What is the Money Supply
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The offer of money is the Money Supply. Money offered to rent (loans) by banks at all prices makes up the "Money Supply".

It's not the actual money (notes and coins) in circulation.

The Call for Money is the Money Demand. It's the money that folks would rent (borrow) at all prices.

What counts is Money in Circulation, which is the notes and coins that matches the Clearing Price of Money (Street Price of Interest).

Knowing where Money Goes
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Because Monetarists do not get money, do not know what money is (it's but a mere commodity of uniform grade), they cannot prove their belief that an increase in the money supply is inflationary.

First off, an increase in money offered (supply) does not mean an increase in money called for by renters (demand). Thus money supply alone has ZERO EFFECT.

What's Inflation?
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Inflation is a deliberate process. Inflation is the accretion of notes and coins into the Money in Circulation (existing notes and coins).

The intent of Inflation is an increase in economic activity.

Where does new Money Go?
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Knowing where Money goes always is predictable, easily.

When growth in New Commercial Credit does not accompany an accretion of notes and coins into circulation, money, because it is a commodity, always, goes to bid up the prices of other commodities offered for sale.

Notably, folks buy real primary goods for future production processes.

Why?

Those things that take human energy to produce which can be best measured.

What are those things? Those things that humans need to eat, to keep warm, to power themselves become the magnets for cash --wheat bushels, oil barrels.

Because of an anticipated slowdown in economic action (swaps of one thing for another), money flows away from industrial metals, machinery, commercial and industrial realty.