Pour ketchup and beef stock into a sauce pot and whisk it together.
Whisk in all other ingredients (including liquid smoke*) and bring the mixture to simmer over medium heat.
Lower the heat to medium-low and let it simmer for 15-20 minutes. Make sure to stir it from time to time.
When the sauce is done, take it off the heat and let it cool to room temperature and store. Or, use it right away in other recipes.
On The Grill:
Start the coals and build a two-zone fire when coals are ready. (Or set your gas grill to medium.) Close the lid and let the grill preheat for about 10 minutes.
Use a grill-safe sauce pot and wooden spoon so you don’t damage the pot.
Whisk all the ingredients together and pour it into the pot. (You don’t need to use liquid smoke when making this sauce on the charcoal or wood grill but you will want to add some if using a gas grill.*)
Place the pot on the preheated grill, directly over coals and let it come to simmer.
Move it off to the warm side, not over the coals, close the grill lid and let it cook for 10-15 minutes. Stir a couple of times while it’s cooking.
Sauce will be ready to slather over the meat or cool it and store in the refrigerator.
Make sure to store the sauce in the refrigerator, in a glass jar or another food storage container with an air-tight lid. Store properly, it should be good for 7-10 days.