The Landau-Lifshitz-Gilbert (LLG) equation that describes the dynamics of a macroscopic magnetic moment finds its limit of validity at very short times. The reason for this limit is well understood in terms of separation of the characteristic time scales between slow degrees of freedom (the magnetization) and fast degrees of freedom. The fast degrees of freedom are introduced as the variation of the angular momentum responsible for the inertia. In order to study the effect of the fast degrees of freedom on the precession, we calculate the geometric phase of the magnetization (i.e. the Hannay angle) and the corresponding magnetic monopole. In the case of the pure precession (the slow manifold), a simple expression of the magnetic monopole is given as a function of the slowness parameter, i.e. as a function of the ratio of the slow over the fast characteristic times.