Preheat oven to 325ºF.
Rub roast with salt and pepper; place, fat side up, on rack in roasting pan. Do not add wateror cover pan. If using a meat thermometer, inset into center of meat. Roast allowing 20 minutes per pound or 1 hour and 10 minutes for rare (140º), 30 minutes per pound or about 1 hour and 45 minutes for medium (160º). Place roast on cutting board; allow to stand for 15 minutes for easier carving. Cut roast into thin slices, serve with Beef Pan Gravy.
Beef Pan Gravy: Skim off all fat from roasting pan into a cup, leaving juices in pan. Return 1 tablespoon fat to pan; blend in flour. Cook, stirring, just until mixture bubbles. Stir in water or beef broth slowly’ continue cooking and stirring, scraping baked on bits from bottom of pan, until gravy thickens and bubbles 3 minutes. Season with salt and pepper to taste.