but I like posting things that actually work. One can of Sweetened Condensed Milk can be turned into a creamy caramel sauce. Yep, one ingredient = caramel sauce.
Remove the label from the can and make sure the can is fully sealed. Do not open the can. Place the can in a pot and fill pot with water, covering the can by about 2 inches. Bring water to a boil. Reduce heat, cover and simmer on the lowest setting for 2 1/2 hours. Remove from heat and let cool before opening. Stir and serve.
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There are a couple of different methods that I’ve read or heard about:
The flavor is not exactly the same flavor you would get from a commercial caramel sauce or one you would make from all fresh ingredients. But it is a delicious and creamy sauce none the less. I think, if anything, it is a little creamier. For those who have discerning tastes, you may be able to taste the sweetened condensed milk.