My hematocrit and hemoglobin elevated on both. Now - this is all from ZRT labs and my doctor - but their explanation in why creams elevate H&H is that their absorbtion is closer to 100% versus the 10% that most people claim. They say that serum testing works for injections but does not work for topicals as the testosterone accumulates in the capillary beds so you have to do capillary testing when on topicals. When I was on topicals my serum levels were around 500 TT, but my capillary levels were around 7,000 which seems to support this. Their argument is that standard dosing for creams equals supraphysiological dosing, leading to elevated H&H and explains the initial feel good followed by the crash as the T receptors down regulate.
Their view is that T dosing for most people should be no more than 10mg/day in order to mimic the normal production by the testes.
Take what you will from this - yet another reason my head spins with TRT!!!!!