I saw that exchange on several news outlets here and over seas. My remembrance was that he said: “Calla te!” which is a little more abrupt than reported.
I also did not see him leave, at least not within several minutes.
Spanish King Tells Chavez To “Shut Up”
AP ^ | NOV 10, 2007 6:13pm US/Eastern | Eduardo Gallardo
http://www.freerepublic.com/focus/f-news/1923947/posts
The expression on Juan Carlos face was full of contempt. In fact, watching the clip, I wouldn't have been surprised if the translation had said, off with his head. LOL. Viva Juan Carlos!