‘They have set up kings, but not by me,
They have made princes, and I knew it not,
Of their silver and their gold they have made idols for themselves,
That they may be cut off.'
YHWH's first complaint was that Israel had set up kings and made princes without consulting YHWH, and this appears to have been so from the beginning, for while prophetic voices certainly were raised in support of Jeroboam I and Jehu, these were in private messages and not publicly proclaimed (1 Kings 11:30-38; 2 Kings 9:1-10). There is no suggestion anywhere that the people attempted to discover YHWH's will as to who should reign over them, or who should be their princes, something which very much indicated that YHWH's will was not very important to them. In Israel the king was supposed to be YHWH's representative who acted in the Name of YHWH, but this made it quite clear that the people of Israel did not care about that one jot. And both Jeroboam and Jehu then proceeded to sin grievously, so that both were subsequently condemned by YHWH (1 Kings 14:7-16; 2 Kings 10:28-31; Hosea 1:4). Furthermore at this time when Hosea was speaking kings were being replaced by means of assassination with none seemingly objecting that YHWH's representative had been removed. YHWH's will was being treated as irrelevant.
YHWH's second complaint was that instead of bringing their treasures to Him they were using them to make idols for themselves. This would certainly include the golden calves set up by Jeroboam (1 Kings 12:28-29), but would almost certainly also include smaller images of Baal and Asherah and other gods made in both silver and gold. And this in itself was the guarantee that Israel would be ‘cut off'.
It was as a consequence of the appointment of inept kings and princes without YHWH's agreement that the golden idols were being set up which were mainly responsible for the downfall of Israel, and that strangers would be able to come in and seize their crops (Hosea 8:7). It is the former which will be dealt with first.