Soak the bread in the milk and then squeeze out the milk discarding it.
Add all ingredients for meatballs except oil and butter in mixing bowl. Mix well with your hands incorporating all the ingredients well. Roll into desired shaped balls.
Place oil and butter in large saute pan. When hot add the meatballs and brown on all sides. Do this in batches to not overcrowd the pan. Remove the meatballs to a dish and continue until all meatballs are browned.
Set all meatballs aside and start on gravy. Deglaze the pan with wine scrapping up the bits on bottom. Let most evaporate. Add the flour to the dripping and create a roux.
Stir in the beef broth, cream, horseradish, and browning sauce. Add the meatballs back in the pan with the gravy.
Cook until meatballs are done and gravy is thickened.