Step 1

Preheat oven to 450°. Pulse first 5 ingredients in a food processor 8 to 10 times or until chopped. Stir together panko, next 6 ingredients, and olive mixture in a large bowl until well combined. Shape mixture into 1-inch balls, and place 1 inch apart on aluminum foil-lined jelly-roll pans.

Step 2

Bake at 450° for 12 minutes. Cool 5 minutes.

Step 3

Meanwhile, heat a large saucepan over medium heat 2 minutes. Add tomato paste to dry pan, and cook, stirring occasionally, 3 minutes or until paste begins to brown and coat bottom of pan. Increase heat to high, and add beef broth, stirring to loosen bits of tomato paste from bottom of pan. Whisk until smooth. Whisk in hot pepper jelly until combined. Reduce heat to low. Add cooked meatballs, and serve warm.

Step 4

Note: Sauce may be refrigerated in an airtight container up to 3 days.